XYZ com is a startup that builds high end BBQs for the consumer market They commence operations (rather contently) on the first of July On the first of July they buy the equipment they need to produce their range of BBQs The equipment they purchase is BBQ stamping machine for $220,000 BBQ seam welder for $25,000 The effective life of the equipment is 10 years Create a table or other tool you can use as an asset register Calculate the depreciation for the first year and include it in your asset register This equipment can be entered in the asset register using the ID numbers PR001 and PR002 XYZ com pays for 12 months insurance in July Rather than recording the whole amount against Julys expenses, it wishes to show the expense equally across the periods for which it paid the premium In other words, rather than showing a $4,800 expense for July it wishes to use prepayments to show $400 expense in all months Show the general journal transactions for July The general journal transaction number is GL7, the insurance account is 6010, and the prepaid insurance 1945 The transaction is processed on the 31 st of July One of the XYZ coms account customers, JZ House and Garden, has gone broke, owing XYZ com $5,700 Prepare a work sheet showing the appropriate journal or ledger entries to write off the debit Use the docket number JZ345, move the debt into bad debts in April and finalise the transactions on the 31 st of July Before the write off, profit is 275,300 00 At the time of write off theirs is the only receivable and afterwards the only bad debt XYZ com, being a startup, had a zero beginning inventory They spent $425,000 on inventory items, receiving $12,000 for prompt payment and paying $10,000 for freight Their closing inventory is $84,000 Determine the cost of goods sold and the closing entries for a periodic inventory Prepare an income statement using your calculations Show gross profit and net income You will need the following information Sales were $1,375,000 00 Administrative and sales expenses $225,000 00 Interest on debt is $97,000 00 Tax paid at 30 At the end of the period, XYZ com has the following account balances Cash 550,000 Accounts receivable 117,000 Inventory 84,000 Prepaid expenses 4,800 Equipment 245,000 Depreciation 49,000 Accounts payable 125,000 Loans payable 361,300 Net profit 465,500 Prepare a trail balance using these amounts Submit your portfolio of work and the required explanations to your assessor Your assessor should provide appropriate instructions on how to complete these tasks to ensure fairness and consistency They should explain the minimum acceptable responses required to support a judgment of satisfactory performance competence

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XYZ.com is a startup that builds high end BBQs for the consumer market. They commence operations (rather contently) on the first of July. On the

XYZ.com is a startup that builds high end BBQs for the consumer market. They commence operations (rather contently) on the first of July.

On the first of July they buy the equipment they need to produce their range of BBQs. The equipment they purchase is:
BBQ stamping machine for $220,000
BBQ seam welder for $25,000

The effective life of the equipment is 10 years.

Create a table or other tool you can use as an asset register. Calculate the depreciation for the first year and include it in your asset register.

This equipment can be entered in the asset register using the ID numbers PR001 and PR002.

XYZ.com pays for 12 months insurance in July. Rather than recording the whole amount against Julys expenses, it wishes to show the expense equally across the periods for which it paid the premium. In other words, rather than showing a $4,800 expense for July it wishes to use prepayments to show $400 expense in all months.

Show the general journal transactions for July. The general journal transaction number is GL7, the insurance account is 6010, and the prepaid insurance 1945. The transaction is processed on the 31^st of July.

One of the XYZ.coms account customers, JZ House and Garden, has gone broke, owing XYZ.com $5,700. Prepare a work sheet showing the appropriate journal or ledger entries to write off the debit. Use the docket number JZ345, move the debt into bad debts in April and finalise the transactions on the 31^st of July. Before the write off, profit is 275,300.00. At the time of write off theirs is the only receivable and afterwards the only bad debt.
XYZ.com, being a startup, had a zero beginning inventory. They spent $425,000 on inventory items, receiving $12,000 for prompt payment and paying $10,000 for freight.
Their closing inventory is $84,000. Determine the cost of goods sold and the closing entries for a periodic inventory.
Prepare an income statement using your calculations. Show gross profit and net income.
You will need the following information:
Sales were $1,375,000.00
Administrative and sales expenses $225,000.00
Interest on debt is $97,000.00
Tax paid at 30%
At the end of the period, XYZ.com has the following account balances:
Cash 550,000
Accounts receivable 117,000
Inventory 84,000
Prepaid expenses 4,800
Equipment 245,000
Depreciation 49,000
Accounts payable 125,000
Loans payable 361,300
Net profit 465,500

Prepare a trail balance using these amounts

Submit your portfolio of work and the required explanations to your assessor.

Your assessor should provide appropriate instructions on how to complete these tasks to ensure fairness and consistency. They should explain the minimum acceptable responses required to support a judgment of satisfactory performance/ competence.