Practice Set Workbook 2018 T1 V1

Student Information
Practice Set Menus

Proforma Records Working Pages Feedback Reports
Your Details Inventory Bank Reconciliation Progr
Instructions Special Journals Working Papers Progres
Transactions Subsidiary Ledgers Worksheet
Helpful Information General Journal Ratios
Chart of Accounts General Ledger Financial Statements
Trial Balance Opening Trial Balance Income Statement
Bank Statement Balance Sheet

Brent Gregory - bgregory@une.edu.au
Last updated 21/01/2017
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Your Details
Please enter your Details Below
First Name Brent
Last Name Gregory
Student Number
UNE Email Address bgregory @myune.edu.au
Unit enrolled
Postcode
Brent Gregory
bgregory@une.edu.au
Brent Gregory 2013

Background: - Computers @ Armidale
Computers @ Armidale provides computer systems to the New England region. The business has a good client base.
This current year has seen demand surge and frankly the business' systems are under pressure. This practice set is
designed to illustrate the flow of information within the accounting system. It provides a practical example of some of the
key issues you may face when preparing, reporting and interpreting accounting information.
You have been provided with the following information:

1
2
3
4
5
6
7
The following tasks need to be carried out:

1
2
3
4
5
6
7
8
9
10
11
Do not delete rows, columns or cells. Do not cut and paste, if necessary copy and then delete.
Brent Gregory 2013 bgregory@une.edu.au

Background: - Computers @ Armidale
Computers @ Armidale provides computer systems to the New England region. The business has a good client base.
This current year has seen demand surge and frankly the business' systems are under pressure. This practice set is
designed to illustrate the flow of information within the accounting system. It provides a practical example of some of the
key issues you may face when preparing, reporting and interpreting accounting information.
You have been provided with the following information:

Trial balance as at 1/7/16 to 31/05/2017. (Trial Balance Opening)
Balance of subsidiary ledgers 31/05/2017. (Trial Balance Opening)
Chart of Accounts. (Chart)
List of transactions for the month of June 2017. (Transactions)
A note containing helpful information - including items requiring adjustment. (Helpful Info)
A bank statement for the period 1 June 2017 to 30 June 2017. (Bank Statement)
Additional data needed for the ratio analysis (Ratios)
The following tasks need to be carried out:

Enter Opening Balances into Ledger Accounts (General Ledger, Inventory and Subsidiary Ledger).
Note that most accounts have been pre-entered into the General Ledger.
Record the transactions for June into the appropriate journals. (General Journal and Special Journal)
Update inventory records (Inventory)
Post the Journal entries to the General Ledger. (General Ledger, Subsidiary Ledger)
Note: post Subsidiary
Reconcile each general journal
Ledger entry and
accounts the totalsLedger
to General of the Balances.
special journals.
(General Ledger, Inventory and Subsidiary
Ledger)
Complete a bank reconcilation and enter the necessary journals. (Bank Rec)
Use this information to prepare an Unadjusted Trial Balance. (Trial Balance)
Complete the worksheet – including making adjusting entries in the General Journal (Worksheet, General Journal)
Conduct the account close off by Journalising and Posting all closing entries. (General Journal, General Ledger)
Prepare the full set of financial statements
• Income Statement (Use Functional Format) (Income Statement)
• Statement of Changes in Equity (Income Statement)
• Balance Sheet (Balance Sheet)
Calculate the following ratios for the business (Ratios)
• Current Ratio
• Inventory Turnover
• Accounts Receivable Turnover
• Days Sales in Receivables
• Debt Ratio
• Rate of Return on Net Sales
• Gross Profit
Dates are generally in the format Mmm dd (eg Jun 30). In some cases an alternate format will be requested (eg Inventory)

sted (eg Inventory)

