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Task is to prepare one year of management accounts for a farm business. Assessment 1 is completed (statement of financial position -opening balance sheet, cash flow report,quarterly GST...

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Task is to prepare one year of management accounts for a farm business. Assessment 1 is completed (statement of financial position -opening balance sheet, cash flow report,quarterly GST reconciliation, livestock schedule, management depreciation schedule),

The spreadsheet is used to work to balance Assessment 2.

The information provided in the assessment case study is to be used for completing both Assessments 1 and 2.


TheCASE STUDYcontains information about the property and its enterprises, a spreadsheet containing an incomplete cash flow statement and a spreadsheet containing an incomplete depreciation schedule.

Please find attach of case study and the attachment of my assignment.

Please the answer to the assignment should be in a spreadsheet

URGENT NOTE:Some of the spreadsheet are programmed.

  • Cropping schedules for cropping and /or horticulture enterprises
  • Livestock schedules for the livestock enterprise
  • Trading accounts for all enterprises (cropping, horticulture & livestock)
  • Gross Margin accounts for all enterprises
  • Statement of Financial Performance (Profit & Loss)
  • Statement of Financial Position (Closing Balance Sheet)

Answered Same Day Apr 11, 2020

Solution

Pulkit answered on Apr 30 2020
134 Votes
PART A
            ASSIGNMENT PART A (THIS PART IS DONE, JUST NEEDED A CHECK BY THE EXPECT)
            OPENING BALANCE SHEET     (OpBalSh)
            CASH FLOW STATEMENT    (CFS)
            QUARTER CASH FLOW STATEMENT    QrtCFS)
            STATEMENT OF CASH FLOW    (SCF)
            LIVESTOCK SCHEDULE    LSScheds
            MANAGEMENT DEPRECIATION SCHEDULE    Deprec
OpBalSh
    Balance Sheet of 'Cooee' as at 1st of Jan 2017
        Lou Smithers
                            Eliminate the border unless you can apply it in a similar fashion over the whole balance sheet.
        Cu
ent Assets
        Bank        $11,000
        Accounts Receivable
        -Western Wool Buyers    $25,650
                $25,650
        Calves - trading        $71,280
        Sheep - trading        $17,010
        Orange         $0            Fertiliser and chemical on hand at 1/1/17 missing
        Total Cu
ent Assets            $124,940
        Non-Cu
ent Assets
        Investment - term deposit        $30,000
        Cattle -
eeding        $119,400
        Sheep -
eeding        $120,725
        Plant & Machinery        $142,115
        Vehicles        $92,875
        Structures        $398,565
        Land         $2,240,175
        less            $3,143,855
                        $3,268,795
        LIABILITIES            
        Cu
ent Liabilities                
        Accounts Payable    $11,865            
        - Creditor (Orange Rural)    $12,730    $24,595        
        - ATO (GST)
                    $24,595
        Non-Cu
ent Liabilities        $28,400    
         Development Loan            $28,400    
                        $52,995
        NET ASSETS                $3,215,800
        Represented By:
        OWNER'S EQUITY
        Balance as at 1-1-17                $3,215,800        Good, well done.
        % Equity                98.4%
        This is the feedback for opening balance sheet and cash flow from the school. The information painted in yellow and red needs an urgent check by the moderator.
CFS
            CASH FLOW STATEMENT FOR COOEE
                        FOR THE PERIOD 1-JAN- 17 to 31-DEC-17
            JAN    FEB    MARCH    APRIL    MAY    JUNE    JULY    AUG    SEPT    OCT    NOV    DEC    TOTAL    Extend borde
        RECEIPTS
        CROPS SALES
        Oranges                                            $7,710    $11,568    $19,278
        LIVESTOCK SALES
        Cattle    $2,310                            $1,250    $17,494    $30,791    $25,090        $76,935
        Sheep            $5,720    $504        $15,400                $16,687    $28,413    $40,950    $107,674
        WOOL SALES                                            $58,596        $58,596
        ACCOUNT RECEIVABLE
        Western Wool Buyers            $25,650                                        $25,650
        OTHER RECEIPTS
        Interest            $413            $413            $550            $550    $1,926
Taiwo Dada: Taiwo Dada:
The calculation from the print out is 1,925,
ut the total is 1,926
        Machinery                $5,200                $17,800                    $23,000
        fixed deposit
        GST COMPONENT    $231    $0    $3,137    $570    $0    $1,540    $0    $1,905    $1,749    $4,748    $11,981    $5,252    $31,113
        GST REFUND
        TOTAL RECEIPTS    $2,541        $34,920    $6,274        $17,353        $20,955    $19,793    $52,226    $131,790    $58,320    $344,172    $344,172
            JAN    FEB    MAR    APR    MAY    JUN    JUL    AUG    SEP    OCT    NOV    DEC    TOTAL
        PAYMENTS
        CROP AND PASTURE
