Reference no: EM131203794
Assignment Details:
As at the 1stMay, Katy Perry establishes a new business Katie's Bridal Services as a sole trader. The business will hire out bridal gowns and other accessories as well as provide professional services to the general public. She registers the new business and opens a new bank account with the local branch of Eastside Bank. Note the business is also registered for GST.
Part A- Adjustment
-Calculate the outstanding payroll liability (2 days for each employee)
-Calculate and record the insurance expense for the two months
-Calculate and record the Telephone expense for the two months
-Calculate and record the prepaid rent (5 Days)
-Calculate and record the depreciation expense for the 2 Months
-A stock take of the Accessories revealed that there were:
- 19 Bouquets
- 7 Buttonhole Sprays
- 4 Headpieces
-Any discrepancy with the calculated FIFO inventory is to be written off to account 6065 Stock write off expense
-Only 10 days of the 30 days advertising has been used.
-Note - All adjustments rounded up to nearest full dollar amount.
Part B- (This should be done in your assignment in the Report Worksheet)
Write a brief report to Julie and Katy commenting on the financial performance of the business:
Calculate the following financial ratios and provide comments:
-Current ratio
- Industry average is 5:1
- Accounting Norm is 3:1
-Quick ratio
- Industry average is 4 : 1
- Accounting Norm is 1:1
Calculate and provide a cash flow statement for the first month of trading.
List and briefly explain the registrations and legal requirements that Katy would have undertaken to establish the business name as a sole trader.
Katy is contemplating for Alex Perry a partnership or a company. What extra General Ledger accounts would have to be created for
Attachment:- Assignment.rar
|
Explain the importance of situating a society cultural
: Explain the importance of situating a society's cultural and artistic expressions within a historical context. Examine the influences of intellectual, religious, political, and socio-economic forces on social, cultural, and artistic expressions.
|
|
What is the ratio of output current ic to input current ib
: Solve for the currents IB, IC, and IE using the fact that VBE = 0.7 V and VCE = 8 V. - Find the voltages VB, VC, and VE with respect to ground.
|
|
Examine the influence of gasoline price on choice of vehicle
: Examine the influence of gasoline prices on the choice of vehicle you selected. Gasoline prices rise and fall dramatically based on economic supply of and demand for crude oil.
|
|
How can the reactive power supplied or consumed by the ac ma
: How can the real power flow through an ac-dc motor-generator set be controlled?
|
|
Calculate the outstanding payroll liability
: ACC506 Assignment Details: As at the 1stMay, Katy Perry establishes a new business Katie's Bridal Services as a sole trader. Calculate the outstanding payroll liability (2 days for each employee), Calculate and record the insurance expense for the tw..
|
|
The amount of cash dividends declared
: For the year ended December 31, 2007, Jordan Company had expenses of $3,374,000,000 and revenues of $3,486,100,000. The retained earnings balance at the beginning and end of the year were $257,700,000 and $369,400,000, respectively. Compute the net i..
|
|
Find the mesh currents and the voltage vab for each network
: Find the mesh currents and the voltage Vab for each network of given figure. - Use clockwise mesh currents.
|
|
What was the firms net income and net cash flow
: XYZ had $20 million in sales last year. XYS’s tax rate was 35%. Cost of goods sold was $9.2 million, depreciation expense was $3.2 million and interest payment on outstanding debt was $2.2 million. What was the firm’s net income and net cash flow? Wh..
|
|
Provide details about the migration of people from syria
: Provide details about the migration of people from Syria since the beginning of its civil war in 2011, including a discussion of the push and pull factors in migration as well as the destinations of the migrants.
|