Computers @ Armidale
Helpful Computers
Information
@Armidale uses an average cost perpetual inventory system.
As at 31 May, 2017 there are 157 computer units at an average cost of $1500.
A completed bank reconcilation for 31 May 2017 is provided at the beginning of the BANK REC worksheet
Where you are required to provide a month, use the first three letters, eg "Jun" for "June", "Nov" for November
If a cell changes to the colour of this cell you have put something into the cell, as expected. However the cell does not
point score. There may also be some number cells that go this colour when the answer is not perfect.
Items Requiring Adjustment
1 Office Supplies on hand on 30 Jun, 2017 are valued at $10,000.
2 Insurance of $12,000 (excluding GST) was paid on 01 May, 2017 for a 12 month period (it is accrued monthly).
3 Depreciation is calculated using Straight Line method.
The residual value of the equipment is considered to be $20,000.
The useful life of the machinery is 10 years.
Depreciation is taken up monthly.
4 Interest of $650 has accrued on the note payable.
5 Bad debt expense is calculated using the Percentage of Sales Method at a rate of 1.25%.(round to nearest $)
At year end (30 Jun, 2017) the Aged Receivables Method is used.
The relevant percentages are:
Current 5.00%, 30-60 Days 5.50% and over 60 Days 7.50%. (Round to the nearest dollar).
GST is 10.00% and accrual basis is used.
Naming Conventions for Posting References

Special Journals
Sales Journal S1
Purchases Journal P1
Cash Receipts Journal CR1
Cash Payments Journal CP1
General Journal G1 through to G13
Key Functions of the Business

Selling
Administration
Finance
Subsidiary Ledgers as at 30 June 2017 (commonly referred as "Aged Debtor Listing")

