Financial Statements - Closing Inventory - Current Liabilities - Net Profit Rate - Accounting Assessment Answer

Assessment Task:

Financial Statements - Closing Inventory - Current Liabilities - Net Profit Rate - Accounting Assessment Answer 

Question

• Compare, match, and interpret data from the Bank Statements and the Excel tables provided?
• Code, classify and check Andrew’s Slabs data, paying attention to accuracy and reliability of the data?
• Check internal financial data against bank statements to ensure consistency and accuracy?
• Develop an Excel Workbook to assist with financial monitoring and reporting
• Develop comprehensive and accurate income statement, balance sheet, and cash flow statement?
• Accurately represent Andrew’s Slabs’ financial information in the written report?
• Perform mathematical calculations and forecasting techniques to represent financial data in the written report?
• Analyse and compile relevant financial data to complete Andrew’s Slabs financial report
• During the meeting with Andrew, present information?

Andrew has been buying and selling timber slabs for a year. He also buys old furniture, renovates it, and then resells it. He has also started repairing furniture for customers.
On the first of May, Andrew’s Slabs had the following assets:
Cheque account $19,783
Furniture and Fittings $14,200
Motor Vehicles $7,520
Office Equipment & Computers $4,750
Plant & Equipment $4,050
An inventory count was performed on May 1 and found that Andrew’s Slabs had $127,540 of stock.
Andrew’s Slabs’ Liabilities:
Accounts Payable $14,200
Andrew started the business with $45,000 savings and has $22,469 in retained earnings.
The business transactions are still recorded in a cash receipts book, but the transactions for May and June have been transferred to an Excel Workbook. Andrew has modified a Financial Policy and Procedures from a company that he worked for previously and wants all financial undertakings to comply with this. Andrew feels that the business is getting too big for him and wants to put it on the market. To that end, Andrew has asked you to read through the available data and prepare financial statements and a report on Andrew’s Slabs’ financial viability. When your report has Andrew’s approval,

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