1 Great South Bank 2 BANK STATEMENT for NeoZone for Kids 3 4 Date 5 1/04/2022 6 1/04/2022 7 1/04/2022 8 1/04/2022 9 1/04/2022 Details Balance James Cross Eleanor Riley From: April 1 2022 To: June 30 2022 Debit Credit Balance $0.00 Cr $15,000.00 $15,000.00 Cr $10,000.00 $25,000.00 Cr Brady Chan $15,000.00 $40,000.00 Cr Sherville Realty - Rent $440.00 $39,560.00 Cr 10 1/04/2022 Team Insurance - Prepaid Insurance 1 year $1,650.00 $37,910.00 Cr 11 1/04/2022 Merrilee Kidstuff $5,830.00 $32,080.00 Cr 12 1/04/2022 13 1/04/2022 Puzzle Rugs KidsTown Co $3,993.00 $28,087.00 Cr $3,162.50 $24,924.50 Cr 14 2/04/2022 Work from Home Furniture $880.00 $24,044.50 Cr 15 1/04/2022 Jonathan Webb - Software $1,980.00 $22,064.50 Cr 16 1/04/2022 Sellit Online Advertising $154.00 $21,910.50 Cr 17 1/04/2022 Boxit Packaging Supplies - Packaging $829.40 $21,081.10 Cr 18 5/04/2022 Transfer from Shipit_Au $1,240.80 $22,321.90 Cr 19 18/04/2022 Transfer from Shipit_Au $2,904.00 $25,225.90 Cr 20 22/04/2022 21 28/04/2022 22 30/04/2022 23 30/04/2022 24 30/04/2022 25 30/04/2022 26 30/04/2022 27 1/05/2022 Transfer from Shipit_Au Transfer from Shipit_Au Harpo Delivery Service Telenet James Cross Leona Riley Brady Chan $1,784.20 $27,010.10 Cr $1,116.50 $28,126.60 Cr $148.50 $27,978.10 Cr $363.00 $27,615.10 Cr $500.00 $27,115.10 Cr $500.00 $26,615.10 Cr $500.00 $26,115.10 Cr 28 1/05/2022 Sherville Realty - Rent Sellit Online Advertising $440.00 $25,675.10 Cr $154.00 $25,521.10 Cr 29 5/05/2022 Transfer from Shipit_Au $1,702.80 $27,223.90 Cr 30 5/05/2022 Student - Accounting Fees $596.20 $26,627.70 Cr 31 6/05/2022 32 6/05/2022 33 10/05/2022 34 17/05/2022 April n Indie Toys $1,672.00 $24,955.70 Cr Transfer from Shipit_Au $818.40 $25,774.10 Cr Transfer from Shipit_Au $1,214.40 $26,988.50 Cr Transfer from Shipit_Au $1,133.00 $28,121.50 Cr 35 19/05/2022 Puzzle Rugs $1,485.00 $26,636.50 Cr 36 19/05/2022 Merrilee Kidstuff $2,464.00 $24,172.50 Cr 37 21/05/2022 Transfer from Shipit_Au $3,168.00 $27,340.50 Cr 38 24/05/2022 Transfer from Shipit_Au $837.10 $28,177.60 Cr 39 28/05/2022 Transfer from Shipit_Au $2,062.50 $30,240.10 Cr 40 31/05/2022 Telenet $357.50 $29,882.60 Cr 41 31/05/2022 Harpo Delivery Service $189.20 $29,693.40 Cr 42 31/05/2022 43 31/05/2022 44 31/05/2022 45 31/05/2022 James Cross $500.00 $29,193.40 Cr Leona Riley Brady Chan $500.00 $28,693.40 Cr $500.00 $28,193.40 Cr Transfer from Shipit_Au $1,727.00 $29,920.40 Cr 46 1/06/2022 47 1/06/2022 Sherville Realty - Rent $440.00 $29,480.40 Cr Sellit Online Advertising $220.00 $29,260.40 Cr 48 3/06/2022 49 10/06/2022 50 10/06/2022 Transfer from Shipit_Au April n Indie Toys Kids Town Co $3,363.80 $32,624.20 Cr $3,520.00 $29,104.20 Cr $2,249.50 $26,854.70 Cr 51 11/06/2022 52 15/06/2022 Transfer from Shipit_Au Transfer from Shipit_Au $1,592.80 $28,447.50 Cr $2,948.00 $31,395.50 Cr 53 17/06/2022 Transfer from Shipit_Au $2,673.00 $34,068.50 Cr 54 18/06/2022 Transfer from Shipit Au $3,237.30 $37,305.80 Cr 55 21/06/2022 Jonathan Webb - Website maintenance $462.00 $36,843.80 Cr 56 22/06/2022 Transfer from Shipit_Au $3,580.50 $40,424.30 Cr 57 25/06/2022 58 30/06/2022 Transfer from Shipit_Au Telenet $2,143.90 $42,568.20 Cr $387.20 $42,181.00 Cr 59 30/06/2022 60 30/06/2022 61 30/06/2022 62 30/06/2022 63 30/06/2022 Shipit Au - Order costs Harpo Delivery Service