Accounts Receivable Current 30-60Days
ABC Insurance 15,800 11,000
Arthur Fonz 693 693 0
Clothes Galore 50,600 17,600
Fred Flintstone 43,670 39,270 0
Sporting Goods Company 0 0 0
Travel For You 63,090 46,090 6,000
173,853 86,053 34,600
5.00% 5.50%
Allowance for Bad Debts 10,196 4,303 1,903
When using aging of receivables method
Note: The
TheAssignment Forumisisthe
discussion board thevehicle
vehicletoto obtain clarification of these instructions if needed.
obtain clarification of these instructions if
needed.
Leave any discounts received in the
discount received account. We will discuss
options for appropriate treatment at the
end.
the BANK REC worksheet
or "June", "Nov" for November
s expected. However the cell does not contribute to your
answer is not perfect.
period (it is accrued monthly).
1.25%.(round to nearest $)
rest dollar).
60+ Days
4,800
0
33,000
4,400
0
11,000
53,200
7.50%
3,990
then delete.
Transactions for June for Computers @ Armidale
Decisions
# J SL I GST Date Transaction
1 1 Sell 17 computers on credit to Fred Flintstone for $2,100 each (GST exc). Invoice number 241, terms 10/10,n/30.
2 4 Purchase 20 computers on credit from Orange Computers for $1,660 each (GST exc). Terms 2/10,n/30.
3 7 Receive cash payment from Sporting Goods Company for $29,000.
4 7 Pay Orange Computers $55,700 (for Account Payable). Cheque number 612.
5 7 Receive cash payment from Arthur Fonz for $1,200.
6 7 Sell 10 computers on credit to Arthur Fonz for $2,100 each (GST exc). Invoice number 242, terms 3/15,n/30.
7 7 Pay Beta Technologies $56,100. Cheque number 613.
8 9 Purchase 20 computers on credit from Orange Computers for $1,690 each (GST exc). Terms 2/10,n/30.
9 10 Receive cash payment from cash sales of $11,275 for 5 computers.
10 14 Pay rent expense $5,665. Cheque number 614.
11 14 Purchase 30 computers on credit from Hardware Supplies for $1,735 each (GST exc). Terms 2/10,n/30.
12 14 Received contribution from owners of $25,000 each.
13 15 Pay for office supplies $8,800. Cheque number 615.
14 19 Sell 20 computers on credit to Travel For You for $2,095 each (GST exc). Invoice number 243, terms 3/10,n/30.
15 19 Receive cash payment from cash sales of $18,040 for 8 computers.
16 20 Payment of balance due to Orange Computers by use of a Note Payable.
17 20 Receive cash payment from Arthur Fonz for $22,407.
18 30 Receive credit for 2 computers returned to Hardware Supplies re 14 June purchase.
19 30 Pay Sales Salaries Expense $8,250. Cheque number 616.
20 30 Pay Office Salaries Expense $3,000. Cheque number 617.
21 30 Owners paid $2,500 each via direct bank transfer.
Chart of Accounts
No.
Current Assets
Cash at Bank 101
Petty Cash 102
Notes Receivable 103
Accounts Receivable 104
Allowance for Bad Debts 104.1
Inventory 120
Discount Received 120.1
Office Supplies (On Hand) 130
Prepaid Insurance 140
Non- Current Assets
Equipment 160
Accum Depreciation 160.1
Current Liabilities
Notes Payable 201
Accounts Payable 202
Interest Payable 230
GST Payable/Receivable 240
Owners Equity
A. Noble, Capital 301
B. Noble, Capital 302
A. Noble, Capital Introduced 303
B. Noble, Capital Introduced 304
A. Noble, Drawings 306
B. Noble, Drawings 307
Income Summary 350
Revenue
Sales 400
Sales Returns and Allowances 400.1
Bad Debt Expense 400.2
Discount Allowed/Given 400.3
Cost of Goods Sold
Cost of Goods Sold 500
Freight in 500.1
Expenses
Sales Salaries Expense 601
Depreciation Expense 611
Insurance Expense 622
Office Salaries Expense 627
Office Supplies Expense 628
Rent Expense 629
Interest Expense 630
Bank Fees 632
Adjusted Trial Balance
For the Period 1 July, 2016 to 31 May, 2017 notice the subsidiary ledger for accounts
No. receivable below. The subsidiary ledger
Current Assets Dr Cr contains the details of each of the clients that
Cash at Bank 101 11,340 owe you money
Petty Cash 102 0
Notes Receivable 103 0
Allowance for Bad Debts is a
Accounts Receivable 104 118,000
Contra Account
Allowance for Bad Debts 104.1 13,835 (to Accounts Receivable).
Inventory 120 235,500
Discount Received 120.1 0
Office Supplies (On Hand) 130 8,000
Prepaid Insurance 140 11,000
Non- Current Assets These accounts are Permanent Accounts
Equipment 160 140,000 You will notice that the Trial Balance is in the
Accum Depreciation 160.1 23,000 form A=L+OE, where
Current Liabilities
Notes Payable 201 0 the Assets are Debits and
Accounts Payable 202 320,300 the Liabilities and Owners Equity are Credits
Interest Payable 230 0
GST Payable/Receivable 240 8,780
Owners Equity
A. Noble, Capital 301 60,000 Accum Depreciation
B. Noble, Capital 302 60,000 is a Contra Account
(to Equipment).
A. Noble, Capital Introduced 303 0
B. Noble, Capital Introduced 304 0
A. Noble, Drawings 306 0
B. Noble, Drawings 307 0
Revenue and Expenses
Sales 400 788,000
Sales Returns and Allowances 400.1 0 In this chart of accounts Bad Debt Expense is treate
Bad Debt Expense 400.2 9,850 a contra to Sales however in a more detail set it wo
Discount Allowed/Given 400.3 0 probably be treated as a selling expense
Cost of Goods Sold
Cost of Goods Sold 500 591,000
Freight in 500.1 0 Often Freight In will be posted directly to Inventory
Expenses
Sales Salaries Expense 601 43,750
Depreciation Expense 611 11,000
Insurance Expense 622 11,000
Office Salaries Expense 627 35,000
Office Supplies Expense 628 4,375
Rent Expense 629 39,375
Interest Expense 630 4,375
Bank Fees 632 350
1,273,915 1,273,915
Subsidiary Ledgers as at 31 May 2017 These subsidiary ledgers need to agree to their control accounts
Accounts Receivable (104) Total Current 30-60 Days 60+ Days
ABC Insurance 15,800 11,000 4,800
Current: is the amount
Arthur Fonz 1,200 1,200 owing within normal
Clothes Galore 50,600 17,600 33,000 terms of trade.
Fred Flintstone 4,400 4,400 30-60 Days is the amount
Sporting Goods Company 29,000 29,000 that is overdue by one
Travel For You 17,000 6,000 11,000 month. etc
Total 118,000 64,800 48,800 4,400
bgregory@une.edu.au
Accounts Payable (202) You can reconcile these
AWA Cable Specialists 35,400 balances to the totals in
Beta Technologies 56,100 the Trial Balance above
Hardware Supplies 73,100
Orange Computers 155,700
320,300
bgregory@une.edu.au
s
r A few things to notice about the
s that Trial Balance; The chart of accounts
is in the order of the Accounting
Equation - Assets, Liabilities, Owners
Equity (And within Owners Equity: CI-
D+R-E). Also notice the account
numbers Assets 100's, Liabilities 200's
etc. The Contra accounts are .1 etc
(eg Discount Received 120.1) and this
indicates its relationship to the parent
account.
Also notice tha the Debits (Dr) are on

the left and the Credits (Cr) are on the
right.
The total of the Debits equal the total

for the Credits (and hence the name
Trial Balance)
nse is treated as
ail set it would
e
Inventory
bgregory@une.edu.au
Armidale Bank
Statement
Computers @ Armidale BSB Number: 000-000

