Analysis of Hi-Fi Way's Trial Balance and Financial Statements

This assignment presents a trial balance for Hi-Fi Way, including various accounts such as cash, accounts receivable, inventory, property and equipment, accounts payable, salaries payable, and retained earnings. The trial balance includes debits and credits for each account, as well as year-to-date figures. Key financial data points include sales revenue, cost of sales, depreciation expense, office supplies expense, salaries expense, rent expense, and other operating expenses. The assignment likely involves analyzing the trial balance to assess Hi-Fi Way's financial performance, including profitability, liquidity, and solvency. The analysis may involve calculating financial ratios, identifying trends, and evaluating the company's overall financial health. This assignment is designed to provide students with practical experience in financial statement analysis.

Hi-Fi Way (Rebecca Jayne)
404 Hogarth Boulevard
Perth, WA, 6000
Australia
Trial Balance
January 2019
9/18/2019
2:41:08 AM
Page 1
Account Debit Credit YTD Debit YTD Credit
Cheque Account $13,024.00 $83,881.00
Undeposited Funds $0.00 $0.00
Electronic Clearing Account $0.00 $0.00
Trade Debtors $32,447.00 $70,243.00
Less Prov'n for Doubtful Debts $1,480.00 $2,236.00
Inventory $1,340.00 $85,580.00
Office Supplies $1,064.00 $1,373.00
Prepaid Rent $5,000.00 $5,000.00
Property & Equipment at Cost $1,000.00 $51,000.00
Property & Equipment Accum $458.00 $32,083.00
Accounts Payable $23,695.00 $58,081.00
GST Collected $6,176.00 $14,655.00
GST Paid $5,260.00 $9,606.00
Salaries Payable $0.00 $0.00
PAYG Withholding Payable $990.00 $2,910.00
Interest Payable $113.00 $113.00
Short Term Loans $17,000.00 $17,000.00
Bank Loans $0.00 $48,000.00
Share Capital $0.00 $55,000.00
Retained Earnings $0.00 $78,541.00
Historical Balancing $0.00 $0.00
Sales Revenue $61,760.00 $231,346.00
Cost of Sales $41,540.00 $160,250.00
Depreciation Expense $458.00 $32,083.00
Office Supplies Expense $836.00 $3,258.00
Salaries Expense $6,600.00 $23,103.00
Rent Expense $1,000.00 $1,000.00
Telephone Expense $1,700.00 $4,722.00
Electricity Expense $1,800.00 $5,618.00
Bank Charges $13.00 $50.00
Bad Debt Expense $1,480.00 $2,928.00
Interest Income $563.00 $563.00
Interest Expense $353.00 $833.00
Total: $113,575.00 $113,575.00 $540,528.00 $540,528.00