Accounting for Business Decisions - Income Statement - Accounting Assignment Help

Assignment Task :

Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unit 

Unit Learning Outcomes Assessed: 

1. Analyze how various transactions will affect the accounting equation, the balance sheet, and the income statement and communicate this to a range of stakeholders;

2. Apply, analyze, synthesize and evaluate information from multiple sources to make decisions about the financial performance of entities including assets, liabilities, owner’s equity, revenue and expenses;

3. Employ information technologies to analyze transaction data and financial statement to facilitate data-driven decision-making;

4. Assess the impact of taxation and other liabilities, relevant legislation and industry codes of practice on business and define management strategies. 

Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions for weeks 1 to 5 inclusive and submit these answers in a single document. 

The questions to be answered are: 

Week 1 Evaluate the statement “Accounting is all about numbers.”. Using the definition of accounting to justify your answer. (10 marks, maximum 250 words) 

Week 2 Financial data for Safety Hire as of 30 June 2019 are: 

Required: Prepare an income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2019.  

Week 3 On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations (ignore GST). 

Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 102; Equipment, 103; Loan Payable, 200; Nicole Andreou, Capital, 300; Nicole Andreou, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503. 

Required:

a) Prepare the general journal entries to record the above transactions. 

b) Post the entries from the general journal to the general ledger accounts (running balance format) and enter the posting references in the general journal.   

c) Prepare a trial balance as at 31 July 2018.  

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