代做115.112 Accounting for Business Assessment 2 2402代写留学生Matlab语言
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Relationship of Assignment to Learning Outcomes (Refer to Course Guide).
L.O. 2. Apply generally accepted accounting practices.
Although these are projected statements, they are prepared on the same basis as historical statements. Some of the transactions will help you understand the impact of accounting policies such as depreciation and accrual accounting with the latter especially evident when comparing the Income Statement and Cash Flow Statement.
L.O.4. Apply management accounting techniques to planning and short-term decision making.
As the scenario is set in the future, preparing the assignment should also help with understanding the planning process and the use of tools such as excel to model different scenarios and ascertain their impact on the profit, cash flow and resources of a business.
ASSESSMENT 2 INSTRUCTIONS
How to Approach this Assignment
• Please read all instructions in this document before starting the assessment.
• Do not use another person’s instructions. Students are divided into groups and each group has its own set of instructions with slightly different data. If you are found to have used another student’s data, you will be penalised.
• To complete the assessment, you need access to a computer, and a spreadsheet package. The recommended spreadsheet software is Microsoft Excel and the template provided is an Excel one. If you are not familiar with Excel you should work through the three Excel Tutorials provided on Stream, under the Assessment Resources section.
• You should first study the relevant material in the text and make sure you understand the concepts covered.
• Contact a member of the Teaching Team if you have any problems with Microsoft Excel, or with downloading the files from Stream and submitting the assessment on Stream.
Downloading the template
On Stream go to the Assessment page and scroll down to the Assessment Resources and click on “Assignment 1 Template” and download the template. Use the naming convention Smith88888888.xls (or xlsx) where Smith is your surname and 88888888 is your i.d. number. Please note that if you try to modify the excel file without downloading it first, your modifications will NOT be saved. Remember to save to your own computer and to make regular backups.
Completing the Assignment
Entering Data
You will answer the assessment on the template. You must take care in how you prepare your answer. If the following instructions are not followed, you may lose marks:
• The ‘ Data Input’ sheet is where you enter the input data , typing amounts directly into the relevant cells.
• The other sheets contain the output of financial and numeric data.
o On the output sheets, you should only use formulas, as this creates a workbook, which is truly flexible. (Refer to Budget Spreadsheet Completion on the following page).
• This assessment is marked directly on the file. The column, shaded in green, is dedicated for allocating marks. There are formulas used in these columns that pull your marks through to the ‘For Marker’s use only’ sheet.
• DO NOT make any changes to the sheets, e.g. add rows or columns. Contact me, Christelle Roos, if you feel you need to make any changes, and I will advise you.
Budget Spreadsheet Completion
Marks will be awarded for the functionality and flexibility of your spreadsheet. The aim of this assessment is to produce a workbook of spreadsheets in which any changes in financial and numeric data in the Data Input sheet, will result in an update of the whole workbook , therefore you must link the output with the Data Input sheet, and you should not enter numbers directly into the output areas on the other worksheets.
To help you, certain cells have been shaded pink and other blue:
• Entries of numbers or names from the information given should be entered in pink cells.
• Entries of formulas should be made in blue cells.
• Not all blue or pink shaded cells require entries.
• Do Not use the green shaded cells.
Submission of the Assessment (Uploading your file to Stream)
Follow the ‘Instructions for Submitting Assessments to Stream Assignment boxes ’ available under the Assessments section. Stream records the submission date and time. See the Assessment section on the Stream site for policies re extensions and late submissions. Penalties will be applied to late submissions for which an extension has not been granted.
Assessment Brief
Jack Smith operates Espresso Deluxe Ltd, which sells expensive espresso machines in New Zealand on behalf of an overseas company. Espresso Deluxe Ltd is the sole agent in New Zealand for this overseas company, Premium Espresso.
Espresso Deluxe Ltd does not take ownership of the espresso machines but merely arranges the sale. For doing this they collect commission on each espresso machine they sell on behalf of Premium Espresso.
Revenue
• Jack receives commission on sales as follows:
Commission |
Collection Period |
30% commission on sales |
• 40% in month of sale • 60% in month after sale |
• Espresso Deluxe Ltd has an investment that earns $250 of interest every month.
Sales forecast for the last quarter of 2024
• Jack produced the following estimated sales of espresso machines for the last quarter of the year, 2024:
Estimated Monthly Sales |
$ |
October |
30,000 |
November |
35,000 |
December |
42,000 |
Non-Current Assets
• Jack has ordered a new computer $1,500 for the shop. The system should arrive in October and will be paid for at the beginning of November. The new computer is expected to have a useful life of three years and a nil residual value.
• Jack will pay and take ownership of a delivery vehicle on 1 October 2024. The vehicle cost $18,000 with an estimated useful life of five years and an estimated residual value of $3,000.
• The policy of Espresso Deluxe Ltd is to use straight-line depreciation for all assets.
Shop premises
• Jack operates from a rented shop in Wellington where the rent is $3,200 per month. Rent is payable on the first day of the month.
• Electricity for October is expected to cost $350. The electricity provider announced a 10% increase in November. Accounts are payable on the 20th of the month following.
• The insurance policy, which covers all business insurance , including the delivery vehicle, will be renewed, and paid in full on 1 October. The annual premium is $1,800 , of which $600 relates to the delivery vehicle.
Other Payments
• Estimated telephone and internet expenses:
October |
$280 |
November |
$280 |
December |
$320 |
Payable on the 20th of the following month.
• The business is expected to use approximately $120 of supplies for each of the next three months. These are paid for in the month of use.
• In December 2024, Jack will be attending an exhibition in Italy. Payment of $2,700 for this must be made by 10 October. The exhibition is work related.
• Monthly vehicle running expenses are $1,000 and are paid through the business. Of the $1,000 vehicle expenses $300 a month relates to personal use of the vehicle by Jack. These are paid for in the month of use.
Opening Balances as at 1 October 2024
Account |
Amount |
Cash in Bank |
$42,300 |
Accounts Payable: Electricity |
$320 |
Accounts Payable: Telephone & Internet |
$250 |
Accounts Receivable (Commission from September Sales) |
$8,385 |
Owners’ Equity
• Jack is taking $4,000 a month for personal use from the business.
REQUIRED:
(i) On the Data Input sheet, enter the data as provided in the assessment brief. Some data have been pre-entered. You are only required to complete the missing data in the pink cells. (15 Marks)
(ii) On the Collection & Depreciation sheet, complete the revenue, cash collections, and depreciation calculations for the quarter 1 October to 31 December 2024, using the appropriate blue cells. (13 Marks)
(iii) On the Cash Flow sheet, complete the Cash Flow Budget for each of the three months October, November, and December and the totals for the quarter 1 October to 31 December 2024, using the appropriate pink and blue cells. (List each expense separately. Do not group expenses as Selling or Administrative expenses. ) (35 Marks)
(iv) On the Income Statement sheet, complete the Projected Income Statement for the quarter ended 31 December 2024 using the appropriate pink and blue cells. A month- by-month Income Statement is not required. (List each expense separately. Do not group expenses as Selling or Administrative expenses) (17 Marks)
(v) Jack is considering negotiating for a commission percentage of 35% . Enter the 35% in the appropriate cell in the Data Sheet and enter the resulting Net Profit and ending Cash Balance in the pink boxes provided on the Income Statement Sheet. (Remember to change the commission percentage back to the original 30% before submitting your assignment). (20 marks)
[Total = 100 Marks]