20 UNE Way Account Number: 11111
Armidale NSW 2350 Statement Number: 22
Statement From: 01/06/2013 to 30/06/2013
dd/mm/yyyy
Date Detail Debit Credit Balance

6/1/2013 Opening Balance 4,561.25
6/1/2013 Deposit 33,662.50 38,223.75
6/7/2013 Deposit 29,000.00 67,223.75
6/7/2013 Deposit 1,200.00 68,423.75
6/7/2013 Cheque 0598 26,883.75 41,540.00
6/9/2013 Cheque 0613 56,100.00 14,560.00
6/9/2013 Overdrawing Fee 40.00 14,600.00
6/10/2013 Deposit 11,275.00 3,325.00
6/11/2013 Cheque 0612 55,700.00 59,025.00
6/14/2013 Internet Tfr - A Noble 25,000.00 34,025.00
6/14/2013 Internet Tfr - A Noble 25,000.00 9,025.00
6/16/2013 Cheque 0614 5,665.00 14,690.00
6/20/2013 Deposit (Cash and Cheques) 40,447.00 25,757.00
6/20/2013 Cheque 0615 8,800.00 16,957.00
6/20/2013 Overdrawing Fee (re 10/6/13-20/6/13) 400.00 16,557.00
6/30/2013 Cheque 0617 3,000.00 13,557.00
6/30/2013 Debit Interest 22.00 13,535.00
6/30/2013 Tfr A Noble 2,500.00 11,035.00
6/30/2013 Tfr B Noble 2,500.00 8,535.00
Closing Balance 30 Jun 2013 8,535.00
Note that a bank statement is written from a banks point of view and so the credit balance indicates
a liability to the bank (but in your general ledger this will be a debit because for you it is an asset)
k
013 to 30/06/2013
CR
CR
CR
CR
CR
DR
DR
DR
DR
DR
DR
DR
CR
CR
CR
CR
CR
CR
CR
CR
ce indicates
This Worksheet Progress Practice Set Progress
0% 0%
Inventory Worksheet Computers @ Armidale
Inventory Item: Computers
Purchases Cost of Sales Inventory on Han

Date Qty Unit Total Qty Unit Total Qty
dd/mm/yyyy Cost Cost Cost Cost
Inventory Worksheet
Total
100%
50%
Dates QTY
0%
Total Costs Unit Costs

gress
MENU
Inventory on Hand
Unit Total
Cost Cost
0% 0%
Your Name Brent Gregory
Sales Journal S1
Date Account Debited Terms Invoice Ref
Mmm dd No. AR Dr Sales Cr
Purchases P1
Date Account Credited Terms Post GST Dr Inventory Dr AP Cr.
Ref
DO NOT DELETE ANY CELLS, DO NOT CUT ANY CELLS

Cash Receipts Journal CR1
Date Account Credited Post Debits Credits
Ref CAB Sales Discounts AR
Net GST
Cash Payments Journal CP1

Date Account Debited Chq Post Debits
Number Ref Other Accs AP
Net GST
X
ractice Set Progress
MENU
0%
COGS Dr Special Journals

GST Cr Inventory Cr
Sales Journal
100%
50%
CPJournal 0% Purchases Journal
0%
0%
0%
CRJournal
0%
0%
Credits
Sales Revenue Other COGS Dr
GST Net Amt Invent. Cr
0%
0%
0%
0%
0%
0%
0%
Credits
Other Accs Cash at Bank
GST Net
0%
0%
0%
0%
0%
0%
0%
0%
0%
X X 0%
0% 0%
Your Name Brent Gregory
Accounts Receivable Subsidiary Ledger
Only these columns go green & are marked
ABC Insurance Dr/Cr
Date Explanation Ref Dr Cr Balance
Jun 1 Opening balance
Enter Closing Balance
Arthur Fonz
DR

