Hi-Fi Way Trial Balance Analysis and Financial Reporting

This assignment focuses on the analysis of a trial balance for Hi-Fi Way. The trial balance includes various accounts such as assets (cash, accounts receivable, inventory, property & equipment), liabilities (accounts payable, salaries payable, loans), equity (share capital, retained earnings), revenues (sales revenue, interest income) and expenses (cost of sales, depreciation, salaries, rent, utilities, bank charges, bad debts, and interest). The task involves understanding the financial position and performance of the company based on the provided data. It requires the student to interpret the debit and credit balances, identify key financial ratios, and potentially prepare financial statements or provide insights into the company's financial health. The assignment serves as a practical exercise in financial accounting and analysis, showcasing the student's ability to interpret and utilize financial data.

Hi-Fi Way (Anupam Phullel)
892 Forder Boulevard
Canberra, ACT, 2600
Australia
Trial Balance
January 2019
05-10-2019
3:24:08
Page 1
Account Debit Credit YTD Debit YTD Credit
Cheque Account ?9,959.00 ?85,821.00
Undeposited Funds ?0.00 ?0.00
Electronic Clearing Account ?0.00 ?0.00
Accounts Receivable ?47,665.00 ?81,875.00
Less Prov'n for Doubtful Debts ?1,538.00 ?2,222.00
Inventory ?16,020.00 ?80,170.00
Office Supplies ?672.00 ?983.00
Prepaid Rent ?5,833.00 ?5,833.00
Property & Equipment at cost ?2,500.00 ?44,500.00
Property & Equipment Accum ?317.00 ?20,267.00
Accounts Payable ?16,520.00 ?52,644.00
GST Collected ?8,000.00 ?17,936.00
GST Paid ?5,144.00 ?9,954.00
Salaries Payable ?0.00 ?0.00
PAYG Withholding Payable ?1,005.00 ?2,925.00
Interest Payable ?125.00 ?125.00
Short Term Loans ?15,000.00 ?15,000.00
Bank Loans ?0.00 ?42,000.00
Share Capital ?0.00 ?50,000.00
Retained Earnings ?0.00 ?81,931.00
Historical Balancing ?0.00 ?0.00
Sales Revenue ?80,000.00 ?278,712.00
Cost of Sales ?53,560.00 ?192,658.00
Depreciation Expense ?317.00 ?20,267.00
Office Supplies Expenses ?528.00 ?2,573.00
Salaries Expenses ?6,700.00 ?24,494.00
Rent Expense ?1,167.00 ?1,167.00
Telephone Expense ?2,000.00 ?5,936.00
Electricity Expense ?1,200.00 ?4,859.00
Bank Charges ?11.00 ?51.00
Bad Debts Expense ?1,538.00 ?2,470.00
Interest Income ?604.00 ?604.00
Interest Expense ?335.00 ?755.00
Total: ?139,129.00 ?139,129.00 ?564,366.00 ?564,366.00