Preparing Financial Statements for iCandy Practice Set

This page provides instructions to prepare financial statements for iCandy Practice Set. It includes Income Statement, Statement of Changes in Equity and Balance Sheet. The document also provides instructions to select appropriate accounts and enter values as positive amounts. The subject is Accounting and the course code is VSA3q.

8/31/2017 Financial statements
https://www.perdisco.com/elms/qsam/html/qsam.aspx 1/9
Your progress
Completed: 99%
Click the Finish button below to ensure your final score
is recorded.
Your grading
Your grading outcome (still in progress)
Awarded Total
Points (prior to this page) 982 996
Points (on this page) 54 54
Points (after this page) − 0
Total 1036 1,050
Manual Accounting Practice Set
iCandy, Australasian Edition 3
Feedback: Financial statements
This is your last feedback page in this practice set.
After you have reviewed this feedback page, to ensure that your final score is recorded complete this practice set by
clicking the Finish button below. You will then see your final score.
Congratulations! You have now reached the final stage of the accounting cycle. To complete this page of the practice set,
you are now asked to prepare the following financial statements:
Income statement. This statement is prepared to help assess the financial performance of the business. It
summarises the income earned and expenses incurred over the month of June.
Statement of changes in equity. This statement shows the movements in equity over the month of June.
Balance sheet. This statement reports the financial position of the business at the end of June. It presents the
assets, liabilities and equity of the business as at 30 June 2017.
Instructions for financial statements
Using the company's accounting policies found in the policies and procedures popup, and appropriate information from
previous pages of the practice set:
Prepare an income statement for the month of June.
To begin, select the appropriate accounts using a popup link. Note that when you select an account, brackets may
automatically appear around the input box in which you are asked to enter the balance of the account. Next, enter all
values as positive amounts because amounts to be subtracted are indicated on the income statement with brackets
around the input box. Note that there are two instances where you are required to select profit or loss from a drop-
down list. Brackets will be displayed if you select loss.
You may not need to use all of the lines in the income statement.
Prepare a statement of changes in equity for the month of June.
1)
2)

8/31/2017 Financial statements
https://www.perdisco.com/elms/qsam/html/qsam.aspx 2/9
Sales Revenue
Sales Returns and Allowances
Discount Received
Interest Revenue
Most values are to be entered in the input boxes as positive amounts, because amounts to be subtracted are already
indicated on the statement with brackets around the input box. Note that you are required to select profit/loss from a
drop-down list. Brackets will be displayed if you select loss.
Prepare a balance sheet as at the end of June.
To begin, select the appropriate accounts using a popup link. Note that when you select an account, brackets may
automatically appear around the input box in which you are asked to enter the balance of the account. Next, enter all
values as positive amounts because amounts to be subtracted will be indicated on the balance sheet with brackets
around the input box.
You may not need to use all of the lines in the balance sheet.
Back-On-Track functionality
Please note that any answers from previous pages carried through onto this page (either on the page or in a
popup information page) have been reset, if necessary, to the correct answers. Your particular answers from
previous pages are no longer shown.
Remember:
Enter all answers to the nearest whole dollar.
Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant
accounting records have been completed.
Income Statement Changes in Equity Balance Sheet
iCandy
Income Statement
For the month ended 30/06/2017
INCOME $ $ $
Revenue
93920
( 1368 )
Net sales revenue 92552
COST OF SALES ( 52408 )
GROSS PROFIT 40144
Other Income
66
562
3)
Show All

8/31/2017 Financial statements
https://www.perdisco.com/elms/qsam/html/qsam.aspx 3/9
Advertising Expense
Wages Expense
Rent Expense
Electricity Expense
Water Expense
Insurance Expense
Depn Expense: Cash Registers
Depn Expense: Store Fixtures
Office Supplies Expense
Salary Expense
Interest Expense
Bank Charges
Discount Allowed
TOTAL INCOME 40772
EXPENSES
Selling and distribution expenses
( 4000 )
( 8691 )
( 4800 )
( 188 )
( 117)
( 830 )
( 117)
( 407 )
( 19150 )
Administrative expenses
( 238 )
( 5300 )
( )
( )
( )
( )
( )
( )
( 5538 )
Financial and other expenses
( 210 )
( 11)
( 304 )
( )
( )
( )
( )
( )
( 525 )
TOTAL EXPENSES ( 25213 )
PROFIT BEFORE INCOME TAX 15559

