Task 8 (Profit and Loss statement)

You now need to help Liliana in preparing the Profit and Loss Statement for the Financial Year 2016/2017. You are to help in calculating the GROSS Profit, Total Expenses without Labour, the NET profit before Liliana's salary and the ACTUAL profit using the following data.

YEARLY PROFIT AND LOSS ACCOUNT
(Input the value of each item for your business in the spaces provided)
Liliana Cake Shop
As of June 30, 2017
Chart of Account				%
100	TOTAL REVENUE	$	1000000	100.00%
Less 200	COST OF GOODS	$	426200	42.62%
	GROSS PROFIT	$		57.38%
Less 300	LABOUR	$	225000	22.50%
	EXPENSES:
401	Accounting fees	$	11700	1.17%
404	Electricity	$	2700	0.27%
405	Insurance	$	15200	1.52%
407	Postage	$	1500	0.15%
408	Printing and stationery	$	8700	0.87%
501	Rent for premises	$	74300	7.43%
502	Vehicle operating costs	$	21100	2.11%
506	All other expenses	$	14100	1.41%
Less	TOTAL EXPENSES	$		14.93%
Equals	NET PROFIT	$		19.95%
Less 399	Liliana's Salary	$	102600	10.26%
				0.00%
	Actual Profit	$		9.69%

Task 9 (Business Activity Statement)

Look at the Business Activity Statement on the following pages and decide if you need to pay taxes or you need to ask for refund to the Australian Taxation Office.

Use the template on the following two pages.

A Office use only 41890314 Business activity statement Document ID 10010 ABN 10 100 100 100 Form due on 30/07/2017 When completing this form: print clearly using a black pen Payment due on 30/07/2017 round down to whole dollars (do not show cents) GST accounting method CASH if reporting a zero amount, print '0' (do not use NIL) leave boxes blank if not applicable (do not use N/A, NIL) Contact phone number 0 4 0 0 1 2 1 2 0 0 do not report negative figures or use symbols such as +, -, /, $. Authorised contact person who completed the form LILIANA CAKE Goods and services tax (GST) Complete Option 1 OR 2 OR 3 (indicate one choice with an X) x Option 1: Calculate GST and report quarterly Option 2: Calculate GST quarterly and report annually Total sales Total sales (G1 requires 1A completed) G1 $ 1 0 0 0 0 0 08 OR (G1 requires 1A completed) G1$ 8 Does the amount shown Does the amount shown yes X No at G1 include GST? at G1 include GST? (indicate with X) Yes NO (indicate with X) Report GST on sales at 1A and GST on purchases at 1B Export sales G2 $ in the Summary section over the page 70. OR Option 3: Pay GST instalment amount quarterly Other GST-free sales G3 $ Capital purchases G10 $ 8 G21 $ Write the G21 amount at 1A in the Summary section over the page Non-capital purchases G11 $ 4 2 6 2 0 0.90 (leave 1B blank) OR if varying this amount, complete G22, G23, G24 Report GST on sales at 1A and GST on purchases at 1B in the Summary section over the page Estimated net GST for the year G22 $ . Varied amount payable for the quarter G23 $ Write the G23 amount at 1A in the Summary section over the page (leave 1B blank) Reason code for variation G24 NAT 4189-03.2014 [JS 29398PAYG tax withheld PAYG income tax instalment Total salary, wages and Complete Option 1 OR 2 (indicate one choice with X) other payments W1 $ 1 0 0 0 0 0 0 X Option 1: Pay a PAYG instalment amount quarterly Amount withheld from ayments shown at W1 W2 $ 2 0 0 0 0 0 T7 $ 5,000.00 Amount withheld where no ABN is quoted W4 $ 0.DQ Write the T7 amount at 5A in the Summary section below OR if varying this amount, complete T8, T9, T4 Estimated tax for the year To $ |2 2 0 dope Other amounts withheld (excluding any amount w3 $ 8.De shown at W2 or W4) Varied amount payable for the quarter Write the T9 amount at 5A in the Summary section below Total amounts withheld (W2 + W4 + W3) W5 $ 2 0 0 0 0 0 Reason code for variation T4 Write the W5 amount at 4 in the Summary section below OR Option 2: Calculate PAYG instalment using income times rate Reason for varying (G24 & T4) Code Obligation PAYG instalment income TI $ 8 Change in investments 21 PAYG only Current business structure not continuing 22 GST & PAYG 1% Significant change in trading conditions 23 GST & PAYG Internal business restructure 24 GST & PAYG New varied rate T3 200.00% Change in legislation or product mix 25 GST & PAYG Financial market changes 26 GST & PAYG Use of income tax losses 27 1 x T2 (or x 3) 711 $ 8 PAYG only Write the T11 amount at 5A in the Summary section below Reason code for variation T4 00 Summary Amounts you owe the ATO Amounts the ATO owes you GST on sales or GST instalment 1A $ 2 2 062 5 0 GST on purchases 18 $ 1 0 6 5 5 0 PAYG tax withheld 4 $ 2 6 6 6 6 pe Do not complete 1B if using GST instalment amount (Option 3) PAYG income tax instalment SA $ 1 1 so o o.0 Credit from PAYG income tax instalment variation 5B Deferred company/fund instalment 7 1A + 4+ 5A +7 8A $ 1 2 50 0 0 0 1B + 58 8B $ 1oooo Payment or refund? Is 8A more than 8B? Yes, then write the result of 8A minus 8B at 9. This amount is Your payment or refund amount payable to the ATO. (indicate with X No , then write the result of 8B minus 8A at 9. This amount is refundable to you (or offset against any other tax debt you have). Do not use symbols such as +, -, /, $ Declaration I declare that the information given on this form is true and correct, and that Return this completed form to HRS MINS I am authorised to make this declaration. The tax invoice requirements have been met. Estimate the time taken to complete Signature Date this form. Include the time taken to collect any information. Taxation laws authorise the ATO to collect information including personal information about individuals who may complete this form. For information about privacy and personal information go to ato.gov.au/privacy. Activity statement instructions are available from ato.gov.au or can be ordered by phoning 13 28 66. Australian Government Australian Taxation Office