31-Dec-18 31-Dec-17 Comparative Income Statement 31-Dec-17 $ 31-Dec-18 $ 1-0000 1-1000 1-1100 1-1110 1-1200 81,000 160,000 (15,000) 152,000 107,000 159,000 (24,000) 152,000 4-1000 4-2000 4-5100 8-1900 Income Sales - Javas Ultra 2 Systems Sales - Installation Service - Software and Data Interest Income Total Income 299,250 17,325 29,925 399,000 23,100 39,900 1-1320 1-1321 378000 394000 346,500 462,000 1-2100 Assets Current Assets Bank Accounts Cash - FirstBank Savings Account Accounts Receivable Less: Allowance for doubtful debts Inventory Javas Ultrao 2 Systems Equipment - Short Term Lease asset Total Current Assets Property, Plant & Equipment Property, Plant & Equipment Acc. Depr - PPE Investment in Spy Toys Ltd Office equipment & computers Accum. Depr Office Equipment Motor Vehicles Accum. Depr Motor Vehicles Furniture and Fittings at Cost Acc. Depr - Furniture & Fittings Office Space - Sydney Acc. Depr - Office Space - Sydney Total Property, Plant & Equipment Total Assets 132,000 (20,000) 40,000 145,000 (46,000) 20,000 5-3000 5-5100 Cost Of Sales Labour Cost of Sales - Javas Ultra 2 Syst. Total Cost Of Sales 75,750 189,000 264,750 93,000 252,000 345,000 1-2610 Gross Profit 81,750 117,000 1-2910 1-2920 1-2930 1-2940 1-2950 1-2960 14,000 38,000 22,700 18,000 50,000 30,000 152,000 530,000 119,000 513,000 6-0480 6-1160 Expenses Bad Debts expense Other Expenses Income Tax Expense Lease of equipment Bank Fees Electricity & Gas Entertainment Telephone & Internet Total Expenses 6-1430 6-1440 6-4460 2-0000 2-0010 2-1140 2-1600 135,000 175,000 (74,700) (98,000) Operating Profit 7,050 19,000 Liabilities Current Liabilities Accounts Payable Dividends Payable Accrued Expenses Income Tax Payable Total Current Liabilities Non Current Liabilities FirstBank Business Loan Total Non Current Liabilities Total Liabilities 58,000 10,000 203,000 19,000 5,000 199,000 Other Income 2-2000 2-2105 0 0 0 0 199,000 9-5060 Other Expenses Other supplies Total Other Expenses 203,000 Net Assets 327,000 314,000 Net Profit 7.050 19,000 3-0000 3-1000 3-8000 Equity Contributed Share Capital Retained Profits Contingency Reserve Total Equity 132,000 195,000 71,000 180,000 63,000 314,000 327,000 The following additional information was provided during 2018: All sales both of inventory and services were on credit and purchases of inventory were on credit. Assume that the labour from a contractor and the company uses the accounts payable for this and all payments to the contractor are on credit. Property Plant and Equipment was sold during 2018 for cash of $64,000 and accumulated depreciation written off was $29,000 Additional the investment in Spy Toys Ltd was purchased at a market value of $20,000. This was a share purchase on the ASX. The CEO and directors resolved that the Contingencies Reserve account was not longer needed after 2018. It was resolved that a bonus share issue was declared and distributed to shareholders during 2018 of $50,000 out of contingencies Reserve and the remaining balance of contingency reserve account was transferred to Retained Profits which closed off the account. Hint: Use the T-account template below to add in the amounts from the 2018 and 2017 financial statements above. Remember to read all the additional information items. Hint as well: remember to complete the cash flows you calculate in the Cash flow statement template at the bottom of this worksheet. Save your file with the following style of name prior to submitting: "[Your ID] [Your Name) Cash flows part 202173". Submit along with all your assignment components to Moodle. CLOSING: 31-Dec-18 OPENING: 31-Dec-17 Journal Entry working space: Hint: Blue highlighted areas are a hint that something may need to go into the T-account to solve for cash. Accounts Receivable 159,000 Allowance for doubtful debts 24,000 o/b o/b Sales c/b 160,000 c/b 160,000 15,000 15,000 159,000 24,000 Inventory 152,000 o/b COGS Accounts Payable 175,000 o/b Inventory 135,000 135,000 175,000 Cash c/b Alc payable 152,000 c/b 152,000 152,000 Acc. Depreciation - PPE 46,000 o/b Income Tax Payable 5,000 o/b c/b c/b 20,000 20,000 10,000 10,000 46,000 5,000 Accrued Expenses 19,000 o/b o/b Investment in SailorToys Ltd 20,000 40,000 c/b c/b 58,000 58,000 19,000 20,000 40,000 PPE Contingency Reserve 63000 o/b o/b 145,000 132,000 c/b c/b 145,000 132.000 63,000 