| Country : | Australia |
|---|
Assignment Task:
Task:
PART B: Calculation and Theory Questions (Total 15 marks)
1. John Malone’s Liberty Group considers that its most valuable asset is its employees—yet it has to leave them off the statement of financial position. Explain this situation. (5 marks)
2. The following is a list of account balances for Broadband Pty Ltd for the financial year ended 31 December 2019.
Account 31 December 2019 $
- Land
- Retained Earnings
- Cash
- Inventory
- Buildings
- Salaries payable
- Interest Payable
- Loan
- Paid in capital
- Account receivable
- Equipment
- Prepaid Rent
- Furniture
- Accounts payable
- Taxes Payable
- 130,000
- 250,000
- 12,000
- 120,000
- 300,000
- 30,000
- 25,000
- 326,000
- 64,000
- 35,000
- 125,000
- 8,000
- 50,000
- 60,000
- 25,000
- Required: Prepare a balance sheet for Broadband Pty Ltd as at 31 December 2019. (5 marks)
3. The following is a list of account balances for XYZ Pty Ltd for the financial year ended 31 December 2019.
Account 31 December 2019 $
- Income tax expense
- Sales
- Salaries & wages
- Rent
- Insurance
- Light and heat
- Depreciation expense
- Provision expense
- Legal expense
- 5,000
- 196,000
- 15,325
- 9,000
- 2,000
- 670
- 1,500
- 1,000
- 1,250
- Telephone Audit
- Allowance for doubtful receivable Interest expense
- Cost of goods sold
- 425
- 2,000
- 330
- 500
- 147,000
- Required: Prepare an income statement for XYZ Pty Ltd as at 31 December 2019. (5 marks)
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