AMGT 90013: Finance & Budgeting – Assignment One: Transaction Analysis
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AMGT 90013: Finance & Budgeting – Assignment One: Transaction Analysis
This assignment is to be completed individually and will be weighted to contribute 15% of your assessment in this subject.
Note that this file contains the assignment requirements and the transaction data necessary to complete the assignment. This file IS NOT REQUIRED TO BE SUBMITTED.
The assignment is to be completed using the separate excel file labelled Assignment One Submission File. This file must be saved to hard disk and opened using Microsoft excel. Assignments completed using alternative spreadsheet applications WILL NOT be accepted. If your computer does not run Microsoft excel, you can download a free copy as a UoM student from the following link: https://ask.unimelb.edu.au/app/answers/detail/a_id/6077/~/microsoft-office-365
Upon opening the excel file, at the foot of the screen you will see two tabs labelled Transaction Worksheet and Financial Statements. Each worksheet is accessed by clicking on these tabs. You are not required to insert, delete or edit any rows, columns or cells that alters the format provided. Assignments submitted on files whose format has been altered or corrupted risk being awarded zero for the assignment.
The Transaction Worksheet has been formatted so that only those cells in which you are required to enter a numerical value are accessible. All other cells have been locked.
The cells in the Financial Statements have been formatted as either a selection from a pulldown or numeric entry. When you click on any cell in columns BC, FG or JK you will see a pulldown arrow appear to the right of the cell. Click on this arrow to reveal a list of items. Scroll up and down this list using either your mouse on the scroll bar, or the ↑↓ arrow keys to select one and then use RETURN to move to the next cell. The contents of a cell can be cleared using the DELETE key. Columns D, H & L are numeric entry cells. A cell’s format in the Financial Statements worksheet may be changed, but any changes MUST BE RESTRICTED to BOLD or BORDER functions only. DO NOT change the format of any cell in any other respect.
All figures must be entered in whole dollars rather than rounded to the nearest thousand as demonstrated in the Seminar Illustration. Note that all numerical cells have been formatted to show comma separators and brackets to designate negative values. You do not have to enter comma separators when entering numbers. DO NOT enter dollar signs ($), spaces or non- numerical text in numeric cells. To enter a negative value, simply enter the figure preceded by a negative sign and the cell will automatically format it to show brackets when you hit RETURN or exit the cell.
Students are advised to progressively save their work as they complete the assignment.
Upon completion, the Assignment One Submission File must be submitted via the Assignments link on the Canvas LMS page.
When submitting your assignment please ensure that:
1. You read and accept the plagiarism declaration, and
2. You are submitting the correct, completed and most recently saved file.
The submission deadline is 3pm, Wednesday, 13 September 2023.
All enquiries regarding this assignment should be directed to Noel ([email protected]). Students should be aware, however, that the nature of such enquiries should be for the purposes of clarification of the task rather than to seek any instruction as to how to complete any component of the assignment or to seek confirmation of an answer to any component of the assignment.
Having opened for business on 1 July 2021, BFM Galleries Pty Ltd has now completed its second full year of operations.
The following is a summary of transactions and events for the 2023 financial year (note that these are not necessarily chronological and GST impacts are to be ignored):
1. Paid general and administrative expenses of $16,400
2. The economic benefit of the prepaid rent from the prior period was consumed in July 2022
3. Rent payments were $25,750, including a payment of $2,250 for rent in July 2023 4. Purchased inventory on credit $92,000
5. Paid $11,000 to purchase 3-year government bonds as an investment 6. Credit sales from the gallery were $156,000
7. Paid wages of $46,000 which included the amount owing from the previous period
8. The McFirdlesquirts invested $15,000 by purchasing more shares in BFM Galleries
9. Paid $18,000 to the tax office which comprised the amount owing from the previous
financial year and tax instalments for the current year
10. Paid inventory suppliers $81,000 owing from previous credit purchases 11. Paid $20,000 to purchase additional property, plant and equipment
12. Cash sales from the gallery were $104,000
13. The cost price of all inventories sold for the year was $88,000
14. Interest received from the government bonds (from event 5 above) was $700 15. Received $163,000 from credit customers arising from previous credit sales 16. Loan repayments were $14,200 which included interest of $4,200
17. Depreciation of property, plant and equipment for the year was determined to be $7,000 18. Wages of $1,300 remain outstanding on 30 June 2023
19. Income tax owing at the end of the year was $9,990. This amount (net of any instalments already paid) is not due until November 2023.
20. BFM Galleries paid $29,000 in dividends to the McFirdlesquirts
REQUIRED:
1. Refer to the 30 June 2022 Statement of Financial Position in the Seminar Illustration. Using these figures, open the Assignment One Submission File, click on the Transaction
Worksheet tab and enter the opening balances on the first row of the Transaction Worksheet.
2. Complete the Transaction Worksheet for 2023 using the summary of transactions and events from above.
3. Click on the Financial Statements tab of the Assignment One Submission File and complete the financial statements provided for the 30 June 2023 reporting date.
2023-08-31