31-Dec-18 31-Dec-17 Comparative Income Statement 31-Dec-17 $ 31-Dec-18 $ 1-0000 1-1000 1-1100 1-1110 1-1200 81,000 160,000 (15,000) 152,000 107,000 159,000 (24,000) 152,000 4-1000 4-2000 4-5100 8-1900 Income Sales - Javas Ultra 2 Systems Sales - Installation Service - Software and Data Interest Income Total Income 299,250 17,325 29,925 399,000 23,100 39,900 1-1320 1-1321 378000 394000 346,500 462,000 1-2100 Assets Current Assets Bank Accounts Cash - FirstBank Savings Account Accounts Receivable Less: Allowance for doubtful debts Inventory Javas Ultrao 2 Systems Equipment - Short Term Lease asset Total Current Assets Property, Plant & Equipment Property, Plant & Equipment Acc. Depr - PPE Investment in Spy Toys Ltd Office equipment & computers Accum. Depr Office Equipment Motor Vehicles Accum. Depr Motor Vehicles Furniture and Fittings at Cost Acc. Depr - Furniture & Fittings Office Space - Sydney Acc. Depr - Office Space - Sydney Total Property, Plant & Equipment Total Assets 132,000 (20,000) 40,000 145,000 (46,000) 20,000 5-3000 5-5100 Cost Of Sales Labour Cost of Sales - Javas Ultra 2 Syst. Total Cost Of Sales 75,750 189,000 264,750 93,000 252,000 345,000 1-2610 Gross Profit 81,750 117,000 1-2910 1-2920 1-2930 1-2940 1-2950 1-2960 14,000 38,000 22,700 18,000 50,000 30,000 152,000 530,000 119,000 513,000 6-0480 6-1160 Expenses Bad Debts expense Other Expenses Income Tax Expense Lease of equipment Bank Fees Electricity & Gas Entertainment Telephone & Internet Total Expenses 6-1430 6-1440 6-4460 2-0000 2-0010 2-1140 2-1600 135,000 175,000 (74,700) (98,000) Operating Profit 7,050 19,000 Liabilities Current Liabilities Accounts Payable Dividends Payable Accrued Expenses Income Tax Payable Total Current Liabilities Non Current Liabilities FirstBank Business Loan Total Non Current Liabilities Total Liabilities 58,000 10,000 203,000 19,000 5,000 199,000 Other Income 2-2000 2-2105 0 0 0 0 199,000 9-5060 Other Expenses Other supplies Total Other Expenses 203,000 Net Assets 327,000 314,000 Net Profit 7.050 19,000 3-0000 3-1000 3-8000 Equity Contributed Share Capital Retained Profits Contingency Reserve Total Equity 132,000 195,000 71,000 180,000 63,000 314,000 327,000 The following additional information was provided during 2018: All sales both of inventory and services were on credit and purchases of inventory were on credit. Assume that the labour from a contractor and the company uses the accounts payable for this and all payments to the contractor are on credit. Property Plant and Equipment was sold during 2018 for cash of $64,000 and accumulated depreciation written off was $29,000 Additional the investment in Spy Toys Ltd was purchased at a market value of $20,000. This was a share purchase on the ASX. The CEO and directors resolved that the Contingencies Reserve account was not longer needed after 2018. It was resolved that a bonus share issue was declared and distributed to shareholders during 2018 of $50,000 out of contingencies Reserve and the remaining balance of contingency reserve account was transferred to Retained Profits which closed off the account. Hint: Use the T-account template below to add in the amounts from the 2018 and 2017 financial statements above. Remember to read all the additional information items. Hint as well: remember to complete the cash flows you calculate in the Cash flow statement template at the bottom of this worksheet. Save your file with the following style of name prior to submitting: "[Your ID] [Your Name) Cash flows part 202173". Submit along with all your assignment components to Moodle. CLOSING: 31-Dec-18 OPENING: 31-Dec-17 Journal Entry working space: Hint: Blue highlighted areas are a hint that something may need to go into the T-account to solve for cash. Accounts Receivable 159,000 Allowance for doubtful debts 24,000 o/b o/b Sales c/b 160,000 c/b 160,000 15,000 15,000 159,000 24,000 Inventory 152,000 o/b COGS Accounts Payable 175,000 o/b Inventory 135,000 135,000 175,000 Cash c/b Alc payable 152,000 c/b 152,000 152,000 Acc. Depreciation - PPE 46,000 o/b Income Tax Payable 5,000 o/b c/b c/b 20,000 20,000 10,000 10,000 46,000 5,000 Accrued Expenses 19,000 o/b o/b Investment in SailorToys Ltd 20,000 40,000 c/b c/b 58,000 58,000 19,000 20,000 40,000 PPE Contingency Reserve 63000 o/b o/b 145,000 132,000 c/b c/b 145,000 132.000 63,000