ACCT7101 Accounting – AssignmentACCT7101 Accounting – Assignment Understanding Financial Statement Due Date for Submission: 17:00 Friday 24 Sep 2021 (Weight: 15% of Final Grade) Please read JBHIFI annual report for the final year ended 30 June 2020 and answer the questions. The annual report of JBHIFI can be found in “JBHIFI annual report”, located under Assessment –> Individual Assignment. Please enter your answers into the online Blackboard Test, "Individual Assignment Answers", found under Assessment –> Individual Assignment. You can enter your answer at any time up until the due date, for each attempt you have a time limit of 3 hours to finish entering in all your answers. You have an unlimited number of attempts for the Blackboard Test, with the most recent submission being graded. The test will auto submit after 3 hours. This time limit is set to minimize the potential technical problems arising from Blackboard. Please work out the questions beforehand and only use the 3 hours to transcribe your answers from paper to the online answer sheet. Please note: After the due date, you cannot start another attempt. Your mark will be based off of your last attempt. All amounts are in Millions ($m). Please do not provide answers based on $. For example, 26.4 represents 26.4 million dollars. You can’t write 26400000. When you enter numeric answers, please enter the plain numbers without using any space, comma, text (e.g., thousand) or signature (e.g., $). Do Not use fractions or percentages. Note: (1) Each question carries one mark unless specified otherwise. 30 marks in total (2) Fiscal year end means 30 June 2020. Fiscal year means “1 July 2019 - 30 June 2020”. 1General Questions 1. Write out the company’s accounting equation at the fiscal year end. 2. What are the net assets of the company at the fiscal year end? 3. What are the total incomes of the company during the fiscal year? 4. What are the total expenses of the company during the fiscal year? 5. If you are the store manager for the company, and you only hired five employees to work for the store. Employees A, B, C are all sale persons for the store who keep all the sales records for the store; Employee D is the only cashier cum accountant who deposits the receipts daily in the bank. Employee E handles all the payment matters for the store. He/she is also the record keeper who keeps the accounting books for the store. What can happen if Employee D is the one who prepares the bank reconciliation statement? Income, Expense, and Equity 6. How much did the company pay in dividends during this year? 7. The directors declared the payment of a dividend of 103,400,000 on 28 August 2020. What is the correct journal entry on 28 August 2020? If the payment was finally made on 20 Dec 2020, what is the correct journal entry on 20 Dec 2020? (2 marks) 8. Explain the reasons for the changes of Retained Earnings compared with the prior fiscal year. (Note: for the Retained Earnings amount from the prior fiscal year, please use the restated amount which is 505.7$m) 9. What are the total interest expenses for the company? Prepayments, Unearned Revenues and Accruals 10. Which account/item does the company use to record unredeemed gift cards? 11. What is the total amount of prepaid expenses? 12. How many $m of prepaid expenses are classified as current assets? 13. What is the total amount of unearned revenues? 14. How many $m of unearned revenues are current? Inventory, Retailing Business 15. What measurement base does the company use to measure its inventory? 216. Compute the amount of inventory purchased for the fiscal year using the information from Balance Sheet and Income Statement. Receivables 17. What is the gross amount of trade receivables in $m at the fiscal year end? 18. What is the allowance for doubtful debts in $m at the fiscal year end? 19. What are other receivables in $m at the fiscal year end? 20. What type of transactions do other receivables include? 21. Did the company establish allowance for other receivables? Why yes or why not? 22. How many $m of trade receivables are not yet due? 23. When trade receivables are regarded as not collectable, which income statement item does the company use to record the uncollectable amount? Liability 24. What is the $m for GST payable? 25. Which balance sheet item is used to record the net amount of GST payable to the taxation authority? Preliminary Analysis 26. Compute the following financial ratio for the fiscal year: Gross profit ratio. Please refer to the formula you have learned from this textbook. [Round to two decimal places.] 27. Compute the following financial ratio for the fiscal year: Profit margin. Please refer to the formula you have learned from this textbook. [Round to two decimal places.] 28. Compute the following financial ratio for the fiscal year: Expense to sales ratio. Please refer to the formula you have learned from this textbook. [Round to two decimal places.] 29. Compute the following financial ratio for the fiscal year: Inventory turnover. Please refer to the formula you have learned from this textbook. [Round to two decimal places.] |