5/29/2019. Financial statements. MYOB AccountRight Prac

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5/29/2019 Financial statements
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MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
Financial statements
Balance Sheet - Level 3
The standard Balance Sheet for Intermaweb Computer as at 31 January 2019 is shown below:
Intermaweb Computer
Balance Sheet
As of January 2019
1-0000 Assets
1-1000 Current Assets
1-1100 Cash On Hand $84,984
1-1200 Accounts Receivable $108,591
1-1210 Less Prov'n for Doubtful Debts ($2,716)
1-1300 Inventory $84,720
1-1400 Office Supplies $1,551
1-1500 Prepaid Rent $5,000
Total Current Assets $282,130
1-3000 Non-current Assets
1-3100 Property & Equipment $22,378
Total Non-current Assets $22,378
Total Assets $304,508
2-0000 Liabilities
2-1000 Current Liabilities
2-1200 Accounts Payable $50,787
2-1300 GST Liabilities $4,634
2-1400 Payroll Liabilities $3,000
2-1700 Interest Payable $142
2-1800 Short Term Loans $17,000
Total Current Liabilities $75,563
2-2000 Long-Term Liabilities
2-2100 Bank Loans $50,000
Total Long-Term Liabilities $50,000
Total Liabilities $125,563
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5/29/2019 Financial statements
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Net Assets $178,945
3-0000 Equity
3-1100 Share Capital $55,000
3-8000 Retained Earnings $110,909
3-9000 Current Year Earnings $13,036
3-9999 Historical Balancing $0
Total Equity $178,945
Profit & Loss Statement) - Level 3
The Profit & Loss Statement for Intermaweb Computer for the period from 1 July 2018 through to 31 January 2019 is
shown below:
Intermaweb Computer
Profit & Loss Statement
July 2018 through January 2019
4-0000 Income
4-1100 Sales Revenue $217,836
Total Income $217,836
5-0000 Cost of Sales
5-1100 Cost of Sales $149,043
Total Cost of Sales $149,043
Gross Profit $68,793
6-0000 Expenses
6-1100 Depreciation Expense $13,622
6-1800 Office Supplies Expense $3,218
6-1930 Salaries Expense $24,847
6-2100 Rent Expense $1,000
6-2200 Telephone Expense $5,204
6-2420 Electricity Expense $4,410
6-2500 Bank Charges $53
6-2600 Bad Debts Expense $3,194
Total Expenses $55,548
Operating Profit $13,245

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8-0000 Other Income
8-1000 Interest Income $683
Total Other Income $683
9-0000 Other Expenses
9-1000 Interest Expense $892
Total Other Expenses $892
Net Profit/(Loss) $13,036
MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19 (VMA3t.19)
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