Accounting Concepts and Practices Assignment Questions -
Question 1 - Use Westfarmers - 2017 Annual report compare the financial results of "Coles" from 2016 to 2017. You should use any financial information you consider necessary (including ratios).
Word Limit 900 words.
Question 2 - Use the Westfarmers -2017 Sustainability report (and other resources) to answer the following question:
How does Wesfarmers show sustainability in terms of "Farm animal welfare". How do you rate the sustainability of Westfarmers in this area?
Word Limit 500 words.
Question 3 - The Unadjusted Trial Balance of Fig and Olive Inc. as at 30 June 2017 appears below:
|
|
Dr
|
CR
|
|
|
$
|
$
|
|
Cash at bank
|
20,300
|
|
|
Account Receivable
|
45,200
|
|
|
Inventory
|
180,300
|
|
|
Prepaid Insurance
|
3,500
|
|
|
Land at cost
|
200,000
|
|
|
Plant and Equipment at cost
|
120,000
|
|
|
Accumulated Deprecation
|
|
|
|
Plant and Equipment
|
|
75,000
|
|
Account Payable
|
|
30,300
|
|
Unearned Revenue
|
|
52,300
|
|
Capital
|
|
310,000
|
|
Drawings
|
63,300
|
|
|
Sales
|
|
675,000
|
|
Cost of Goods Sold
|
392,000
|
|
|
Salaries and wages
|
77,000
|
|
|
Rent
|
33,000
|
|
|
Utilities
|
5,200
|
|
|
General Expenses
|
2,800
|
|
|
|
1,142,600
|
1,142,600
|
Additional Information:
1. Depreciation for Plant and of Equipment is provided at 25% using the straight line method. $ 20 000 of the Plant and of Equipment was acquired on 1 April 2017. The balance of the Plant and Equipment was acquired when the company was started. According to Fig and Olive's policy, land is not depreciated.
2. The owner had taken 500 per week from the bank to pay for personal expenses. (assume that there are 52 weeks in the reporting period).
3. Insurance unexpired amounting to $2,000 as at year end.
4. The rental for June 2017 has not been paid as at 30 June 2017. The rent will only be paid on 5 July 2017. Rent is charged at $11 000 per month.
5. By year end a week's wages owing to employees to be paid at the end of the fortnight ending on 8 July 2017. The amount owing for the wages is $13 200.
6. Goods with an original cost of $20 000 were returned by the customers. The returned goods were damaged and could not be sold. They were originally sold on credit for $42 000.
NOTE: ignore the effects of GST in adjusting for the above transactions and assume that Fig and Olive uses the perpetual method of accounting for inventory.
Required:
a) Prepare the necessary adjusting general journal entries for the year ended 30 June 2012. (Narrations are required).
b) Prepare an Income Statement for the year ended 30 June 2012.
c) Prepare a Balance Sheet as at 30 June 2012.
d) Prepare closing general journal entries (Narrations are required).