The following is a summary of transactions and events for the 2023 financial year (note that...

    

 

 

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The following is a summary of transactions and events for the 2023 financial year (note that these are not necessarily chronological and GST impacts are to be ignored): 1. Paid general and administrative expenses of $16,400 2. The economic benefit of the prepaid rent from the prior period was consumed in July 2022 3. 4. 5. 6. 7. 8. 9. Rent payments were $25,750, including a payment of $2,250 for rent in July 2023 Purchased inventory on credit $92,000 Paid $11,000 to purchase 3-year government bonds as an investment Credit sales from the gallery were $156,000 Paid wages of $46,000 which included the amount owing from the previous period The McFirdlesquirts invested $15,000 by purchasing more shares in BFM Galleries Paid $18,000 to the tax office which comprised the amount owing from the previous financial year and tax instalments for the current year 10. Paid inventory suppliers $81,000 owing from previous credit purchases 11. Paid $20,000 to purchase additional property, plant and equipment 12. Cash sales from the gallery were $104,000 13. The cost price of all inventories sold for the year was $88,000 14. Interest received from the government bonds (from event 5 above) was $700 15. Received $163,000 from credit customers arising from previous credit sales 16. Loan repayments were $14,200 which included interest of $4,200 17. Depreciation of property, plant and equipment for the year was determined to be $7,000 18. Wages of $1,300 remain outstanding on 30 June 2023 19. Income tax owing at the end of the year was $9,990. This amount (net of any instalments already paid) is not due until November 2023. 20. BFM Galleries paid $29,000 in dividends to the McFirdlesquirts REQUIRED: 1. Refer to the 30 June 2022 Statement of Financial Position in the Seminar Illustration. Using these figures, open the Assignment One Submission File, click on the Transaction Worksheet tab and enter the opening balances on the first row of the Transaction Worksheet. 2. Complete the Transaction Worksheet for 2023 using the summary of transactions and events from above. 3. Click on the Financial Statements tab of the Assignment One Submission File and complete the financial statements provided for the 30 June 2023 reporting date. The following is a summary of transactions and events for the 2023 financial year (note that these are not necessarily chronological and GST impacts are to be ignored): 1. Paid general and administrative expenses of $16,400 2. The economic benefit of the prepaid rent from the prior period was consumed in July 2022 3. 4. 5. 6. 7. 8. 9. Rent payments were $25,750, including a payment of $2,250 for rent in July 2023 Purchased inventory on credit $92,000 Paid $11,000 to purchase 3-year government bonds as an investment Credit sales from the gallery were $156,000 Paid wages of $46,000 which included the amount owing from the previous period The McFirdlesquirts invested $15,000 by purchasing more shares in BFM Galleries Paid $18,000 to the tax office which comprised the amount owing from the previous financial year and tax instalments for the current year 10. Paid inventory suppliers $81,000 owing from previous credit purchases 11. Paid $20,000 to purchase additional property, plant and equipment 12. Cash sales from the gallery were $104,000 13. The cost price of all inventories sold for the year was $88,000 14. Interest received from the government bonds (from event 5 above) was $700 15. Received $163,000 from credit customers arising from previous credit sales 16. Loan repayments were $14,200 which included interest of $4,200 17. Depreciation of property, plant and equipment for the year was determined to be $7,000 18. Wages of $1,300 remain outstanding on 30 June 2023 19. Income tax owing at the end of the year was $9,990. This amount (net of any instalments already paid) is not due until November 2023. 20. BFM Galleries paid $29,000 in dividends to the McFirdlesquirts REQUIRED: 1. Refer to the 30 June 2022 Statement of Financial Position in the Seminar Illustration. Using these figures, open the Assignment One Submission File, click on the Transaction Worksheet tab and enter the opening balances on the first row of the Transaction Worksheet. 2. Complete the Transaction Worksheet for 2023 using the summary of transactions and events from above. 3. Click on the Financial Statements tab of the Assignment One Submission File and complete the financial statements provided for the 30 June 2023 reporting date.

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