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Preparing Financial Reports for CoRPORATE ENTITIES ASSESSMENT 2 INTRODUCTION 3 MAIN BODY3

   

Added on  2020-10-05

7 Pages1166 Words410 Views
FNSACC504 PREPAREFINANCIAL REPORTS FORCORPORATE ENTITIESASSESSMENT 2

Table of ContentsINTRODUCTION ..........................................................................................................................3MAIN BODY ..................................................................................................................................3a. Classified balance sheet using the account format for San Pedro Industries........................3b. Classified balance sheet using the Report format for San Pedro Industries...........................3c. Classified balance sheet in IFRS-acceptable format for San Pedro Industries.......................5Journal entries for deferred tax ..................................................................................................6CONCLUSION ...............................................................................................................................6REFERENCES ...............................................................................................................................7

INTRODUCTION Financial reports for the corporate entities assist in recording the financial information forvarious decision making which consist of income statement, balance sheet and cash flowstatement. The balance sheet is the financial position statement which is being prepared by theorganisation for identifying their liquidity position at a particular date. This assignment willprovide the financial information through preparing the balance sheet into different formatswhich consist of account, report and IFRS format. MAIN BODY a. Classified balance sheet using the account format for San Pedro IndustriesBalance sheet using account format Assets detailsAmount Liabilities AmountCurrent assets: Current liabilities: Account receivables 895Account payable 710less: allowance for uncollected accounts 95Income tax payable 105Net account receivable 800Dividend payable 50cash In bank 76Total 865prepaid expenses 46Long term liabilities Merchandise Inventory 100Notes payable1000Interest receivable 60Unearned revenue 125petty cash 12Total 1125supplies 28Total liabilities1990cash dividend declared 200Owner's equity: Instalment receivable 120retained earnings 85total current assets 1442Common stock90Fixed assets Income summary 762Building and equipment 1425Additional paidin capital 725

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