Question

In: Accounting

Translate the following various trial balance accounts into financial statements. Eg – Sort assets, current and...

Translate the following various trial balance accounts into financial statements. Eg – Sort assets, current and non-current; Liabilities, current and non-current etc.

Also include notes of entries that need to be combined, e.g (Accumulated depreciation:

“note x

Accumulated amortisation - Software
Accumulated depreciation – Buildings
Accumulated depreciation – Computers
Accumulated depreciation – Furniture &
Accumulated depreciation – Motor vehicles
Accumulated depreciation – Plant & equipment

= “

All following the AASB.

Company is a large childcare service.

Accounts payable
Accounts receivable
amortisation - Leasehold
Accumulated amortisation - Software
Accumulated depreciation – Buildings
Accumulated depreciation – Computers
Accumulated depreciation – Furniture &
Accumulated depreciation – Motor vehicles
Accumulated depreciation – Plant & equipment
Acquisition costs
Administrative expenses
Advertising
Allowance for doubtful debts
Annual leave provision
Bad debts expense
Bank Loan (MyBank)
Brand (Carer Fix)
Buildings at cost
Cash at bank
Catering expenses
Childcare enrolment advances
Childcare services
Computers at cost
Consumables (Office supplies on hand)
Cost of sales
Current tax liability
Deferred tax asset/liability
Deposits paid
Depreciation expense
Discounts given
Educational resources (consumables eg. art & craft)
Employee related payables
Fundraising activities expense
Fundraising activities income
Furniture and fittings (at cost)
General reserve
Goodwill
GST receivable
Income tax expense
Interest expense
Interest income
Interest receivable
Inventory
Land
Lease liability
Leasehold improvements at cast
Long service leave provision
Loss on revaluation
Motor vehicles (at cost)
Office supplies expense
Petty cash
Plant & equipment (at cost
Playroom supplies (expense)
Prepayments
Rental expenses
Repairs & maintenance
Retail sales
Retained earnings
Revaluation surplus
Share capital
Software - at cost
Subscriptions
Term deposit (matures 23 April 2018)
Utility expenses (electricity, rates & water)
Wages and salaries

Solutions

Expert Solution

Income Statement
For the year ended xxxx
$ $
Retail sales
Childcare services
Net Sales
Cost of sales
Gross margin
Expenses:
Acquisition costs
Administrative expenses
Advertising
Annual leave provision
Bad debts expense
Catering expenses
Utility expenses (electricity, rates & water)
Wages and salaries
Rental expenses
Repairs & maintenance
Depreciation expense
Discounts given
Interest expense
Playroom supplies (expense)
Office supplies expense
Fundraising activities expense
Total expenses
Other income
Interest income
Fundraising activities income
Total other income
Gross income
Income tax expense
Net Income
Balance Sheet
As at xxxxx
$ $
Assets
Current assets
Cash at bank
Accounts receivable
(-) Allowance for doubtful debts
Consumables (Office supplies on hand)
Educational resources (consumables eg. art & craft)
Prepayments
Inventory
Interest receivable
GST receivable
Petty cash
Total current assets
Non-current assets
Fixed assets
Land
Buildings at cost
(-) Accumulated depreciation – Buildings
Computers at cost
(-) Accumulated depreciation – Computers
Furniture and fittings (at cost)
(-)Accumulated depreciation – Furniture &
Motor vehicles (at cost)
(-) Accumulated depreciation – Motor vehicles
Plant & equipment (at cost
(-) Accumulated depreciation – Plant & equipment
Software - at cost
(-) Accumulated amortisation - Software
Leasehold improvements at cast
(-) amortisation - Leasehold
Goodwill
Brand (Carer Fix)
Total fixed assets
Other Non-current assets:
Deposits paid
Deferred tax asset/liability
Total assets
Liabilities & stockholders' equity
Liabilities
Current Liabilities
Accounts payable
Bank Loan (MyBank)
Childcare enrolment advances
Current tax liability
Lease liability
Employee related payables
Total current liabilites
Long-term liabilites
Deferred tax asset/liability
Long service leave provision
Subscriptions
Term deposit (matures 23 April 2018)
Total Long-term Liabilities
Stockholders' equity
Share capital
Retained earnings
Revaluation surplus
(-)Loss on revaluation
General reserve
Total stockholders' equity
Total Liabilities & stockholders' equity

ekkarill92 answered 1 year ago
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