James Cross Leona Riley Brady Chan $785.40 $41,395.60 Cr $214.50 $41,181.10 Cr $500.00 $40,681.10 Cr $500.00 $40,181.10 Cr $500.00 $39,681.10 Cr A. Calculating amounts to be used in financial statements Receipts from sales Sales TOTAL A B Details as shown on bank statement Transfer from Shipit_Au Total received Amount net of GST (A × 10/11) с GST Collected Bx.1 Details as shown Payments for inventory and packaging on bank statement Total paid Amount net of GST GST Paid Purchases Merrilee Kidstuff Purchases Purchases Purchases Total Purchases Packaging TOTAL Kids Town Co Puzzle Rugs April n Indie Toys Boxit Packaging Supplies Payments for indirect costs/overheads Advertising Accounting Fees Rent Order costs Delivery costs Insurance Website maintenance Telephone and Internet TOTAL Details as shown on bank statement Sellit Online Advertising Student Accounting Fees Sherville Realty - Rent Shipit_Au - Order costs Harpo Delivery Service Team Insurance - Prepaid Insurance 1 year Jonathan Webb - Website maintenance Telenet Total paid Amount net of GST GST Paid Details as shown Payments for non-current assets on bank statement Total paid Amount net of GST GST Paid Furniture Software Work from Home Furniture Jonathan Webb - Software TOTAL Capital contributions James Leona Brady TOTAL Details as shown on bank statement James Cross Leona Riley Brady Chan Drawings James Details as shown on bank statement James Cross Leona Riley Leona Brady TOTAL Brady Chan Ending bank balance (Receipts - Payments) (This should be the same as per the bank statement) Total GST Collected Total GST Paid Insurance expense - 3 months Prepaid Insurance - 9 months Total received Total paid

1 Great South Bank 2 BANK STATEMENT for NeoZone for Kids 3 4 Date 5 1/04/2022 6 1/04/2022 7 1/04/2022 8 1/04/2022 9 1/04/2022 Details Balance James Cross Eleanor Riley From: April 1 2022 To: June 30 2022 Debit Credit Balance $0.00 Cr $15,000.00 $15,000.00 Cr $10,000.00 $25,000.00 Cr Brady Chan $15,000.00 $40,000.00 Cr Sherville Realty - Rent $440.00 $39,560.00 Cr 10 1/04/2022 Team Insurance - Prepaid Insurance 1 year $1,650.00 $37,910.00 Cr 11 1/04/2022 Merrilee Kidstuff $5,830.00 $32,080.00 Cr 12 1/04/2022 13 1/04/2022 Puzzle Rugs KidsTown Co $3,993.00 $28,087.00 Cr $3,162.50 $24,924.50 Cr 14 2/04/2022 Work from Home Furniture $880.00 $24,044.50 Cr 15 1/04/2022 Jonathan Webb - Software $1,980.00 $22,064.50 Cr 16 1/04/2022 Sellit Online Advertising $154.00 $21,910.50 Cr 17 1/04/2022 Boxit Packaging Supplies - Packaging $829.40 $21,081.10 Cr 18 5/04/2022 Transfer from Shipit_Au $1,240.80 $22,321.90 Cr 19 18/04/2022 Transfer from Shipit_Au $2,904.00 $25,225.90 Cr 20 22/04/2022 21 28/04/2022 22 30/04/2022 23 30/04/2022 24 30/04/2022 25 30/04/2022 26 30/04/2022 27 1/05/2022 Transfer from Shipit_Au Transfer from Shipit_Au Harpo Delivery Service Telenet James Cross Leona Riley Brady Chan $1,784.20 $27,010.10 Cr $1,116.50 $28,126.60 Cr $148.50 $27,978.10 Cr $363.00 $27,615.10 Cr $500.00 $27,115.10 Cr $500.00 $26,615.10 Cr $500.00 $26,115.10 Cr 28 1/05/2022 Sherville Realty - Rent Sellit Online Advertising $440.00 $25,675.10 Cr $154.00 $25,521.10 Cr 29 5/05/2022 Transfer from Shipit_Au $1,702.80 $27,223.90 Cr 30 5/05/2022 Student - Accounting Fees $596.20 $26,627.70 Cr 31 6/05/2022 32 6/05/2022 33 10/05/2022 34 