What are the total revenues for 2015 and identify the

Question

Task

Task covers study schedule weeks 5-12 inclusive

Q1-1 Naming cells in spreadsheets

In a spreadsheet cell references can be replaced with names. Then the formula can use the names rather that cell references. Paste an example, using simple numbers, of Sales revenue less Expenses = Net Income.

Q1-2 Negative numbers
Create a simple spreadsheet example of Sales revenue less Expenses to give Net income where Expenses are greater than Sales revenue. Display the negative result in brackets. Also incorporate an IF function.

Q1-3 Spreadsheet replication
How can spreadsheets be designed so as to save effort with using the same spreadsheet month after month? Give a simple spreadsheet example.

Q1-4 IF functions
Find and briefly describe a youtube that explains the 'IF' statement (function).

Q1-5 Spreadsheet apps
Microsoft Excel is an example of spreadsheet software. List five further examples of spreadsheet software.
This group of questions above can be answered from any source including internet resources.

Q1-6 Perpetual versus Periodic systems
Watch the 3 videos on Inventory in Interact2 Resources. Explain the essential differences between perpetual and periodic inventory systems. Give examples of products/situations suited to each.

Q1-7 Journal entries
Watch the 3 videos on Inventory in Interact2 Resources. Show the journal entries for perpetual inventory and periodic inventory systems for the purchase, sale of inventory and end of period stocktake.

Q1-8 Worksheet and financial reports
Watch the Foot Worksheet video in Interact2 resources. Download the relevant doc file also in Interact2 resources. This doc file has a template of the example below.

A. Create a spreadsheet solution showing the data entry area, the worksheet and the financial reports.
B. Create a new set of data and reports. Change every number and enhance/improve the example to prepare a ten column spreadsheeted worksheet and the Financial Reports. Do not create journal entries or ledger accounts. Ensure your trial balance still balances after your data changes.
Follow the spreadsheet requirements including a separate data entry and report area and implement IF functions wherever appropriate. Paste two normal views and one formula view.
C. Write a business report pointing out that corporate spreadsheets sometimes contain errors. Use resources on the Internet to enhance your report.
Use the following resources to help you prepare and format your report:

	FANCY FOOTWEAR
Data	Trial Balance	Debit	Credit
	Cash	12,450
	Accounts Receivable	17,650
	Inventory	56,980
	Supplies	7,560
	Buildings	1,45,000
	accumulated depreciation , buildings		17,600
	Furniture	23,780
	accumulated depreciation , furniture		5,760
	accounts payable		17,400
	salary payable
	interest payable
	unearned sales revenue		7,650
	note payable, long term		34,000
	Capital		1,42,675
	Drawings	4,590
	sales revenue		1,66,000
	sales discount	3,450
	sales revenue and allowances	3,430
	Purchases	89,700
	purchases discount		4,015
	purchases returns & allowance		7,690
	selling expense	23,700
	supplies expense
	depreciation on buildings
	depreciation on furniture
	General expense	14,500
	supplies expense
	depreciation on buildings
	depreciation on furniture
	Interest expense
	TOTAL	4,02,790	4,02,790

Additional Information

a)

Supplies consumed during the month , two thirds is selling expense, and

one third is general expense

b)

Depreciation for the month

0.67

2400

Building

4000

Furniture

3700

Depreciation is evenly divide between selling and general expense

0.5

c)

Of the unadjusted balance of unearned sales revenue, this amount was

earned during the current month

2900

d)

Accrued salaries, a selling expense

2300

e)

Accrued interest expense

1400

i)

Inventory on hand

78000

78000

Q1-9 Accounting principles and Inventory
List and explain three accounting principles or concepts relevant to inventory. Give your own examples. Reference your text (8th edition).

Q1-10 Inventory flow assumptions
List and briefly explain LIFO, FIFO and Average cost. Reference your text (8th edition).

Q1-11 Application of Inventory flow assumptions.
Create a well-designed spreadsheet to solve the following. Create a second version with the cost per unit decreasing during October. Paste the two solutions and one formula view. Highlight your changes.

Requirement 1

Determine the ending inventory
and cost of goods sold amounts for the october financial statements
using the average cost,LIFO,and FIFO methods

Requirement 2
Compute the gross profit for october using each method.
Which method will give the lowest gross profit? Why?

Q1-12 Thinking about internal control issues.
Define phishing, Trojan horses, firewalls and encryption. Reference your text (8th edition).