8/31/2017 Financial statements
https://www.perdisco.com/elms/qsam/html/qsam.aspx 4/9
Feedback
iCandy
Income Statement
For the month ended 30/06/2017
INCOME $ $ $
Revenue
Sales Revenue 93,920
Sales Returns and Allowances (1,368)
Net sales revenue 92,552
COST OF SALES (52,408)
GROSS PROFIT 40,144
Other Income
Discount Received 66
Interest Revenue 562
TOTAL INCOME 40,772
EXPENSES
Selling and distribution expenses
Advertising Expense (4,000)
Wages Expense (8,691)
Rent Expense (4,800)
Electricity Expense (188)
Water Expense (117)
Insurance Expense (830)
Depn Expense: Cash Registers (117)
Depn Expense: Store Fixtures (407)
(19,150)
Administrative expenses
Office Supplies Expense (238)
Salary Expense (5,300)
(5,538)
Financial and other expenses
Interest Expense (210)
Bank Charges (11)
Discount Allowed (304)
(525)
TOTAL EXPENSES (25,213)
PROFIT BEFORE INCOME TAX 15,559

8/31/2017 Financial statements
https://www.perdisco.com/elms/qsam/html/qsam.aspx 5/9
iCandy
Statement of Changes in Equity
For the month ended 30/06/2017
SHARE CAPITAL $
Opening balance 31/05/2017 60000
Issue of share capital 0
Closing balance 30/06/2017 60000
RETAINED EARNINGS
Opening balance 31/05/2017 79531
Profit for the period 15559
Dividend paid ( 0 )
Closing balance 30/06/2017 95090
Feedback
iCandy
Statement of Changes in Equity
For the month ended 30/06/2017
SHARE CAPITAL $
Opening balance 31/05/2017 60,000
Issue of share capital 0
Closing balance 30/06/2017 60,000
RETAINED EARNINGS
Opening balance 31/05/2017 79,531
Profit for the period 15,559
Dividend paid (0)

8/31/2017 Financial statements
https://www.perdisco.com/elms/qsam/html/qsam.aspx 6/9
Cash at Bank
ARC - Accounts Receivable Control
Inventory
Office Supplies
Prepaid Rent
Prepaid Advertising
Prepaid Insurance
Cash Registers
Accum Depn: Cash Registers
Store Fixtures
Accum Depn: Store Fixtures
Closing balance 30/06/2017 95,090
iCandy
Balance sheet
As at 30/06/2017
ASSETS $ $ $
Current Assets
97235
51401
50104
643
4800
8000
3320
Total Current Assets 215503
Non-current Assets
8000
( 1750 )
47000
( 24851 )
Total Non-current assets 28399
TOTAL ASSETS 243902
LIABILITIES
Current Liabilities

8/31/2017 Financial statements
https://www.perdisco.com/elms/qsam/html/qsam.aspx 7/9
APC - Accounts Payable Control
Wages Payable
Electricity Payable
Water Payable
Interest Payable
Bank Loan Payable
Share Capital
44084
1800
271
237
420
Total Current Liabilities 46812
Non-current Liabilities
42000
Total Non-current Liabilities 42000
TOTAL LIABILITIES 88812
NET ASSETS 155090
EQUITY
60000
Retained Earnings 95090
TOTAL EQUITY 155090
Feedback

8/31/2017 Financial statements
https://www.perdisco.com/elms/qsam/html/qsam.aspx 8/9
iCandy
Balance sheet
As at 30/06/2017
ASSETS $ $ $
Current Assets
Cash at Bank 97,235
ARC - Accounts Receivable Control 51,401
Inventory 50,104
Office Supplies 643
Prepaid Rent 4,800
Prepaid Advertising 8,000
Prepaid Insurance 3,320
Total Current Assets 215,503
Non-current Assets
Cash Registers 8,000
Accum Depn: Cash Registers (1,750)
Store Fixtures 47,000
Accum Depn: Store Fixtures (24,851)
Total Non-current assets 28,399
TOTAL ASSETS 243,902
LIABILITIES
Current Liabilities
APC - Accounts Payable Control 44,084
Wages Payable 1,800
Electricity Payable 271
Water Payable 237
Interest Payable 420
Total Current Liabilities 46,812
Non-current Liabilities
Bank Loan Payable 42,000
Total Non-current Liabilities 42,000
TOTAL LIABILITIES 88,812
NET ASSETS 155,090
EQUITY
Share Capital 60,000
Retained Earnings 95,090
TOTAL EQUITY 155,090

8/31/2017 Financial statements
https://www.perdisco.com/elms/qsam/html/qsam.aspx 9/9
Manual Accounting Practice Set
iCandy, Australasian Edition 3 (VSA3q)
© 2009 - 2014 Perdisco / latin /. v., learn thoroughly
http://www.perdisco.com
Terms Of Use | Privacy Policy | Thursday, August 31, 2017, 21:35