Create well-designed spreadsheet to solve irene toy company

Reference no: EM131471614

Task

Q1. Naming cells in spreadsheets

Why replace cell references with names? Create a simple spreadsheet and paste Sales less Expenses = Net Profit.

Q2. Negative numbers

Why do accountants display negative numbers in brackets? How can negative numbers be displayed in brackets? Paste a simple spreadsheet example. See:

Q3. Separation of data and report areas

Evaluate why an accountant should design spreadsheets with a completely separate data entry area and a separate report area? Paste a simple spreadsheet example.

Q4. IF functions

What is an 'IF' statement (function)? Reference a youtube. Provide a spreadsheeted accounting example for net profit/net loss.

Q5. Perpetual versus Periodic systems

Explain the essential differences between perpetual and periodic inventory systems. Give examples of products/situations suited to each. (Watch the 3 videos on Inventory in Interact2 Resources).

Q6. Worksheet and financial reports

Watch the Foot Worksheet movie in Interact2 resources. Download the relevant doc file also on Interact2 resources. This doc file has a template of the example below.

Examine the original data from the video. Create a new report/solution and change every data number and enhance/improve the example to prepare a ten column spread sheeted worksheet and the Financial Reports. Change the presentation of settlement discounts so it complies with the method in chapter 5 of your text.

Do not create journal entries or ledger accounts. Ensure your trial balance still balances after your data changes. The changes should be your personal choice. So your solution will be unique.

Follow the spreadsheet requirements including a separate data entry and report area and implement IF functions wherever appropriate. As usual, paste the normal view and the formula view.

Write a business report evaluating spreadsheets as a tool for accounting. You may wish to search the Internet with terms such as "advantages of spreadsheets".

Q7. Application of Inventory flow assumptions

Create a well-designed spreadsheet to solve Irene's Toy Company. Make several of your own changes to the original data and create a new solution. In this second version, create prices that decline throughout the month. Paste the two solutions and one formula view. Highlight your changes. Explain the significance of the changed results,

The following information is given for Irene's Toy Company for the month of October.

		Units	Unit cost $
Oct-01	Inventory	400	24
Oct-05	Purchase	400	25
Oct-14	Purchase	1,000	26
Oct-21	Purchase	1,600	29
Oct-26	Purchase	200	30

During the month - 2,600 toys were sold

A. How many toys were in inventory at the end of October?

B. Using the average cost method, what is the cost of ending inventory and cost of goods sold?

C. Using the FIFO method, what is the cost of ending inventory and cost of goods sold?

D. Using the LIFO method, what is the cost of ending inventory and cost of goods sold?

Q8. Bank Reconciliation

Prepare a Bank Reconciliation Statement from the following data.

Paste the normal and formula views. Use an IF function. Then in a second version change all the data.

Q9. Journalising accounts receivable entries

Using your text as a resource, show the T accounts needed to show sales on credit, the collection of part of the amount owing, the write off of accounts receivable, the reinstatement of an amount written off and the collection in full of the amount owing. Create your own numbers. A spreadsheet is not required.

Q10. Estimating bad debts

Contrast two different methods of estimating bad debts. Create simple examples.

Q11. Evaluation of a firm's financial position

How can we use receivables to evaluate a firm's financial position?

Q12. Dishonour of a note receivable

Write a scenario which includes a credit sale, a conversion to a Note receivable, the dishonour of the note and subsequent delayed payment. Show the T accounts. Create your own simple numbers.

Q13. Work Integrated Assessment case study

Qantas Annual Report 2016

Learning Objectives: The subject you are studying is vocational. It is designed with the workplace in mind. Work integrated assessment provides opportunities for students to link theory and skills learned in a subject to a real work context. Students can use these opportunities to develop and practice the professional and academic skills they learn about in a subject or through the online environment and then be assessed on their capabilities in these simulated authentic environments. Work integrated assessment allows students to simulate and situate their learning in an authentic workplace that encourages them to explore their knowledge and apply it to practice. Integrating real world, authentic assessment tasks allows students to learn about the particular environments and culture of their chosen professions, while at the same time absorbing and practicing the skills they need to succeed. Doing these tasks can help students develop skills that can help their employability. Resources for this task include the 2016 Annual Report for Qantas.

