Intermaweb Computer Financial Statements MYOB AccountRight Analysis

This assignment presents the financial statements of Intermaweb Computer, prepared using MYOB AccountRight, Australian Edition 3, updated for MYOB v19. The document includes a Balance Sheet as of January 31, 2019, detailing assets (current and non-current), liabilities (current and long-term), and equity. Key figures include cash on hand, accounts receivable, inventory, accounts payable, and various loan amounts, culminating in a total assets of $304,508 and total equity of $178,945. Additionally, a Profit & Loss Statement covering the period from July 1, 2018, to January 31, 2019, is provided, outlining sales revenue, cost of sales, gross profit, operating expenses (including depreciation, salaries, rent, and utilities), other income (interest), and other expenses (interest), resulting in a net profit of $13,036. The assignment demonstrates a practical application of accounting principles and financial statement analysis within the MYOB software environment.

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MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
Financial statements
Balance Sheet - Level 3
The standard Balance Sheet for Intermaweb Computer as at 31 January 2019 is shown below:
Intermaweb Computer
Balance Sheet
As of January 2019
1-0000 Assets
1-1000 Current Assets
1-1100 Cash On Hand $84,984
1-1200 Accounts Receivable $108,591
1-1210 Less Prov'n for Doubtful Debts ($2,716)
1-1300 Inventory $84,720
1-1400 Office Supplies $1,551
1-1500 Prepaid Rent $5,000
Total Current Assets $282,130
1-3000 Non-current Assets
1-3100 Property & Equipment $22,378
Total Non-current Assets $22,378
Total Assets $304,508
2-0000 Liabilities
2-1000 Current Liabilities
2-1200 Accounts Payable $50,787
2-1300 GST Liabilities $4,634
2-1400 Payroll Liabilities $3,000
2-1700 Interest Payable $142
2-1800 Short Term Loans $17,000
Total Current Liabilities $75,563
2-2000 Long-Term Liabilities
2-2100 Bank Loans $50,000
Total Long-Term Liabilities $50,000
Total Liabilities $125,563
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Net Assets $178,945
3-0000 Equity
3-1100 Share Capital $55,000
3-8000 Retained Earnings $110,909
3-9000 Current Year Earnings $13,036
3-9999 Historical Balancing $0
Total Equity $178,945
Profit & Loss Statement) - Level 3
The Profit & Loss Statement for Intermaweb Computer for the period from 1 July 2018 through to 31 January 2019 is
shown below:
Intermaweb Computer
Profit & Loss Statement
July 2018 through January 2019
4-0000 Income
4-1100 Sales Revenue $217,836
Total Income $217,836
5-0000 Cost of Sales
5-1100 Cost of Sales $149,043
Total Cost of Sales $149,043
Gross Profit $68,793
6-0000 Expenses
6-1100 Depreciation Expense $13,622
6-1800 Office Supplies Expense $3,218
6-1930 Salaries Expense $24,847
6-2100 Rent Expense $1,000
6-2200 Telephone Expense $5,204
6-2420 Electricity Expense $4,410
6-2500 Bank Charges $53
6-2600 Bad Debts Expense $3,194
Total Expenses $55,548
Operating Profit $13,245

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8-0000 Other Income
8-1000 Interest Income $683
Total Other Income $683
9-0000 Other Expenses
9-1000 Interest Expense $892
Total Other Expenses $892
Net Profit/(Loss) $13,036
MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19 (VMA3t.19)
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