MPA702: Roz Taylor Case Study - Ethical Decisions in Financial Accounting - Finance Assignment Help

Assignment Task:

Unit Learning Outcome (ULO)
ULO 1: Assess the financial standing of an entity by examining relevant financial information and identify how disclosure techniques can support business decisions.

ULO 2: Evaluate scenarios involving ethical decisions in financial accounting.

Part 1
Roz Taylor has graduated with a Master of Arts and Cultural Management. Now feeling more confident about operating a business she has decided to run her own consultancy firm. Her clients will include local government bodies and private clients. Her first month of transactions trading as RT Consulting are provided below.
a) You are required to record the following transactions into the transaction analysis chart (template provided).
July 2020
1 Invested $240,000 of her own funds into a business bank account.
2 Purchased a small office in Doncaster for $420,000. Roz paid a 10% deposit and the balance was financed through a mortgage with Eastpac Bank.
3 Roz purchased computer equipment for $12,000 cash.
4 Roz contributed her own equipment valued at $9,500, to the business. Hired an office assistant on a casual basis.

5 Paid $3,600 for building and contents insurance for 12 months. Office stationery was purchased for $500 on 30 day credit terms. Office furniture was purchased for $4,000 cash
6 Roz acquired a motor vehicle for $35,000 on 120 days credit terms. No payments are required until September 2020.
12 Roz invoiced her first client, Manningham City Council, $3,400 for two day’s consulting.
16 Invoiced clients $3,500 for consulting services performed.
17 Received full payment from Manningham City Council.
18 Paid wages to the office assistant totaling $1,400, $300 of which was deducted for PAYG tax which will be remitted to the Australian Taxation Office at a later date.

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