Clothes Galore
Fred Flintstone
Sporting Goods Company

Travel For You

Total
As per G.Ledger
Accounts Payable Subsidiary Ledger
AWA Cable Specialists

Beta Technologies
Hardware Supplies
Orange Computers

Total
As per G.Ledger
e Set Progress
MENU
0%
Subsidiary Ledgers
Balances
100%
50%
0%
DRs/CRs References
General Journal Progress Practice Set Progress
0% 0%
Date Account Titles and Explanations Ref Dr Cr
Transactions

Bank Reconciliation
Adjusting Entries
General Journal
Transactions
100%
50%
Closing Entries 0% Bank Reconciliation
Adjusting Entries
actice Set Progress
MENU
0%
General Ledger Progress Practice Set Progress
0% 0%
General Ledger
Mmm dd Only these columns go green & are marked
Cash at Bank Account No. Dr/Cr
General Ledg
Jun 1 Opening Balance 11,340 Dr
Referen

Account Numbers
Petty Cash
Notes Receivable
Closing Balances
Accounts Receivable Balan

0
0
Enter Closing Balance 0
Allowance for Bad Debts

G8 0
Inventory
Jun 1 Opening Balance
0
0
0
0
Discount Received
Office Supplies (On Hand)

Prepaid Insurance
Equipment
Jun 1 Opening Balance 140,000
Accum Depreciation 160.1

23,000
Notes Payable 201

Accounts Payable 202

320,300
320,300
320,300
320,300
Enter Closing Balance 320,300
Interest Payable 230

0
GST Payable/Receivable 240

A. Noble, Capital 301

B. Noble, Capital 302

A. Noble, Capital Introduced 303

B. Noble, Capital Introduced 304

A. Noble, Drawings 306

B. Noble, Drawings 307

Income Summary 350

Sales 400
788,000
788,000
788,000
Sales Returns and Allowances 400.1

Bad Debt Expense 400.2

9,850
9,850
Discount Allowed/Given 400.3

Cost of Goods Sold 500

591,000
591,000
591,000
Freight in 500.1
0
Sales Salaries Expense 601

43,750
43,750
Depreciation Expense 611

11,000
11,000
Insurance Expense 622

11,000
11,000
Office Salaries Expense 627

35,000
35,000
Office Supplies Expense 628

4,375
4,375
Rent Expense 629

39,375
39,375
Interest Expense 630

4,375
4,375
4,375
Bank Fees 632

Jun 1 Opening Balance 350
350
350
Cells with this shading have OB provided

gress
MENU
General Ledger
References
100%
nt Numbers Dr
50%
0%
g Balances Cr
Balances
MENU
0% 0%
Computers @ Armidale DO NOT DELETE ANY CELLS, DO NOT CUT ANY CELLS
Trial Balanced for period ended 30 June 2017
Accounts Trial Balance

Title No. Note: You will prepare three different Trial Balances
Dr Cr Unadjusted Trial Balance (Account Details will be correct)
Adjusted Trial Balance (Permanent accounts correct)
Post Closing Trial Balance (all items correct)
The Unadjusted Trial Balance and the Adjusted Trial Balance

will be marked in the Worksheet. This Trial Balance will only
be marked correct when the Post Closing Trial Balance
is complete.
Net Profit
Variance
Note this graph is for the Worksheet. The Trial Balance is the
Worksheet starting point for the worksheet.
Account Numbers
100%
Balance Sheet Trial Balance
50%
0%
Income Statement Adjustment References
Adjusted trial balance Adjustments

0% 0%
Bank Reconciliation as at 31 May 2017
Bank Rec
Bank Balance, 31 May 2017 4,561.25
100%
90%
Add:
Deposits in Transit 33,662.50 80%
Bank errors 33,662.50 70%
60%
Less: 50%
Outstanding Cheques 40%
Number Amount 30%
598.00 26,883.75 20%
26,883.75 10%
0%
Adjusted Bank Balance 11,340.00 Cash Book Reconciliation
Cash Book Balance, 31 May 2017 705.00
Add:
Interest Rec'd not taken up
Deposits not taken up 10,660.00 10,660.00
Less:
Bank Fees 25.00
Interest Paid not taken up 25.00
Adjusted Cash Book Balance 11,340.00
Bank Reconciliation as at 30 June 2017
Bank Balance, 30 June 2017
Add:
Deposits in Transit
Bank errors
Less:
Outstanding Cheques
Number Amount
Adjusted Bank Balance

