Solution Code: 1AFAC
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Q2-2Negative numbers
create a simple spreadsheet example of Sales revenue less Expenses to give Net income where Expenses are greater than Sales revenue. Display the negative result in brackets. Also incorporate an IF functions.
Q2-7Journal entries
Review your text chapter 5 including appendix 5A and watch the 3 videos on Inventory in Interact2 Resources. Show the journal entries for perpetual inventory and periodic inventory systems for the purchase of inventory, sales returns and end of period stock take.
Q2-13Bank Reconciliation
Write a brief introductory scenario and createyour ownbank reconciliation spreadsheet. Use the text example on page 376, 377, 378 as a template but use your own numbers. Your spreadsheet will demonstrate all the usual spreadsheet requirements.
Q2-14Journalising accounts receivable entries.
Using the text (8th edition) as a resource, show the journal entries needed for:
Create your own numbers. A spreadsheet is not required.
Q2-18Dishonour of a bill receivable
Write a set of journal entries and T accounts which includes:
Create your own simple numbers. Ignore interest.
Q2-20 Work Integrated Assessment case study
Qantas Annual Report
Learning Objectives: The subject you are studying is vocational. It is designed with the workplace in mind. Work integrated assessment provides opportunities for students to link theory and skills learned in a subject to a real work context. Students can use these opportunities to develop and practice the professional and academic skills they learn about in a subject or through the online environment and then be assessed on their capabilities in these simulated authentic environments. Work integrated assessment allows students to simulate and situate their learning in an authentic workplace that encourages them to explore their knowledge and apply it to practice. Integrating real world, authentic assessment tasks allows students to learn about the particular environments and culture of their chosen professions, while at the same time absorbing and practicing the skills they need to succeed. Doing these tasks can help students develop skills that can help their employability.
Resources for this task include the 2015 Annual Report for Qantas.
Your friend Tom is studying architecture at another University and knows very little about accounting and annual reports. Tom's uncle gave him $30,000 recently to invest. Tom knows you have begun studying accounting and is considering buying Qantas shares. Tom has some questions for you.
Present your answers concisely in abusiness report format.
Tom's questions:
Find the Qantas 2015 Annual Report on the web.
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ANSWER TO QUESTION 2-7
JOURNAL ENTRY FOR PERPETUAL INVENTORY
Purchase of inventory:
Inventory | xx | |
Accounts Payable | xx |
Sales return
Sales Returns | xx | |
Accounts Receivable/Accounts Payable | xx | |
Inventory | xx | |
Cost of Goods Sold | xx |
JOURNAL ENTRY FOR PERPETUAL INVENTORY
Purchase of inventory:
Purchases | xx | |
Accounts Payable | xx |
Sales return:
Sales Returns | xx | |
Accounts Receivable/Accounts Payable | xx |
Closing stock:
Inventory (Ending Inventory) | xx | |
Cost of Goods Sold (Balancing Figure) | xx | |
Inventory (Beginning Inventory) | xx | |
Purchases | xx |
ANSWER TO QUESTION 2-14
Accounts Receivable | 10000 | |
Sales | 10000 |
Cash | 5000 | |
Accounts receivable | 5000 |
Bad debt | 5000 | |
Accounts receivable | 5000 |
Accounts Receivable | 5000 | |
Allowance for doubtful debts | 5000 |
Cash | 5000 | |
Accounts receivable | 5000 |
ANSWER TO QUESTION 2-18
Accounts Receivable | 10000 | |
Sales | 10000 |
Notes receivable | 5500 | |
Accounts receivable | 5500 |
Accounts receivable | 5500 | |
Notes receivable | 5500 |
Cash | 5500 | |
Accounts receivable | 5500 |
ANSWER TO QUESTION 2-20
Working capital ratio = Current Assets/Current Liabilities
= 5049/ 7470 = .675
Ideally the ratio should be 1 or greater than one. However in case of Qantas that the ratio is less than 1 and this implies that firm have less of current assets to pay off its current liabilities.
The firm Qantas seems to face a rough patch in the past few years. However the firm has started reviving itself. Last year the firm was operating on a net los and this year the firm mhas registered a positive profit. Looking at the key changes that the firm has applied and the rise of the fuel costs it can be assumed that the firm shall be back into its performance positively in coming years. However in terms of investing in a firm the investors need to look at key metrics of the firm. a close analysis of the firm reveals that the firm regisrered an EBT margin of 5.08 as against the -26.24 from last year. Return on equity stands at 17.67% in contrast to -64.53% last year. With an asset turnover of .89 and quick ratio of 0.60 the firm seems to be improving drstically. However, the health of the firm is not stable. The current ratio and quck ratio being less than industry standards put forth the point that the firm has a long way to go. An investor aims to put his savings in order to earn profits. At this point the firm I ot extremely profitable. The firm can be expected to perform better in near futur. The cyclefor continuos improvement is very much predicted for Qantas. If Tom is a long term investor then he can invest hi money in Qantas with expectations of profit accruing and capital appreciation in coming years. Thebasic strategy that tom needs to follow is to buy and hold. However if Tom intends to be aggressive investor and needs profit right after investment then he should look on to other firms. Qantas shall deliver desired result but right now it is in the buildup phase from the past losses.
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