Using the NeoZone Financial Statements Template(document: FNSACC414_NeoZone Financial Statements Template), prepare the following nancial statements: Income statement

Fantastic news! We've Found the answer you've been seeking!

Question:

Using the NeoZone Financial Statements Template (document: FNSACC414_NeoZone Financial Statements Template), prepare the following ﬁnancial statements:
- Income statement for the 3 months ended 30 June 2022
- Balance sheet as at 30 June 2022
- Cash flow statement for the 3 months ended 30 June 2022

When preparing the financial statements, you should ensure you follow the organisational policies and procedures outlined in question 2.2.

Also, consider the following assumptions in the email for the accountant:

All operating expenses are paid monthly except for insurance which was paid one year in advanced on April 1. Please consider what proportion of this cost will be expensed in the current year.
A periodic inventory system is used. On June 30, a stocktake was performed and the inventory balance was determined to be $9,334.
Depreciation to be charged is $250 on computer equipment, $20 on furniture and $90 on software.
The cost of electricity is included in the monthly rent.

A. Calculating amounts to be used in financial statements
		A	B	C
Receipts from sales	Details as shown on bank statement	Total received	Amount net of GST (A × 10/11)	GST Collected B × .1
Domestic Sales	Transfer from Shipit_Au	31,333.50	28,485.00	2,848.50
International Sales	Transfer from Shipit_Au	7,914.50	7,195.00	719.50
TOTAL		39,248.00	35,680.00	3,568.00


Payments for inventory and packaging	Details as shown on bank statement	Total paid	Amount net of GST	GST Paid
Purchases	Merrilee Kidstuff	8,294.00	7,540.00	754.00
Purchases	KidsTown Co	6,242.50	5,675.00	567.50
Purchases	Puzzle Rugs	4,647.50	4,225.00	422.50
Purchases	April n Indie Toys	5,192.00	4,720.00	472.00
Total Purchases		24,376.00	22,160.00	2,216.00
Packaging	Boxit Packaging Supplies	829.40	754.00	75.40
TOTAL		25,205.40	22,914.00	2,291.40

Payments for indirect costs/overheads	Details as shown on bank statement	Total paid	Amount net of GST	GST Paid
Advertising	Sellit Online Advertising	528.00	480.00	48.00
Accounting Fees	Student - Accounting Fees	596.20	542.00	54.20
Rent	Sherville Realty - Rent	1,320.00	1,200.00	120.00
Order costs	Shipit_Au - Order costs	785.40	714.00	71.40
Delivery costs	Harpo Delivery Service	552.20	502.00	50.20
Insurance	Team Insurance - Prepaid Insurance 1 year	1,650.00	1,500.00	150.00
Website maintenance	Jonathan Webb - Website maintenance	462.00	420.00	42.00
Telephone and Internet	Telenet	1,107.70	1,007.00	100.70
TOTAL		7,001.50	6,365.00	636.50


Payments for non-current assets	Details as shown on bank statement	Total paid	Amount net of GST	GST Paid
Furniture	Work from Home Furniture	880.00	800.00	80.00
Software	Jonathan Webb - Software	1,980.00	1,800.00	180.00
TOTAL		2,860.00	2,600.00	260.00


Capital contributions	Details as shown on bank statement	Total received
James	James Cross	15,000.00
Leona	Leona Riley	10,000.00
Brady	Brady Chan	15,000.00
TOTAL		40,000.00


Drawings	Details as shown on bank statement	Total paid
James	James Cross	1,500.00
Leona	Leona Riley	1,500.00
Brady	Brady Chan	1,500.00
TOTAL		4,500.00


Ending bank balance (Receipts - Payments)		39,681.10
(This should be the same as per the bank statement)

Total GST Collected		3,568.00
Total GST Paid		3,187.90

Insurance expense - 3 months		412.50
Prepaid Insurance - 9 months		1,237.50

Great South Bank
BANK STATEMENT for NeoZone for Kids			From: April 1 2022	To: June 30 2022