Cash Book Balance, 30 June 2017
Add:
Interest Rec'd not taken up
Deposits not taken up
Less:
Bank Fees
Interest Paid not taken up
Adjusted Cash Book Balance

et Progress
MENU
%
Bank Rec
k Reconciliation Bank Rec

0% 0%
Working Paper 1 Office Supplies
As per General Ledger

As per count
Used
Dr Supplies
Working Papers
100%
Cr Supplies on Hand
80%
Working Paper 2 - Insurance 60%
12000 per annum/ 12
40%
Dr Insurance Expense 20%
Cr Prepaid Insurance 0%
0%1 0%2 0%3
per per per
a a a a
Working Paper 3 Depreciation gP gP gP gP
ik n ik n ik n ik n
Cost or or or or
W W W W
Residual
Depreciable Amount Working Papers
Useful Life
Deprec Exp per year
Dr Depreciation Expense
Cr Accumulated Deprec
Working Paper 4
Dr Interest Expense
Cr Interest Payable
Working paper 5
Calculate Bad Debt Expense
Bad debt expense is calculated using the Percentage of Sales Method at a rate of 1.25%
Credit Sales
Less Sales Returns & A
Net Credit Sales
Rate
Allowance for Bad Debts Round this figure to nearest $
Dr Bad Debt Expense

Cr Allowance for Bad Debts
actice Set Progress
MENU
0%
Working Papers
0%2 0%3 0%4 0%5

per per per p er
Pa gP
a
gP
a
gP
a
n n ik n
ki ki
or or or
W W W
Working Papers
MENU
0% 0%
Computers @ Armidale DO NOT DELETE ANY CELLS, DO NOT CUT ANY CELLS
Worksheet (Incorporating Trial Balanced) for period ended 30 June 2017
Accounts Trial Balance Ref Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Title No.
Dr Cr Dr Cr Dr Cr
Net Profit
Variance
Worksheet
Account Numbers
100%
50%
0%

0% 0%
Income Statement
For the Year Ended Jun 30 2017
Sales Revenue
Less
Equals Net Sales
Less
Gross Profit
Less
Selling
Administration
Finance
Total Expenses
Net Profit
Statement of Changes in Equity
A. Noble, Capital Opening Balance
Add; Share of Profit
Add: Capital Introduced
Sub total
A. Noble, Capital Closing Balance
B. Noble, Capital Opening Balance

Add; Share of Profit
Sub total
Total Equity
Income Statement
Trading Statement
100%
Total Equity Expenses

50%
0%
B Noble Capital Profit
A Noble Capital
Practice Set Progress
MENU
0%
This Worksheet Progress
0%
Balance Sheet
As At 30 June 2017
Assets
Current Assets
Net Accounts Receivable
Total Current Assets
Non-Current Assets
Total Non-Current Assets
Total Assets
Liabilities and Changes in Equity
Current Liabilities
Total Current Liabilities
Non Current Liabilities

Total Non Current Liabilities
Total Liabilities
Owners Equity
A. Noble, Capital
B. Noble, Capital
Total Liabilities and Owners Equity
Balance Sheet
Current Assets
100%
Balance Sheet
Current Assets
100%
50%
Equity Non Current Assets
0%
Liabilities Total Assets

MENU
0%
Indicates a contra account and so will be deducted.

This Worksheet Progress Practice Se
3% 0%
Additional Information in relation to Ratio Analysis
Previous Year This Year

Current Assets 233,000
Average Net Accounts Receivable 74,500
Net Account Receivable 79,000
Inventory 120,000
Average Inventory 118,000
Total Assets 361,000
Current Liabilities 186,000
Total Liabilites 186,000
Net Sales 736,750
Net Credit Sales 642,000 802,600 This figure is provided
COGS 481,500
Profit 39,900
Last Year This Year

1.Current Ratio
Current Assets 233,000
Current Liabilities 186,000
CA/CL
2.Inventory Turnover
COGS 481500
Average Inventory 118000
COGS/Ave Inventory
3.Accounts Receivable Turnover

Net Credit Sales 642000
Ave net Accounts Receivable 74500
Net Credit Sales/ Ave Net ARs
4.Days Sales in Receivables

Average Net Accounts Recieveable 74500
One Days Credit Sales 1758.9
Ave Net ARs/One Days Credit Sales
5.Debt Ratio
Total Liabilities 186000
Total Assets 361000
TL/TA
6.Rate of Return on Net Sales