Q1-13 Bank Reconciliation
A. Write a brief introductory scenario and create your own bank reconciliation spreadsheet. Use the text example on page 377 as a template but use your own numbers. Your spreadsheet will demonstrate all the usual spreadsheet requirements.
B. What is included as Cash in the Balance sheet? Reference your text (8th edition).

Q1-14 Journalising accounts receivable entries.
Using the text (8th edition) as a resource, show the journal entries needed for:
1. sales on credit,
2. the collection of part of the amount owing,
3. the write off of a bad debt,
4. the reinstatement of an amount written off and
5. the collection in full of the amount owing.
Create your own numbers. A spreadsheet is not required.

Q1-15 Estimating bad debts
Describe the Aging of receivablesmethod. Create a simple example.

Q1-16 Credit and Debit cards.
Distinguish between credit and debit cards. How may a retailer show credit card sales? Show two different sets of journal entries.

Q1-17 Percentage of sales method
Spreadsheet required.
Following are some selected transactions of D Mart (DM) during 2014 and 2015. Reporting date is 31 December. DM uses the allowance method and makes adjusting and closing entries on the reporting date.

Required:
1. Record the transactions in the general journal and post to the two ledger accounts. See the template below.
2. Open general ledger T accounts for Allowance for doubtful debts and Bad debt expense. All accounts begin with a zero balance.
3. The 31 December 2015 balance of Accounts receivable is $600,000. Show how Accounts receivable would be reported on the balance sheet at that date.
Here is a template for the data section of the spreadsheet showing the transactions.

Data
2014 31-Dec DM estimates that bad debt expense for the year was 6.00%
on credit sales of $ 2200000 and recorded that amount as expense.
made a closeing entry for bad debt expense.
2015 10-Jan DM sold $ 9000 of inventory to Mills & Brown (MB) on account (ignore cost of sales).
20-Jun DM wrote off the receivables from MB after repeated efforts to collect.
25-Jul DM also failed to collect $ 12000 receivables from BK
and $ 11000 from MM and could see no hope of collecting them in the future
15-Aug DM received an apology letter for paying late and $ 9000 from MB.
31-Dec DM estimates that bad debt expense for the year was 5.00%
on credit sales of $ 200000 and recorded that amount as expense.
made a closeing entry for bad debt expense.
The balance of Accounts receivable is $ 600000

Q1-18 Dishonour of a note receivable
Write a set of T accounts which includes:
1. a credit sale,
2. a conversion to a Note receivable,
3. the dishonour of the note and
4. subsequent delayed payment.
Create your own simple numbers. Ignore interest.

Q1-19 Account classification
What kind of account is?
1. Copyright,
2. Allowance for bad debts,
3. Accumulated depreciation?
4. Drawings
5. Explain each. Refer to the P A L E R mnemonic.

Q1-20
Work Integrated Assessment case study
Qantas Annual Report
Learning Objectives: The subject you are studying is vocational. It is designed with the workplace in mind. Work integrated assessment provides opportunities for students to link theory and skills learned in a subject to a real work context. Students can use these opportunities to develop and practice the professional and academic skills they learn about in a subject or through the online environment and then be assessed on their capabilities in these simulated authentic environments. Work integrated assessment allows students to simulate and situate their learning in an authentic workplace that encourages them to explore their knowledge and apply it to practice. Integrating real world, authentic assessment tasks allows students to learn about the particular environments and culture of their chosen professions, while at the same time absorbing and practicing the skills they need to succeed. Doing these tasks can help students develop skills that can help their employability.

Resources for this task include the 2015 Annual Report for Qantas.

Your friend Tom is studying architecture at another University and knows very little about accounting and annual reports. Tom's uncle gave him $30,000 recently to invest. Tom knows you have begun studying accounting and is considering buying Qantas shares. Tom has some questions for you.
Present your answers concisely in a business report format.

Tom's questions:

1. How many shareholders does Qantas have?

2. What are the total revenues for 2015?

3. Identify the amounts and explain: Intangible Assets, Revenue received in advance, Retained Earnings.

4. Calculate the Working Capital ratio.

5. Using any data from the annual report, create a chart in Excel showing 3D columns and another showing a line graph. Paste the spreadsheet graphs in your assignment. Show the data area.

6. Summarise your advice to Tom re the investment decision.

Find the Qantas 2015 Annual Report on the web.