Assessment 1: Income Statement & Balance Sheet - Minuteman Printers Pty Ltd

Weighting: 30%
Submission Details: Online through MyUni in PDF format
Task:
Prepare an Income Statement and Balance Sheet as at 30 June 2014 for Minuteman
Printers Pty Ltd
Minuteman Printers Pty Ltd is a supplier of a range of printed material to businesses
and organisations. The business is located in Thebarton, South Australia.
Prepare an Income Statement (P&L) which includes allocation of income and
expenses, and a Balance Sheet for Minuteman Printers in vertical format for the
period ended 30 June 2014. Prepare your work on excel using a spreadsheet.
Note these accounts are for internal reporting only and is not a Trial Balance (for
those who have an accounting background or access to an advisor).
You may need to research the Income Statement and Balance Sheet layouts and
adjustments from other sources other than the textbook; however, the wider
references provided in your course material contain the relevant accounting
information.
You are provided with the following balances extracted from Minutemans General
Ledger at 30.6.2014:
All amounts in $
Accounts payable
Accounts receivable (debtors)
Advertising expense
Allowance for doubtful debts
Amortisation of goodwill
Amortisation of R&D
Asset revaluation reserve
Bad debts expense
Carrying amount of delivery vehicle sold
Cash
Cost of Goods Sold
Current income tax liability
Depreciation of motor vehicles
Depreciation of office furniture
Design Services rendered
Freight In
Freight Out
General reserve
Goodwill (at cost)

217,500
272,000
17,000
30,600
7,000
10,000
140,000
19,000
20,000
135,000
2,165,100
128,610
62,000
33,000
185,000
11,075
22,000
275,000
108,000

Gross proceeds on sale of delivery vehicle

GST (General Service Tax) compliance fee
Accumulated amortisation goodwill
Accumulated amortisation R&D
GST owing
Income tax expense for the current year
Depreciation of retail store equipment
Depreciation of retail store
Insurance expense
Interest expense
Interest payable
Inventory
Land (cost)
Mortgage loan payable
Motor vehicles (at cost)
Office furniture (at cost)
Prepaid Insurance
Prepaid rent
Provision for ordinary dividend
Provision for preference dividend
Rates expense
Rent expense
Rental from sub-lease agreement
Research & Development (R&D) costs
Retail store (at fair value)
Retained Income (after dividends and
reserve transfer at 30.6.2013)
Salaries - Administrative staf
Salaries payable
Sales commissions marketing staf
Sales discount allowed
Sales (turnover)
Sales staf vehicle expenses
Share issue costs
Retail store equipment (at cost)
Accumulated depreciation motor vehicles
Accumulated depreciation office furniture
Accumulated depreciation retail store
equipment
Accumulated depreciation retail store
Preference share capital (400,000 shares
issued at $2 each)
Ordinary share capital (300,000 shares
issued at $1 each)

31,000
22,800
7,000
10,000
28,800
128,610
8,000
25,000
42,000
4,200
1,500
415,000
300,000
202,500
436,000
72,000
8,500
6,500
80,000
40,000
15,000
36,200
12,000
80,000
925,000
130,000
354,000
31,000
406,000
15,000
3,550,075
38,000
27,000
93,000
180,000
38,000
27,000
25,000

Criteria by which your assignment will be marked

FEATURE
Produce an Income Statement (P&L) that contains all the revenue and
expense items
Produce a Balance Sheet that contains all the provided Asset, Liability
and Equity items
Notes - quality of explanatory text
Format /layout, clear presentation and quality of response
Work that comes to a logical answer (not necessarily examiners)
Total

WEIGHTI
NG %

30%
30%
15%
15%
10%
100%