Profit 39900
Net Sales 736750
Profit/Net Sales
Ratios
100%
Ratios
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Acct Totals Ratios Calcs
MENU
0%
Progress Report
Special Journals 0 194 0% 0%
Subsidiary Ledgers 0 63 0% 0% Pr
Inventory Worksheet 0 67 0% 0%
General Journal 0 99 0% 0%
Bank Reconciliation 0 10 0% 0%
General Ledger 0 267 0% 0%
Trial Balance 0 68 0% 0% Ratios
Working Papers 0 25 0% 0%
Worksheet 0 162 0% 0%
Income Statement 0 17 0% 0% Balance Sheet
Changes in Equity 0 13 0% 0%
Balance Sheet 0 22 0% 0%
Ratios 1 30 3% 3%
Total 1 1,037 0% 0%
Changes in Equity
POINTS TO GO 1,036
Special Journals
By Journal You Max
Sales Journal 0 38 0% 0% Income Statement
Purchases Journal 0 30 0% 0%
CRJournal 0 61 0% 0%
CPJournal 0 65 0% 0%
0 194 0% 0%
Worksheet
By Task
Posting References 0 19 0% 0%
Posting References (Totals) 0 17 0% 0% Work
GST 0 21 0% 0%
Totals 0 19 0% 0%
AR 0 10 0% 0%
AP 0 9 0% 0%
Discounts 0 3 0% 0%
Inventory 0 14 0% 0%
Sales 0 9 0% 0%
Dates 0 42 0% 0%
Accounts 0 21 0% 0%
0 184 0% 0%
Inventory Worksheet
Total 0 67 0% 0%
QTY 0 19 0% 0%
Unit Costs 0 19 0% 0%
Total Costs 0 19 0% 0%
Dates 0 10 0% 0%
Subsidiary Ledgers
Total Points 0 63 0% 0%
Balances 0 37 0% 0%
References 0 13 0% 0%
DRs/CRs 0 13 0% 0%
General Journal
Total 0 99 0% 0%
Transactions 0 12 0% 0%
Bank Reconciliation 0 7 0% 0%
Adjusting Entries 0 25 0% 0%
Closing Entries 0 55 0% 0%
0 99 0% 0%
Posting References 0 56 0% 0%
Drs/Crs 0 43 0% 0%
Bank Rec
Cash Book Reconciliation 0 5 0% 0%
Bank Rec 0 5 0% 0%
0 10 0% 0%
Worksheet
Account Numbers 0 36 0% 0%
Trial Balance 0 32 0% 0%
Adjustment References 0 10 0% 0%
Adjustments 0 12 0% 0%
Adjusted trial balance 0 32 0% 0%
Income Statement 0 17 0% 0%
Balance Sheet 0 23 0% 0%
Total 0 162 0% 0%
Income Statement 0 17 0% 0%
Trading Statement 0 6 0% 0%
Expenses 0 10 0% 0%
Profit 0 1 0% 0%
A Noble Capital 0 6 0% 0%
B Noble Capital 0 6 0% 0%
Total Equity 0 1 0% 0%
Statement of Changes in Equity 0 13 0% 0%
Balance Sheet
Current Assets 0 8 0% 0%
Non Current Assets 0 3 0% 0%
Total Assets 0 1 0% 0%
Liabilities 0 7 0% 0%
Equity 0 3 0% 0%
Total 0 22 0% 0%
Ratios
Total 1 30 3% 3%
Acct Totals 1 12 8% 8%
Ratios Calcs 0 18 0% 0%
General Ledger
References 0 69 0% 0%
Dr 0 32 0% 0%
Cr 0 38 0% 0%
Balances 0 82 0% 0%
Closing Balances 0 36 0% 0%
Total 0 267 0% 0%
Trial Balance (Post Closing)

Trial Balance 0 32 0% 0%
TOTAL 0 68 0% 0%
Working Papers
Working Paper 1 0 0 5 0% 0%
TOTAL 0 25 0% 0%
Done 1
To Go 1,036
Progress Report
Special Journals
Ratios Subsidiary Ledgers
4%
Balance Sheet Inventory Worksheet
2%
in Equity General Journal

0%
me Statement Bank Reconciliation
Worksheet General Ledger
Working Papers Trial Balance
Done
To Go
Done
To Go
Brent 's Dashboard
Inventory Worksheet Special