        Orange    $654    $156    $42    $441    $48        $17            $5,106        $2,373    $8,837
        Pasture            $14,560    $1,560                    $689                $16,809
        LIVESTOCK
        Cattle    $390    $127    $2,750        $3,146            $1,085    $324        $530    $440    $8,792
        Sheep    $200    $850    $12,000    $121        $179            $9,290    $1,354    $1,248    $1,992    $27,234
Taiwo Dada: Taiwo Dada:
The calculation from the print out is 27,233
ut the total is 27,234
        OTHER CASH COSTS
        Fuel & oil    $215    $196    $182    $154    $124    $490    $165    $152    $124    $125    $345    $385    $2,657
        Repiars & Maint.
        Plant and Machinery    $245    $452    $750    $985    $354    $201    $230    $150    $85    $540    $210    $189    $4,391
        Structures    $230    $350            $720    $550        $240    $320            $110    $2,520
        Permanent labour    $2,390    $2,390    $3,625    $2,390    $2,390    $2,390    $3,625    $2,390    $2,390    $2,390    $2,390    $2,390    $31,150
        Rent & rates            $2,650                $450                        $3,100
        Regn & Insurance            $720                    $890            $1,220        $2,830
        Tele,Post,Travel    $35    $75    $65    $45    $30    $72    $52    $45    $80    $38    $62    $195    $794
        Accountant                    $1,550                                $1,550
        Bank Charges    $12    $15    $25    $10    $8    $16    $17    $10    $9    $18    $13    $17    $170
        Interest-loan            $325            $318            $311            $304    $1,258
        Interest-overdraft                                                            Overdraft interest needs to be calculated with a formula
        Miscellaneous
        TOTAL OP. CASH COSTS    $4,371    $4,611    $37,694    $5,706    $8,370    $4,216    $4,556    $4,962    $13,622    $9,571    $6,018    $8,395    $112,092    $ 112,092    Good to see check cells being used.
            JAN    FEB    MAR    APR    MAY    JUN    JUL    AUG    SEP    OCT    NOV    DEC    TOTAL
        CAPITAL COSTS
        Livestock Purchases            $6,500    $22,660                                    $29,160
        Plant, Machinery & Vehincles                $25,560                $55,000                    $80,560
        Fixed Improvements    $5,500                $12,190                                $17,690
        Investments                        $10,000                            $10,000
        Loan Repayments            $830            $830            $830            $830    $3,320
        Acount payable    $11,865                                                $11,865
        Miscellaneous                                                        $152,595
        PERSONAL COSTS
        Drawings    $1,153    $1,058    $985    $1,150    $1,054    $940    $850    $1,103    $1,120    $990    $1,420    $1,850    $13,673
        GST
        GST Component    $1,933    $221    $4,022    $5,153    $1,816    $149    $91    $5,756    $1,091    $716    $362    $568    $21,879
        GST paid    $12,730                                                $12,730
        TOTAL PAYMENTS    $37,552    $5,890    $50,031    $60,229    $23,430    $16,135    $5,497
Taiwo Dada: Taiwo Dada:
The real total is 5,497
not 5,498 as calculated in the case study pdf    $66,821    $16,663    $11,277    $7,800    $11,643    $312,969    $312,969
        SURPLUS/DEFICIT    -$35,011    -$5,890    -$15,111    -$53,954
Taiwo Dada: Taiwo Dada:
REAL TOTAL IS 53, 955    -$23,430    $1,218
Taiwo Dada: Taiwo Dada:
THE REAL CALCULATION IS 1,218    -$5,497
Taiwo Dada: Taiwo Dada:
THE REAL ANSWER IS 5,497                        
Taiwo Dada: Taiwo Dada:
The calculation from the print out is 1,925,
ut the total is 1,926    -$45,866    $3,130
Taiwo Dada: Taiwo Dada:
THE REAL ANSWER IS 3,130                
Taiwo Dada: Taiwo Dada:
The calculation from the print out is 27,233
ut the total is 27,234    
Taiwo Dada: Taiwo Dada:
REAL TOTAL IS 53, 955                        $40,949    $123,990    $46,676    $31,203
        BALANCE IN BANK
        Opening Balance                                                            -$0
        $ 11,000    -$ 24,011    -$ 29,901    -$ 45,012    -$ 98,966    -$ 122,396    -$ 121,179    -$ 126,676    -$ 172,542    -$ 169,412    -$ 128,463    -$ 4,473    $ 42,203
        GST RECONCILIATION    Jan - March 2017            April - June 2017            July - Sept. 2017                Oct - Dec 2017
            1ST QUARTER            2ND QUARTER             3RD QUARTER             4TH QUARTER
            Received    $3,368        Received    $2,110        Received    $3,654        Received    $21,981
            Paid    $6,176        Paid    $7,118        Paid    $6,939        Paid    $1,646
            Refundable    -$2,808        Refundable    -$5,008        Refundable    -$3,284        Refundable    $20,334        These refunds need to be included as income in the month after the end of the quarter, eg April July and October.
                                                Payable
    
