Acc104 accounting for decisions 2

Part 1

There are four financial statements – balance sheet, income statement,

statement of cash flows, and statement of changes in equity. Briefly describe the information conveyed by the balance sheet relative to that conveyed by the income statement. (3 Marks)

Part 2 – End of Period Adjustments and Closings and Financial Statements (17 Marks)

The unadjusted trial balance of ABC’s Financial Consultant, contains the following account balances as at 30 June 2017:


Unadjusted Trial Balance, as at 30 June 2017




Cash at Bank

Accounts Receivable

GST Receivable

Office Supplies



Accumulated Depreciation – Building

Office Equipment

Accumulated Depreciation – Office Equipment

Accounts Payable

Unearned Consulting Fees

GST Payable

Mortgage Payable

C. Delaney, Capital

C. Delaney, Drawings

Consulting Fees Revenue

Insurance Expense

Salaries Expense

Electricity Expense

Interest Expense

Telecommunications Expense

$ 5 200

9 260


1 140

60 000

152 000

23 400

52 780

1 660

87 940


2 090

1 740

$ 64 000

6 420

7 960

1 560

2 000

88 600

71 490

156 860


$398 890

$398 890

The following additional account titles are included in the chart of accounts:

Prepaid Insurance

Telecommunications Expense Payable

Office Supplies Expense

Depreciation Expense – Buildings

Depreciation Expense – Office Equipment

Interest Payable

Salaries Payable

ACC104 Accounting for Decisions 2

Group Assignment

Date Due: Week 10

Marks: 20%

The following information is also available:

1. A physical count of office supplies reveals that supplies totalling $420 are on hand at 30 June.

2. The balance in the Unearned Consulting Fees account includes $1200 earned for services rendered in the last week of June.

3. Estimated depreciation on the office equipment is $2140. Depreciation on the building is $8760.

4. A 12-month insurance policy was purchased on 1 April for $780 plus GST.

5. The June monthly mortgage payment of $900 has not been paid or recorded. In each payment, $220 is attributable to interest.

6. The June telecommunications costs for $320 are unrecorded. No tax invoice has been received.

7. Salaries of $980 were owing to employees at 30 June 2017.


1. Prepare a 6-column worksheet for the year ended 30 June 2017. Use the same format of the column worksheet provided.

(8 marks)

2. Prepare the income statement, balance sheet (Narrative Format) and statement of changes in equity (7 marks)

3. Minutes of meetings attended by group members must be kept and detail attendance, work allocations, problems and resolutions to problems (Use template being provided 2 marks

All work must be done within the group and a record of meetings and work allocations must be kept. Any non-performance by group members will be noted and marks will be prorated according to the amount of work performed by the students.

ABC Financial Consultant – Worksheet for the year ended 30 June 2017 Unadjusted trial balance Adjustments Adjusted trial balance Account Title Debit Credit Debit Credit Debit Credit

Cash at Bank

Accounts Receivable.

GST Receivable…

Office Supplies



Accumulated Depreciation – Building…….

Office Equipment………

Accumulated Depreciation – Office Equipment…….

Accounts Payable……………

Unearned Consulting Fees

GST Payable…………

Mortgage Payable……….

C. Delaney, Capital

C. Delaney, Drawings

Consulting Fees Revenue

Insurance Expense

Salaries Expense

Electricity Expense

Interest Expense

Telecommunications Expense

398 890

398 890

ACC104 Accounting for Decisions 2

Group Assignment

Date Due: Week 10

Marks: 20%

– Income Statements, – Balance Sheet (Narrative Format) – Statements of Changes in Equity

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