Reference no: EM131231370
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.
Adjustments
-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 stocktake 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
|
Prepare a statement of cash flows analyze the statement
: The following comparative balance sheets and income statement are available for AddieMae Inc. Prepare a statement of cash flows for 2016 using the indirect method and analyze the statement.
|
|
Evaluate the current social trends related to the campaign
: How can the social media channels/new media platforms be employed for brand imaging? Describe the strategies that you will use to capture a consistent theme and enhance the consumer experience with this media.
|
|
Function of database management system
: List the function of database management system
|
|
What can be done by both parties to prevent infinite loop
: Note the area on the Anatomy of a Request diagram where the person promising to deliver on the request declares that the request has been fulfilled, but the person making the request does not accept that declaration. Using the quality management prin..
|
|
Provide a cash flow statement for the first month of trading
: ACC506 Major 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 genera..
|
|
Create a new product that would appeal to your market
: Develop at least one question for each characteristic of the target market (demographic, geographic, psychographic, and behavioral) that will be important for you as you determine the marketing strategy for this new product.
|
|
Impact of private equity funds on market efficiency
: In recent years, private equity funds have grown substantially. - Will the creation of private equity funds increase the semistrong form of market efficiency in the stock market?
|
|
Derive the expression for a factor analogous to fr
: The heat-removal factor FR permits solar collector delivery to be written as a function of collector fluid inlet temperature Tf in Equation 7.46. Derive the expression for a factor analogous to FR, relating collector energy delivery to fluid outle..
|
|
Would you change any aspects of the study
: If you were in charge of conducting this research, would you change any aspects of the study? Why? As a new intern in the Marketing & Promotions department, what would you say to your boss about results from this survey? Why?
|