        PLEASE NOTE
        - The GST Component in the receipts section represents 10% of the amounts received (except for interest, fixed deposit, and GST Refunds) during that month.
        - The GST Component in the payments section represents 10% of the amounts paid (except for permanent labour, bank charges, interest,capital repayments, investments, personal
         costs, and GST paid) during that month.
        - The $20,334 GST payable for the final quarter of the cu
ent year will be due to be paid to the Taxation Office in the first month of the next year.
         As this is an amount owing at the end of the cu
ent year it will represent a cu
ent liability at the end of the year.
        Graph showing receipts, payments and monthly cash flow
        FOR THE PERIOD 1-JAN- 17 to 31-DEC-17
    Table shows the total reciepts, cash flow and payment for Cooee
            JAN    FEB    MAR    APR    MAY    JUN    JUL    AUG    SEP    OCT    NOV    DEC
        TOTAL RECEIPTS    $2,541        $34,920    $6,274        $17,353        $20,955    $19,793    $52,226    $131,790    $58,320
        TOTAL OP. CASH COSTS    $4,371    $4,611    $37,694    $5,706    $8,370    $4,216    $4,556    $4,962    $13,622    $9,571    $6,018    $8,395
        TOTAL PAYMENTS    $37,552    $5,890    $50,031    $60,229    $23,430    $16,135    $5,497    $66,821    $16,663    $11,277    $7,800    $11,643
                                                                    receipt should be plural - receipts.
                                                                    The account balance should be graphed as it is most important for decision making purposes.
Bar chart Graph showing the total receipt, payments and cashflow for the period of Jan 1st 2017 to Dec 31 2017
TOTAL RECEIPTS    JAN    FEB    MAR    APR    MAY    JUN    JUL    AUG    SEP    OCT    NOV    DEC    2541    34920    6274.4    17353    20955    19793.400000000001    52225.8    131789.9    58319.8    TOTAL OP. CASH COSTS    JAN    FEB    MAR    APR    MAY    JUN    JUL    AUG    SEP    OCT    NOV    DEC    4371    4611    37694    5706    8370    4216    4556    4962    13622    9571    6018    8395    TOTAL PAYMENTS    JAN    FEB    MAR    APR    MAY    JUN    JUL    AUG    SEP    OCT    NOV    DEC    37552.400000000001    5889.6    50030.9    60228.6    23430.2    16135.2    5497.4    66821.2    16663.2    11277.3    7799.5    11643.4    
Line Graph showing to illustrate the total receipt, payments and cashflow for the period of Jan 1st 2017 to Dec 31 2017
TOTAL RECEIPTS    JAN    FEB    MAR    APR    MAY    JUN    JUL    AUG    SEP    OCT    NOV    DEC    2541    34920    6274.4    17353    20955    19793.400000000001    52225.8    131789.9    58319.8    TOTAL OP. CASH COSTS    JAN    FEB    MAR    APR    MAY    JUN    JUL    AUG    SEP    OCT    NOV    DEC    4371    4611    37694    5706    8370    4216    4556    4962    13622    9571    6018    8395    TOTAL PAYMENTS    JAN    FEB    MAR    APR    MAY    JUN    JUL    AUG    SEP    OCT    NOV    DEC    37552.400000000001    5889.6    50030.9    60228.6    23430.2    16135.2    5497.4    66821.2    16663.2    11277.3    7799.5    11643.4    
QrtCFS
            CASH FLOW STATEMENT FOR COOEE
            FOR THE PERIOD 1-JAN- 17 to 31-DEC-17
                QUATERLY
             1ST QRT     2ND QRT     3RD QRT     4TH QRT     TOTAL
        RECEIPTS    
                            
        CROP SALES                    
        Oranges    $0.00    $0.00    $0.00    $19,278.00    $19,278.00
        LIVESTOCK SALES                    
        Cattle    $2,310.00    $0.00    $18,744.00    $55,881.00    $76,935.00
        Sheep    $5,720.00    $15,904.00    $0.00    $86,050.00    $107,674.00
                            
        WOOL SALES    $0.00    $0.00    $0.00    $58,596.00    $58,596.00
        ACCOUNTS RECEIVABLE
        Western Wool Buyers    $25,650.00    $0.00    $0.00    $0.00    $25,650.00
        OTHER RECEIPTS                    
        Interest    $413.00    $413.00    $550.00    $550.00    $1,926.00
        Machinery    $0.00    $5,200.00    $17,800.00    $0.00    $23,000.00
        fixed...
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