MYOB v19 Financial Statements: Intermaweb Computer Practice Set

This assignment provides a comprehensive solution to a practical exercise involving the preparation of financial statements using MYOB AccountRight software. The task focuses on Intermaweb Computer, requiring the generation of a balance sheet as of January 31, 2017, and a profit and loss statement for the period from July 1, 2016, to January 31, 2017. The solution includes detailed transcriptions of the financial data, incorporating account numbers and line items with zero balances as per the instructions. The balance sheet presents a breakdown of assets, liabilities, and equity, while the profit and loss statement outlines income, cost of sales, expenses, and net profit, offering a complete overview of the company's financial performance during the specified period. This solved assignment is available on Desklib, where students can find similar resources and past papers.

10/9/2017 Financial statements
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MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
Feedback: Financial statements
This is a feedback page. Please review this page carefully. It includes the original questions along with grading of your
responses and detailed feedback. After you have reviewed this feedback page, click Continue at the bottom of this page
for the next page of your practice set.
Now that you have provided detailed information about the company's
inventory, receivables and payables, Leonardo asks you to print the
latest Level 3 financial statements using MYOB. He instructs you to
customise these statements so that they include account numbers
and all line items with zero balances.
Instructions
Use MYOB to print the following Level 3 financial statements
for Intermaweb Computer:
The standard Balance Sheet as of 31 January 2017.
This balance sheet must include accounts with zero
amounts and show account numbers.
The Profit & Loss Statement for the period from 1
July 2016 through to 31 January 2017. You must
include line items that have zero amounts and show
account numbers in this income statement.
Transcribe your answers into the statements provided below.
Note that if MYOB shows a negative sign in front of a number,
you must enter that number as a negative number.
Additionally, if MYOB presents numbers in brackets, you must
enter those numbers as negative numbers.
Balance Sheet - Level 3
The standard Balance Sheet for Intermaweb Computer as at 31
January 2017 is shown below:
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10/9/2017 Financial statements
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1-1100 Cash On Hand
1-1200 Accounts Receivable
1-1210 Less Prov'n for Doubtful Debts
1-1300 Inventory
1-1400 Office Supplies
1-1500 Prepaid Rent
1-3100 Property & Equipment
2-1200 Accounts Payable
2-1300 GST Liabilities
2-1400 Payroll Liabilities
2-1700 Interest Payable
2-1800 Short Term Loans
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Navigating your practice set
Accounting policies and procedures
Creating the company file
Setup information
Spend money (first transaction)
Transactions list (to January 31)
Bank reconciliation information
Reconciliation report
Trial balance (pre adjustments)
Adjusting entries information
Adjusted trial balance
Inventory, receivables, payables
Intermaweb Computer
Balance Sheet
As of January 2017
1-0000 Assets
1-1000 Current Assets
(select) $ 98094
(select) $ 66695
(select) $ -1913
(select) $ 83240
(select) $ 1405
(select) $ 5000
Total Current Assets $ 252521
1-3000 Non-current Assets
(select) $ 35278
Total Non-current Assets $ 35278
Total Assets $ 287799
2-0000 Liabilities
2-1000 Current Liabilities
(select) $ 45398
(select) $ 5949
(select) $ 2925
(select) $ 108
(select) $ 13000
Total Current Liabilities $ 67380

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2-2100 Bank Loans
3-1100 Share Capital
3-8000 Retained Earnings
3-9000 Current Year Earnings
2-2000 Long-Term Liabilities
(select) $ 46000
Total Long-Term Liabilities $ 46000
Total Liabilities $ 113380
Net Assets $ 174419
3-0000 Equity
(select) $ 45000
(select) $ 109485
(select) $ 19934
(select) $
Total Equity $ 174419
Feedback
Intermaweb Computer
Balance Sheet
As of January 2017
1-0000 Assets
1-1000 Current Assets
1-1100 Cash On Hand $98,094
1-1200 Accounts Receivable $66,695
1-1210 Less Prov'n for Doubtful Debts ($1,913)
1-1300 Inventory $83,240
1-1400 Office Supplies $1,405
1-1500 Prepaid Rent $5,000
Total Current Assets $252,521
1-3000 Non-current Assets
1-3100 Property & Equipment $35,278
Total Non-current Assets $35,278
Total Assets $287,799
2-0000 Liabilities
2-1000 Current Liabilities

10/9/2017 Financial statements
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4-1100 Sales Revenue
5-1100 Cost of Sales
2-1200 Accounts Payable $45,398
2-1300 GST Liabilities $5,949
2-1400 Payroll Liabilities $2,925
2-1700 Interest Payable $108
2-1800 Short Term Loans $13,000
Total Current Liabilities $67,380
2-2000 Long-Term Liabilities
2-2100 Bank Loans $46,000
Total Long-Term Liabilities $46,000
Total Liabilities $113,380
Net Assets $174,419
3-0000 Equity
3-1100 Share Capital $45,000
3-8000 Retained Earnings $109,485
3-9000 Current Year Earnings $19,934
3-9999 Historical Balancing $0
Total Equity $174,419
Profit & Loss Statement - Level 3
The Profit & Loss Statement for Intermaweb Computer for the period from 1 July 2016 through to 31 January 2017 is
shown below:
Intermaweb Computer
Profit & Loss Statement
July 2016 through January 2017
4-0000 Income
(select) $ 236797
Total Income $ 236797
5-0000 Cost of Sales
(select) $ 161537
Total Cost of Sales $ 161537
Gross Profit $ 75260

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6-1100 Depreciation Expense
6-1800 Office Supplies Expense
6-1930 Salaries Expense
6-2100 Rent Expense
6-2200 Telephone Expense
6-2420 Electricity Expense
6-2500 Bank Charges
6-2600 Bad Debts Expense
8-1000 Interest Income
9-1000 Interest Expense
6-0000 Expenses
(select) $ 16722
(select) $ 3069
(select) $ 21709
(select) $ 1000
(select) $ 5485
(select) $ 4540
(select) $ 48
(select) $ 2668
Total Expenses $ 55241
Operating Profit $ 20019
8-0000 Other Income
(select) $ 713
Total Other Income $ 713
9-0000 Other Expenses
(select) $ 798
Total Other Expenses $ 798
Net Profit/(Loss) $ 19934
Feedback
Intermaweb Computer
Profit & Loss Statement
July 2016 through January 2017
4-0000 Income
4-1100 Sales Revenue $236,797
Total Income $236,797
5-0000 Cost of Sales
5-1100 Cost of Sales $161,537
Total Cost of Sales $161,537
Gross Profit $75,260

10/9/2017 Financial statements
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6-0000 Expenses
6-1100 Depreciation Expense $16,722
6-1800 Office Supplies Expense $3,069
6-1930 Salaries Expense $21,709
6-2100 Rent Expense $1,000
6-2200 Telephone Expense $5,485
6-2420 Electricity Expense $4,540
6-2500 Bank Charges $48
6-2600 Bad Debts Expense $2,668
Total Expenses $55,241
Operating Profit $20,019
8-0000 Other Income
8-1000 Interest Income $713
Total Other Income $713
9-0000 Other Expenses
9-1000 Interest Expense $798
Total Other Expenses $798
Net Profit/(Loss) $19,934
MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19 (VMA3t.19)
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