Your friend Ramesh is studying architecture at another University and knows very little about accounting and annual reports. His uncle gave him $50,000 recently to invest. Ramesh knows you have begun studying accounting and is considering buying Qantas shares. He has some questions for you.

Present your answers concisely in a business report format.

Ramesh's questions:

1. Identify and explain some of the metrics that Qantas uses to show its performance.

2. Examine and comment on the Statement of Comprehensive Income.

3. What expertise does Todd Sampson bring to the Board of Directors?

4. Explain Revenue Seat Factor, EBIT, Revenue received in advance and Retained Earnings.

5. Calculate and comment on the Working Capital ratio.

6. Create two charts in Excel from any data in the Qantas report showing 3D columns and a 3D pie chart. Paste the spreadsheet graphs in your assignment. Also, paste the graph data area.

7. Summarise your advice to Ramesh re the investment decision.

Find the Qantas 2016 Annual Report on the web.

Attachment:- Assignment File.rar

Reference no: EM131471614

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Reviews

len1471614

4/24/2017 2:05:25 AM

For every question requiring a spreadsheet solution, paste the Word file displaying row and column headings including the spreadsheet normal view and formula view. Thus your Word file will provide a complete answer to every question. The pasted formula view may need to have adjusted column widths to display formulas correctly. Use portrait orientation wherever possible. The separate submitted Excel file will provide a clear demonstration of correct spreadsheet structures. You may need to break up your report/solution into separate images. For good spreadsheet design it is very important that you have completely separate data entry and solution/report areas. A good spreadsheet solution format is to key in the question in a structure which allows the solution to be completely formula driven. There should be no data in the report/solution area.

len1471614

4/24/2017 2:05:18 AM

Create all spreadsheets solutions as separate spreadsheets in one workbook. Name the tags at the bottom of the computer screen with the question number, and sub-section as appropriate. See examples in the Spreadsheet Advice PDF in Interact Resources. Save your workbook with the cursor in cell A1 of the first spreadsheet. How can you display negative numbers in brackets? Solutions to questions should vary in length according to the nature of the question. Solutions to exercises and problem questions should be in a similar form to that demonstrated in the text. Submit your work electronically through Turnitin. The work you submit must be your own. In the recent past a few students have received heavy penalties for submitting assignments which were not entirely their own work. Some questions require a spreadsheet. Check the Assignment and Spreadsheet Requirements above. AND the Spreadsheet Advice PDF. Also check the interactive videos.

len1471614

4/24/2017 2:04:19 AM

To meet this level, you will attain a cumulative mark between 85%-100%. A mark in this range indicates that you have met the learning outcomes for this task to an exceptional level, including skilfully applying correct analytical methods and techniques, deconstructing information and reflecting on different accounting and financial management ideas and interpretative techniques applied in management decision making and efficient allocation of business resources, and creating professional reports and spreadsheets that can be used in management decision making. This mark also indicates your assignment will: be professionally presented with correct spelling and grammar, be the result of your original work, include complete references and acknowledgment of all sources used according to APA 6th style and be complete without any omissions and be correct, evaluate comprehensively the issues raised in the questions and provide examples where appropriate, and comply with all spreadsheet requirements.

len1471614

4/24/2017 2:04:13 AM

Assessment task is designed to give you further opportunity to demonstrate knowledge and skills in more in-depth aspects of accounting and information systems including bank reconciliation, inventory systems, financial reports, accounting for bad debts and notes receivable, as well as concepts and the application of spreadsheet software to the presentation and solution of accounting problems. Task 2 covers the study schedule weeks 5-12 inclusive and includes the application of conceptual and technical aspects of accounting and the preparation of business financial statements, the appraisal of the use of information technology including spreadsheet software, to demonstrate business communication skills including report writing, to contextualise and evaluate accounting information for decision making, to explain the importance of ethics in accounting.

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