Date	Details	Debit	Credit	Balance
1/04/2022	Balance			$0.00	Cr
1/04/2022	James Cross		$15,000.00	$15,000.00	Cr
1/04/2022	Eleanor Riley		$10,000.00	$25,000.00	Cr
1/04/2022	Brady Chan		$15,000.00	$40,000.00	Cr
1/04/2022	Sherville Realty - Rent	$440.00		$39,560.00	Cr
1/04/2022	Team Insurance - Prepaid Insurance 1 year	$1,650.00		$37,910.00	Cr
1/04/2022	Merrilee Kidstuff	$5,830.00		$32,080.00	Cr
1/04/2022	KidsTown Co	$3,993.00		$28,087.00	Cr
1/04/2022	Puzzle Rugs	$3,162.50		$24,924.50	Cr
2/04/2022	Work from Home Furniture	$880.00		$24,044.50	Cr
1/04/2022	Jonathan Webb - Software	$1,980.00		$22,064.50	Cr
1/04/2022	Sellit Online Advertising	$154.00		$21,910.50	Cr
1/04/2022	Boxit Packaging Supplies - Packaging	$829.40		$21,081.10	Cr
5/04/2022	Transfer from Shipit_Au		$1,240.80	$22,321.90	Cr
18/04/2022	Transfer from Shipit_Au		$2,904.00	$25,225.90	Cr
22/04/2022	Transfer from Shipit_Au		$1,784.20	$27,010.10	Cr
28/04/2022	Transfer from Shipit_Au		$1,116.50	$28,126.60	Cr
30/04/2022	Harpo Delivery Service	$148.50		$27,978.10	Cr
30/04/2022	Telenet	$363.00		$27,615.10	Cr
30/04/2022	James Cross	$500.00		$27,115.10	Cr
30/04/2022	Leona Riley	$500.00		$26,615.10	Cr
30/04/2022	Brady Chan	$500.00		$26,115.10	Cr
1/05/2022	Sherville Realty - Rent	$440.00		$25,675.10	Cr
1/05/2022	Sellit Online Advertising	$154.00		$25,521.10	Cr
5/05/2022	Transfer from Shipit_Au		$1,702.80	$27,223.90	Cr
5/05/2022	Student - Accounting Fees	$596.20		$26,627.70	Cr
6/05/2022	April n Indie Toys	$1,672.00		$24,955.70	Cr
6/05/2022	Transfer from Shipit_Au		$818.40	$25,774.10	Cr
10/05/2022	Transfer from Shipit_Au		$1,214.40	$26,988.50	Cr
17/05/2022	Transfer from Shipit_Au		$1,133.00	$28,121.50	Cr
19/05/2022	Puzzle Rugs	$1,485.00		$26,636.50	Cr
19/05/2022	Merrilee Kidstuff	$2,464.00		$24,172.50	Cr
21/05/2022	Transfer from Shipit_Au		$3,168.00	$27,340.50	Cr
24/05/2022	Transfer from Shipit_Au		$837.10	$28,177.60	Cr
28/05/2022	Transfer from Shipit_Au		$2,062.50	$30,240.10	Cr
31/05/2022	Telenet	$357.50		$29,882.60	Cr
31/05/2022	Harpo Delivery Service	$189.20		$29,693.40	Cr
31/05/2022	James Cross	$500.00		$29,193.40	Cr
31/05/2022	Leona Riley	$500.00		$28,693.40	Cr
31/05/2022	Brady Chan	$500.00		$28,193.40	Cr
31/05/2022	Transfer from Shipit_Au		$1,727.00	$29,920.40	Cr
1/06/2022	Sherville Realty - Rent	$440.00		$29,480.40	Cr
1/06/2022	Sellit Online Advertising	$220.00		$29,260.40	Cr
3/06/2022	Transfer from Shipit_Au		$3,363.80	$32,624.20	Cr
10/06/2022	April n Indie Toys	$3,520.00		$29,104.20	Cr
10/06/2022	KidsTown Co	$2,249.50		$26,854.70	Cr
11/06/2022	Transfer from Shipit_Au		$1,592.80	$28,447.50	Cr
15/06/2022	Transfer from Shipit_Au		$2,948.00	$31,395.50	Cr
17/06/2022	Transfer from Shipit_Au		$2,673.00	$34,068.50	Cr
18/06/2022	Transfer from Shipit_Au		$3,237.30	$37,305.80	Cr
21/06/2022	Jonathan Webb - Website maintenance	$462.00		$36,843.80	Cr
22/06/2022	Transfer from Shipit_Au		$3,580.50	$40,424.30	Cr
25/06/2022	Transfer from Shipit_Au		$2,143.90	$42,568.20	Cr
30/06/2022	Telenet	$387.20		$42,181.00	Cr
30/06/2022	Shipit_Au - Order costs	$785.40		$41,395.60	Cr
30/06/2022	Harpo Delivery Service	$214.50		$41,181.10	Cr
30/06/2022	James Cross	$500.00		$40,681.10	Cr
30/06/2022	Leona Riley	$500.00		$40,181.10	Cr
30/06/2022	Brady Chan	$500.00		$39,681.10	Cr