QTY Sales
100%
50%
Dates 0% Unit Costs CPJournal
Total Costs CRJ
Subsidiary Ledgers Genera

Balances Trans
100%
Drs/Crs
50%
0%
Posting References
DRs/CRs References
Closin
Worksheet
Account Numbers
100%
50%
0%

Income Statement Balan

Trading Statement Current Ass
100% 10
Total Equity Expenses

50% 50
Equity
0% 0%
B Noble Capital Profit
Liabilities
A Noble Capital
Ratios Ban
100% 100%
90% 90%
80% 80%
70% 70%
60% 60%
50% 50%
40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
Acct Totals Ratios Calcs Cash Book Reconciliation
Special Journals
Sales Journal
100%
50%
CPJournal 0% Purchases Journal
CRJournal
General Journal
Transactions
100%
Drs/Crs Bank Reconciliation

50%
0%
ng References Adjusting Entries
Closing Entries
Done
To Go
Balance Sheet
Current Assets
100%
50%
uity Non Current Assets
0%
Liabilities Total Assets
Bank Rec
Cash Book Reconciliation Bank Rec

Version Updates
2016T1V2.1
Worksheet marking for capital introduced account numbers
Progress Report: A formula was entered for Inventory percentage calculation for Inventory (In by Task section)
General Ledger: Cells shaded where opening balances provided.
2016T1V2.2
Cells related to A Noble Capital Introduced in the General Ledger were locked and are now unlocked.
2016T2V1
Cells G257 and G21 in General Ledger were locked and are now unlocked
2017T1Working Models
Reduced number of categories in your information
Increased explanatory information (in text boxes) on a number of pages
changed dates to 2017
removed links back to production workbook(in points allocation area)
2018T1
Changed protection to enable the selection of protect cells (but no changes)
Introduced conditional formatting to highlight protected cells on
General Ledger
Trial Balance
Worksheet
Income Statement
by Task section)

Practice Set Workbook 2018 T1 V1

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Practice Set Workbook 2018 T1 V1

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Student Information

Practice Set Menus

Your Details Inventory Bank Reconciliation Progr

Instructions Special Journals Working Papers Progres

Transactions Subsidiary Ledgers Worksheet

Helpful Information General Journal Ratios

Chart of Accounts General Ledger Financial Statements

Trial Balance Opening Trial Balance Income Statement

Bank Statement Balance Sheet

Brent Gregory 2013

You have been provided with the following information:

The following tasks need to be carried out:

Brent Gregory 2013 bgregory@une.edu.au

You have been provided with the following information:

The following tasks need to be carried out:

Brent Gregory 2013 bgregory@une.edu.au

Brent Gregory 2013 bgregory@une.edu.au

Naming Conventions for Posting References

General Journal G1 through to G13

Key Functions of the Business

Subsidiary Ledgers as at 30 June 2017 (commonly referred as "Aged Debtor Listing")

period (it is accrued monthly).

Also notice tha the Debits (Dr) are on

The total of the Debits equal the total

Computers @ Armidale BSB Number: 000-000

Date Detail Debit Credit Balance

Closing Balance 30 Jun 2013 8,535.00

Purchases Cost of Sales Inventory on Han

Total Costs Unit Costs

DO NOT DELETE ANY CELLS, DO NOT CUT ANY CELLS

Cash Payments Journal CP1

COGS Dr Special Journals

CPJournal 0% Purchases Journal

Enter Closing Balance

Enter Closing Balance

Enter Closing Balance

Enter Closing Balance

Sporting Goods Company

Enter Closing Balance

Travel For You

Enter Closing Balance

AWA Cable Specialists

Enter Closing Balance

Enter Closing Balance

Enter Closing Balance

Enter Closing Balance

DO NOT DELETE ANY CELLS, DO NOT CUT ANY CELLS

Closing Entries 0% Bank Reconciliation

Enter Closing Balance

Enter Closing Balance

Enter Closing Balance

Accounts Receivable Balan

Allowance for Bad Debts

Office Supplies (On Hand)

Enter Closing Balance 0

Enter Closing Balance 0

Accum Depreciation 160.1

Notes Payable 201

Enter Closing Balance 0

Accounts Payable 202

Interest Payable 230

GST Payable/Receivable 240

Enter Closing Balance 0