ACCY 111

Tutorial 1
Student’s name: Luu Ngoc Hong An

E1.3
Statement of Financial Position
Assets Liabilities &Equity
Cash $15,000 A.P $15,000
Supplies 5,600 Dividend 3,000
Inventory 28,400 Share capital 25,000
A.R 6,000 Retained earning 13,000
Total 55,000 Total 55,000

E1.5
Ending retained earnings = Beginning retained earning + Profits (e) – Dividends
45,000 = 12,000 + (e) -8,000
 (e)= 41,000
 Profits(d)= 41,000

Profits = Revenue -Expenses= Revenue –(Cost of sales(c) +Administrative expenses including

tax)
 41,000= 200,000- (c)- 14,000
 (c)= 145,000

Assets= Liabilities + Equity

 Equity= 80,000

Retained earnings(b)= -Dividends+ Revenue- Expenses= -8,000+ 200,000- 145,000- 14,000

=33,000

Equity= Contributed capital(a)+ Retained earnings(b)

=>(a)= 47,000

E1.4 (a)
Retained earnings $2000: EQ Non-current borrowings 22000: L
Cost of sales 24600: E Inventories 4500: A
Wages expense 18300: E Sales revenue 66000: R
Cash 11200: A Accounts receivable 12000: A
Current payable 14500: L Reserves 8000: EQ
Interest expense 6200: E Income tax expense 4200: E
Other expense 1100: E Contributed equity 30000: EQ
Depreciation 1800: E Property & equipment 20000: A
(b)
66000- 24600- 18300- 6200- 1100- 1800- 4200= 9800