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Unit Name:
Unit Number:
200101
Page 1 of 9
On vUWS under the Staff Consultation Times folder, from 10am Friday 23
October, will be a list of the academic staff who are available during STUVAC
week (Week 15 w/c Monday 26 October) to assist students in their learning
for the final exam. It states the dates, times and location staff are available.
Staff will not do the problems for you. They are there to check the work you
have attempted and guide you in your understanding and learning.
If a student attends and has not made an honest attempt at the question, then
staff will place the student in a room where the student will have to attempt
the question then and there. Remember we will not be there at the final exam
to do the answer for you. You have to do it for yourself. Staff are available to
assist student's in their learning.
Page 2 of 9
Question 1
Income Statement
Invested $100 000 in new equipment into the business and $20 000 cash.
Made sales of $25 000. The goods had cost $10 000.
11
16
19
21
22
23
30
31
Additional information:
The business is not a reporting entity and the owner would like all
relevant items to be listed on the income statement.
Page 3 of 9
Page 4 of 9
PART B
Part B is NOT related to Part A
Calculating retained earnings
You have been given the following data for Gleeson Pty Ltd:
Retained Earnings as at December 31, 2010
$420 000
Share Capital as at December 31, 2011
100 000
Cost of equipment purchased during 2011
129 000
Net loss for the year ended December 31, 2011
43 000
Dividends declared and paid in 2011
55 000
Decrease in cash balance from Jan 1, 2011 to Dec. 31, 2011
12 000
Decrease in long-term debt in 2011
67 000
Required:
Prepare the retained earnings portion of a statement of change in owners'
equity for Gleeson Pty Ltd for the year ended December 31, 2011:
Page 5 of 9
Question 2
Balance Sheet
REQUIRED:
Prepare a classified balance sheet as at 30 June 2012 using the
template on page 6 below.
$
300,000
33,560
68,440
3,500
86,000
12,800
58,000
700,340
76,000
25,340
134,000
20,900
4,000
2,400
37,400
680,000
6,000
206,000
1,000
25,200
Page 6 of 9
________________________________________________________
________________________________________________________
________________________________________________________
$
Page 7 of 9
Question 3
Required:
Use the information above to prepare a properly classified cash flow
statement for the company for the month of July, 2012.
Use brackets (
Page 8 of 9
Page 9 of 9