Financial Statement - XYZ Imports, Australia

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FINANCIAL STATEMENT – XYZ IMPORTS, Australia
FUNDAMENTALS OF
ACCOUNTING
ASSIGNMENT

1
Contents
Background and Introduction..................................................................................... 2
Discussion and Analysis............................................................................................. 2
Part A...................................................................................................................... 2
Part B...................................................................................................................... 3
Part C...................................................................................................................... 5
Conclusion.................................................................................................................. 6
References................................................................................................................. 7
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2
Background and Introduction
A report has been prepared on one of the companies listed on Australian Stock Exchange, named as JB
Hi-Fi Ltd. The financial statements for the year 2014 has been reviewed and studied and the relevant
findings have been shown below. Part A mentions the total values of some of the important and critical
values in the financial statements (Belton, 2017). Part B answers few of the specific questions of
revenue and asset accounting by the company. Part C highlights the journals affected for the items
mentioned in the question like that of the elements from the cash flow statement and some of the items of
incomes and expenses.
Discussion and Analysis
Part A
1. The total value of the consolidated financial statements for each of the items as at the end of the
year are mentioned below in the table (Dichev, 2017).
Particulars
2014 2013
Amt.
('000 $)
Amt.
('000 $)
Cash and cash equivalents 43,445 67,368
Inventories 458,625 426,000
Sales revenue 3,483,775 3,308,396
Other income 520 574
Plant and Equipment 181,564 181,098
Interest Expense (finance
costs) -8845 -10156
Sales and marketing expense -355,694 -336,831
Occupancy expenses -148,969 -140,249
Trade and other payables 302,979 387,020
Borrowings (non-current) 179,653 124,331
2. The normal balance of each of the accounts listed above has been shown below in the table. The
table also highlights what side of the account will be impacted – debit or credit, in order to
decrease each of the items (Choy, 2018).
Particulars
Norm
al
Balan
ce
Which side of account affected - for
decrease
(debit/credit)
Cash and cash Debit Debit side is impacted (decreases) when there
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