Shutter Speed COMPARATIVE Balance Sheet July June Current Assets Petty Cash 250 250 Cash at Bank...
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Shutter Speed COMPARATIVE Balance Sheet July June Current Assets Petty Cash 250 250 Cash at Bank 29,814 19,744 Accounts Receivable 41,045 30,127 Less: Allowance for Doubtful (1,026) 40,019 (753) 29,374 Debts Inventory 29,703 38,512 Prepaid Insurance 2,700 2,880 Office Supplies 102 262 Total Current Assets 102,588 91,022 Non-Current Assets Delivery Vehicle Less: Accumulated Depreciation Office Furniture & Equipment Less: Accumulated Depreciation Buildings 30,000 30,000 (12,092) 17,908 (11,821) 18,179 31,000 28,500 (12,275) 18,725 (11,992) 16,508 200,000 200,000 Less: Accumulated Depreciation Land (19,167) 180,833 (18,750) 181,250 250,000 250,000 Total Non-Current Assets 467,466 465,937 TOTAL ASSETS 570,054 556,959 Current Liabilities Accounts Payable 12,342 Wages Payable 2,040 13,410 1,414 Telephone Payable 240 215 Computer Solutions Credit Facility 3,400 1,800 ZNA Bank Loan 24,000 24,000 Total Current Liabilities 42,022 40,839 Non-Current Liabilities ZNA Bank Loan 130,000 132,000 Total Non-Current Liabilities 130,000 132,000 TOTAL LIABILIATIES 172,022 172,839 NET ASSETS 398,032 384,120 TOTAL EQUITY 398,031 384,120 While you have been reviewing their inventory records Cam has been going through their files and located the following information provided by the accountant earlier in the year. Shutter Speed Income Statement For the Month Ended 31st July 2023 Income: Sales Less: Sales Returns & Allowances Discount Allowed Cost of Sales: GROSS PROFIT Other Income: Interest Income Selling Expenses: Depreciation Expense - Vehicle Running Expenses - Vehicle $ $ $ $ 56,398 440 307 55,651 24,421 31,230 271 287 38 31,268 Insurance Expense - Vehicle 99 Sales Wages Expense 3,582 Repairs & Maintenance - Building* 340 Depreciation Expense - Building* 417 Insurance Expense - Building* 81 5,077 Administrative Expenses Administrative Wages Expense 3,000 Office Supplies Expense 190 Council Rates & Taxes 180 Telephone 240 Travel 42 Bank Fees & Charges 54 Depreciation Expense - F & E 283 Sundry Expenses 168 4,157 Financial Expenses Doubtful Debts Expense Interest Expense 273 1,850 2,123 11,357 PROFIT 19,911 QUESTION 4 - 9 marks Using the relevant information from pages 6 and 7 of the Information Booklet REQUIRED: Calculate the following ratios for the month of July A. Return on Equity B. Debtors Turnover (provide your final answer in number of days) C. Debt Ratio Question 4 Part A (Enter answers here) Shutter Speed COMPARATIVE Balance Sheet July June Current Assets Petty Cash 250 250 Cash at Bank 29,814 19,744 Accounts Receivable 41,045 30,127 Less: Allowance for Doubtful (1,026) 40,019 (753) 29,374 Debts Inventory 29,703 38,512 Prepaid Insurance 2,700 2,880 Office Supplies 102 262 Total Current Assets 102,588 91,022 Non-Current Assets Delivery Vehicle Less: Accumulated Depreciation Office Furniture & Equipment Less: Accumulated Depreciation Buildings 30,000 30,000 (12,092) 17,908 (11,821) 18,179 31,000 28,500 (12,275) 18,725 (11,992) 16,508 200,000 200,000 Less: Accumulated Depreciation Land (19,167) 180,833 (18,750) 181,250 250,000 250,000 Total Non-Current Assets 467,466 465,937 TOTAL ASSETS 570,054 556,959 Current Liabilities Accounts Payable 12,342 Wages Payable 2,040 13,410 1,414 Telephone Payable 240 215 Computer Solutions Credit Facility 3,400 1,800 ZNA Bank Loan 24,000 24,000 Total Current Liabilities 42,022 40,839 Non-Current Liabilities ZNA Bank Loan 130,000 132,000 Total Non-Current Liabilities 130,000 132,000 TOTAL LIABILIATIES 172,022 172,839 NET ASSETS 398,032 384,120 TOTAL EQUITY 398,031 384,120 While you have been reviewing their inventory records Cam has been going through their files and located the following information provided by the accountant earlier in the year. Shutter Speed Income Statement For the Month Ended 31st July 2023 Income: Sales Less: Sales Returns & Allowances Discount Allowed Cost of Sales: GROSS PROFIT Other Income: Interest Income Selling Expenses: Depreciation Expense - Vehicle Running Expenses - Vehicle $ $ $ $ 56,398 440 307 55,651 24,421 31,230 271 287 38 31,268 Insurance Expense - Vehicle 99 Sales Wages Expense 3,582 Repairs & Maintenance - Building* 340 Depreciation Expense - Building* 417 Insurance Expense - Building* 81 5,077 Administrative Expenses Administrative Wages Expense 3,000 Office Supplies Expense 190 Council Rates & Taxes 180 Telephone 240 Travel 42 Bank Fees & Charges 54 Depreciation Expense - F & E 283 Sundry Expenses 168 4,157 Financial Expenses Doubtful Debts Expense Interest Expense 273 1,850 2,123 11,357 PROFIT 19,911 QUESTION 4 - 9 marks Using the relevant information from pages 6 and 7 of the Information Booklet REQUIRED: Calculate the following ratios for the month of July A. Return on Equity B. Debtors Turnover (provide your final answer in number of days) C. Debt Ratio Question 4 Part A (Enter answers here)
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Financial Accounting
ISBN: 9780730363217
10th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield
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