Business Events in August 1 August Paid $3,600 rent for the shopfront, covering a four-week period from 2 August to 29 August 2 August A corporate customer, Novak Inc., placed an order for tennis equipment to be delivered to a local tennis club in 10 days. The equipment is sold at $1,800 and was out of stock at the time of the order. Novak Inc. paid $400 as a deposit for the order. 3 August Purchased tennis equipment for $1,600. Paid $600 in cash. The remaining amount was payable in 30 days. 6 August Roger & Rafa purchased store furniture for $150 in cash. 8 August Paid $1,200 for credit purchases, included in the payment was the full amount owing in relation to the purchase on 3 August. 9 August Made $220 credit sales of tennis equipment (cost: $160). 12 August Repaid $2,500 loan. 13 August Completed Novak Inc.'s order on 2 August (sold at $1,800) by delivering all tennis equipment purchased on 3 August (cost: $1,600) to the local tennis club. No payment was received upon delivery (Hint: note the advanced payment $400 on 2 August). 15 August Recognised two weeks' rental use the shopfront. Paid an electricity bill of $200. 16 August Mr de Minaur gave his van to the business. The van had a market value of $8,000 at the time of the event. 1,200 600 Assets Current Assets Cash Accounts receivable Inventory Non-Current Assets Vehicles Store furniture Total assets Roger & Rafa Statement of Financial Position As at 31 July 2020 Liabilities Current Liabilities 6,000 Accounts payable 800 Short-term provisions 2,100 Non-Current Liabilities Long-term provisions 4,000 Loan 8,000 Total liabilities 20,900 Equity Capital, de Minaur Retained profits Equity Total liabilities & Equity 200 10,000 12,000 6,500 2,400 8,900 20,900 REQUIRED: Record the business events in August (up until 16 August) in the Assignment Answer Worksheet" to show how each event affects the accounts shown in the worksheet. (Note: ignore depreciation) 31/07 01/08 02/08 03/08 06/08 08/08 09/08 12/08 13/08 15/08 16/08 Roger & Rafa Cash Flow Statement Operating cash flow Investing cash flow Financing cash flow Net change in Cash Balance Sheet Cash Accounts receivable Prepaid rent Inventory Vehicles Store furniture Total assets 6,000 800 0 2,100 4,000 8,000 20,900 1,200 0 600 Accounts payable Unearned revenue Short-term provisions Long-term provisions Loan Total liabilities 200 10,000 12,000 Capital, de Minaur Retained profits Equity 6,500 2,400 8,900 Income Statement Sales Cost of goods sold Other expenses Net Income