TOOLS VIEW 2020 St Animest 11 tected Via Ward Ww Enable ting Q2: Discuss how the Income Statement (P&L) affects the Balance Sheet after all the transactions are balanced at the end of each month and or at the end of the financial year. Word limit: 600 words. (Approximately 300 words per question). Two academic textbook references are required besides the prescribed textbook as a minimum. ASSESSMENT ONE PART TWO: 10 marks Topic: Classification and Analysis of Transactions and preparation of worksheet. Tran. 2: Successfully applied and got a bank loan of $10,000 payable within three years. Tran 3: Paid $6,000 rent (in advance) for the next three months. Tran. 4: Purchased inventory: $4,000 on credit payable within 60 days. Tran. 5: Purchased second hand kitchen equipment $6,000 cash. Tran. 6: Purchased second hand furniture and fixtures for $2,000 cash. Tran. 7: For the month of March 20XX the business sales were $10,000. The COGS was $3,000. Tran. 78: NOTE: transactions consisted - 70% cash and 30% on credits. Tran8: Paid $2,000 of the short term loan (inventory) suppliers Tran. 9: Paid a casual employee $2,800. Tran, 10: Paid the advertisement agency$600. Tran. 11: Some of the clients (debtors) paid $2,000 of the outstanding balance. Tran. 12 Ms E Chan withdrew $200 for personal use. Tran. 13: Adjustment the end of month rent. Cup Cakes Heaven (Sole Trader) Ms E Chan(Proprietor) In the month of March 20XX (beginning) Ms E Chan started a small business selling fine classy and natural cupcakes, coffee/tea and soft drinks. The first transactions for the first month of business are as follows: Tran. 1: Open a business bank account and deposited $10,000 of her own personal money. Required: - Prepare a Ten Column Worksheet and enter all the transactions. Type here to search 0 51 A heted w ord CD VW Bee Prepare an Income Statement for the month of March 20xx. Prepare a Balance Sheet for the month of March 20XX. Prepare an analysis report for the business owner. we here to search Topic: Classification and Analysis of Transactions and preparation of worksheet. Cup Cakes Heaven (SoleTrader) Ms E Chan(Proprietor) In the month of March 20XX (beginning) Ms E Chan started a small business selling fine classy and natural cupcakes, coffee/tea and soft drinks. The first transactions for the first month of business are as follows:- Tran. 1: Open a business bank account and deposited $10,000 of her own personal money. SCREENS 3-4 OF 6 O Type here to search (Protected View) - Word mable Editing Tran. 2: Successfully applied and got a bank loan of $10,000 payable within three years. Tran. 3: Paid $6,000 rent (in advance) for the next three months. Tran. 4: Purchased inventory: $4,000 on credit payable within 60 days. Tran.5: Purchased second hand kitchen equipment $6,000 cash. Tran. 6: Purchased second hand furniture and fixtures for $2,000 cash. Tran. 7: For the month of March 20XX the business sales were $10,000. The COGS was $3,000. Tran. 7B: NOTE: transactions consisted - 70% cash and 30% on credits. Tran. 8: Paid $2,000 of the short term loan inventory) suppliers. Tran. 9: Paid a casual employee $2,800. Tran. 10: Paid the advertisement agency$600. Tran. 11: Some of the clients (debtors) paid $2,000 of the outstanding balance. Tran. 12 Ms E Chan withdrew $200 for personal use. Tran. 13: Adjustment the end of month rent. Required: - Prepare a Ten Column Worksheet and enter all the transactions. 331 PM 4/2/2020 FILE TOOLS VIEW 2020 S1 Assignment 1 v.1-1 (Pro PROTECTED VIEW Be careful files from the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected View Enabl Prepare an Income Statement for the month of March 20XX. Prepare a Balance Sheet for the month of March 20XX. Prepare an analysis report for the business owner. Cup Cakes Heaven (Sole Trader) The Balance Sheet e Income Statement Cash at Accounts Inventory Bank Rent Prepayment Current Receivable Furniture Kitchen & Fittings Equipment Capital Bank Loan Loan Expenses BUN 13 adi Balance: $ - S- NPBT Owner ( ASSETS