Hi, I have an online exam on the 16th Feb. at 10 AM I would like you to answer the questions(but I don't know what the question is until that time). The exam is about questions requiring practical...

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WESTERN SYDNEY UNIVERSITY
Mid-SESSION EXAMINATION
Quarter 1 2021 (Day)
SCHOOL OF BUSINESS – SGSM
Unit Name:     Financial Reports for Decision Making
Unit Number:     200821
Unit Convenor:     Dr. Philip Ross
Time Allowed:     1.5 hours
Number of Questions:     4 (Part A) and 10 (Part B)
Total Number of Pages:     16
Total marks:    50
INSTRUCTIONS
PLEASE READ CAREFULLY BEFORE PROCEEDING
1. Answer all questions in the space provided on this examination paper.
2. Marks allocated to each question are specified at the start of each question.
3. Download this examination paper on the computer you are working on and as you work through this document, make sure you constantly save your changes.
4. Your attempt should only be submitted via the Turnitin link provided in vUWS.
5. Late submissions will not be accepted.
PART A
Question 1 (10 marks)
The following transactions were recorded by Sue Sunday’s Carpentry for the month ending January 2021.
(
74950
) (
39450
) (
114400
)
    +
=
    
    
    Cash
    
    Accounts Receivable
    
    Office Supplies
    
    
    
    Accounts Payable
    
    Loans Payable
    
    Owner’s Capital
    
    
     
    +
     
    +
     
    +
    Equipment
    =
     
    +
     
    +
    
    a
    1-Jan
    22,000
    +
    30000
    +
    3000
    +
    48000
    =
    7000
    +
    24000
    +
    72000
    
    1-Jan
    16000
     
    -16000
     
     
     
     
     
     
     
     
     
     
    
    
    38,000
    +
    14000
    +
    3000
    +
    48000
    =
    7000
    +
    24000
    +
    72000
    c
    4-Jan
    -2500
     
     
     
     
     
     
     
    -2500
     
     
     
     
    
    
    35,500
    +
    14000
    +
    3000
    +
    48000
    =
    4500
    +
    24000
    +
    72000
    d
    6-Jan
    -6000
     
     
     
     
     
    16200
     
     
     
    10200
     
     
    
    
    29,500
    +
    14000
    +
    3000
    +
    64200
    =
    4500
    +
    34200
    +
    72000
    e
    10-Jan
     
     
    12600
     
     
     
     
     
     
     
     
     
    12600
    
    
    29,500
    +
    26600
    +
    3000
    +
    64200
    =
    4500
    +
    34200
    +
    84600
    f
    19-Jan
     
     
     
     
    750
     
     
     
    750
     
     
     
     
    
    
    29,500
    +
    26600
    +
    3750
    +
    64200
    =
    5250
    +
    34200
    +
    84600
    g
    22-Jan
    -5850
     
     
     
     
     
     
     
     
     
     
     
    -5850
    
    
    23,650
    +
    26600
    +
    3750
    +
    64200
    =
    5250
    +
    34200
    +
    78750
    h
    26-Jan
    -2000
     
     
     
     
     
     
     
     
     
     
     
    -2000
    
    
    21,650
    +
    26600
    +
    3750
    +
    64200
    =
    5250
    +
    34200
    +
    76750
    i
    31-Jan
    
    
    
    
    -1800
    
    
    
    
    
    
    
    -1800
    Balance
    31-Jan
    21,650
    +
    26600
    +
    1950
    +
    64200
    =
    5250
    +
    34200
    +
    74950
Required:
(a) Complete the three headings above the table                (1 mark)
(b) Identify which form of business Sue Sunday operates as. Justify your answer, using information provided in the table.                         (2 marks)
    Form of Business: Sue Sunday operates as a Sole proprietor.
    Justification: This is because there is owner’s capital illustrated in the information provided in the table which is
ought in by Sue Sunday.
    
(c) Assuming no drawings have been made for the month, identify the total expenses of Sue Sunday for April 2018.
(2 marks)
    The total expenses are the office expenses and without inclusion of drawing it is 3750.
    
    
    
    
(d) Identify the net profit of Sue Sunday for January 2021.
(1 mark)
    The net profit is 74950 which is the owner’s capital
    
    
(e) Identify the total liabilities of Sue...