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ACC00724 Accounting for Managers Assignment - Southern Cross University, Australia

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QUESTION 1 - A. Using the information above, prepare a statement of financial performance (income statement) and a statement of financial position (balance sheet) for Ken Kennett Building Services.

Answer - A. Statement of financial performance

Particulars

Amount

Revenue


Building services provided

$550000

Expenses:


Wages of employees (150000+3500)

153500

Supplies used

310000

Motor vehicle expenses

5600

Electricity and telephone expenses

4000

Net profit for the year

76900

Statement of financial position

Particulars

Amount

Assets


Cash in the shoe box

$500

Cash in the bank account

$3800

Amount owed by customers

$80000

Equipment

68000

Building supplies

18000

Motor vehicle

32000

Total assets

202300

Liabilities


Wages owed to employees

3500

Amount owed to suppliers

30000

Opening capital 97600(2)


Add: profit 76900


Less: Drawings 5700


Closing capital (1)

168800

Total liabilities

202300

Note:

1. The closing capital= 202300-30000-3500= 168800.

2. Opening capital= 168800+5700-76900= 97600.

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B. How would the financial statements you provide help the supplier of building materials decide whether or not to trade with Ken? What parts of the financial statements would be positive indicators that Ken Kennett Building Services would be able to pay for supplies on time and what items may cause some concern for the suppliers?

Answer - The financial statements help in providing information in relation to the financial position of the business. It helps in providing the information in regard to the level of profitability and the solvency position of the business. The income statement provides the details in relation to the profit that is being earned by the business during the specified period. Hence it will provide the ability of the company to make the monthly and the annually payments. The statement of financial position that is the balance sheet provides the information in relation to the assets and liabilities of the company. The proportion of the debts in the company is also being shown in the balance sheet. The balance sheet basically depicts the overall financial position of the business. The statement of financial performance of Ken building services shows the amount of profit that is being earned in the financial year. The statement of financial position of Ken building services shows the level of the assets and the liabilities of the company. Ken building services had earned considerable amount of profits in the specified period and thus the supplier of the business materials can trade with Ken as it will be able to make the payments as and when required. The solvency position of Ken services is also strong as it is not having any long term debts.

The parts of the financial statements of Ken building services which act as the positive indicators are building services provided, profits for the year, level of equipments and the level of capital. The capital will also attract the supplier as the business is wholly financed by owned funds. Thus it shows that the level of debts are very less in the business hence it will be able to make timely payment for all the purchases. The items may cause some concern for the supplies are cash in the bank account, cash used for personal expenditure and amount owed to suppliers. The cash available in the bank account is very less in comparison to the amount due towards the suppliers. Hence the business may face situation where it is not having enough cash to pay off the suppliers on the due dates. The high balance of outstanding amount towards the suppliers may also create the problem as the outstanding balances may increase by undertake trade with Ken services. The low level of balance in the bank account is a very important concern for the suppliers as the low balance in bank may give a sign of low liquidity of the business showing that business may not be having the enough cash to pay off the short term liabilities as and when they arise. The short term debts are being paid from the cash balance and the bank balance and both these balances are low in the business hence may become an important concern for the suppliers as they may also face danger of the payment of the building materials that are sold to Ken building services.

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QUESTION 2 - A. Without preparing formal financial statements, calculate the following:

1. Profit/loss for the year

Particulars

Amount

Accounting service income

9750

Less:


Office supplies expense

840

Telephone expense

255

Motor vehicle expense

330

Advertising expenses

510

Profit for the year

7815

2. Total assets at the end of the year

Particulars

Amount

Office supplies

1500

Accounts receivable

1500

Cash at bank

8445

Computer equipment

8250

Total assets

19695

3. Total liabilities at the end of the year

Particulars

Amount

Bank loan

7500

Accounts payable

1080

Total liabilities

8580

4. Clive Calmer's capital balance at the end of the year

Particulars

Amount

Initial contribution

3300

Add: profit for the year

7815

Clive's Calmer's capital

11115

5. Net cash inflow/outflow for the year

Particulars

Amount

Accounting service income receipts

8250

Initial contribution by Clive

3300

Bank loan received

9000

Less:


Payments to suppliers

2355

Repayment of loan

1500

Computer equipment purchase

8250

Net cash inflow for the year

8445

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B. If Clive had withdrawn $3,000 in cash during the year, what effect would this have (increase, decrease, no effect) on the figures you calculated in requirement A?

Answer - Clive had withdrawn $3000 in cash during the year

Profit for the year- no effect

Total assets- Decrease by $3000

Total liabilities- No effect

Clive's capital at the end of the year- Decrease by $3000

Net cash inflow for the year- Decrease by $3000.

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