17/05/2022 April n Indie Toys $1,672.00 $24,955.70 Cr Transfer from Shipit_Au $818.40 $25,774.10 Cr Transfer from Shipit_Au $1,214.40 $26,988.50 Cr Transfer from Shipit_Au $1,133.00 $28,121.50 Cr 35 19/05/2022 Puzzle Rugs $1,485.00 $26,636.50 Cr 36 19/05/2022 Merrilee Kidstuff $2,464.00 $24,172.50 Cr 37 21/05/2022 Transfer from Shipit_Au $3,168.00 $27,340.50 Cr 38 24/05/2022 Transfer from Shipit_Au $837.10 $28,177.60 Cr 39 28/05/2022 Transfer from Shipit_Au $2,062.50 $30,240.10 Cr 40 31/05/2022 Telenet $357.50 $29,882.60 Cr 41 31/05/2022 Harpo Delivery Service $189.20 $29,693.40 Cr 42 31/05/2022 43 31/05/2022 44 31/05/2022 45 31/05/2022 James Cross $500.00 $29,193.40 Cr Leona Riley Brady Chan $500.00 $28,693.40 Cr $500.00 $28,193.40 Cr Transfer from Shipit_Au $1,727.00 $29,920.40 Cr 46 1/06/2022 47 1/06/2022 Sherville Realty - Rent $440.00 $29,480.40 Cr Sellit Online Advertising $220.00 $29,260.40 Cr 48 3/06/2022 49 10/06/2022 50 10/06/2022 Transfer from Shipit_Au April n Indie Toys Kids Town Co $3,363.80 $32,624.20 Cr $3,520.00 $29,104.20 Cr $2,249.50 $26,854.70 Cr 51 11/06/2022 52 15/06/2022 Transfer from Shipit_Au Transfer from Shipit_Au $1,592.80 $28,447.50 Cr $2,948.00 $31,395.50 Cr 53 17/06/2022 Transfer from Shipit_Au $2,673.00 $34,068.50 Cr 54 18/06/2022 Transfer from Shipit Au $3,237.30 $37,305.80 Cr 55 21/06/2022 Jonathan Webb - Website maintenance $462.00 $36,843.80 Cr 56 22/06/2022 Transfer from Shipit_Au $3,580.50 $40,424.30 Cr 57 25/06/2022 58 30/06/2022 Transfer from Shipit_Au Telenet $2,143.90 $42,568.20 Cr $387.20 $42,181.00 Cr 59 30/06/2022 60 30/06/2022 61 30/06/2022 62 30/06/2022 63 30/06/2022 Shipit Au - Order costs Harpo Delivery Service James Cross Leona Riley Brady Chan $785.40 $41,395.60 Cr $214.50 $41,181.10 Cr $500.00 $40,681.10 Cr $500.00 $40,181.10 Cr $500.00 $39,681.10 Cr A. Calculating amounts to be used in financial statements Receipts from sales Sales TOTAL A B Details as shown on bank statement Transfer from Shipit_Au Total received Amount net of GST (A × 10/11) с GST Collected Bx.1 Details as shown Payments for inventory and packaging on bank statement Total paid Amount net of GST GST Paid Purchases Merrilee Kidstuff Purchases Purchases Purchases Total Purchases Packaging TOTAL Kids Town Co Puzzle Rugs April n Indie Toys Boxit Packaging Supplies Payments for indirect costs/overheads Advertising Accounting Fees Rent Order costs Delivery costs Insurance Website maintenance Telephone and Internet TOTAL Details as shown on bank statement Sellit Online Advertising Student Accounting Fees Sherville Realty - Rent Shipit_Au - Order costs Harpo Delivery Service Team Insurance - Prepaid Insurance 1 year Jonathan Webb - Website maintenance Telenet Total paid Amount net of GST GST Paid Details as shown Payments for non-current assets on bank statement Total paid Amount net of GST GST Paid Furniture Software Work from Home Furniture Jonathan Webb - Software TOTAL Capital contributions James Leona Brady TOTAL Details as shown on bank statement James Cross Leona Riley Brady Chan Drawings James Details as shown on bank statement James Cross Leona Riley Leona Brady TOTAL Brady Chan Ending bank balance (Receipts - Payments) (This should be the same as per the bank statement) Total GST Collected Total GST Paid Insurance expense - 3 months Prepaid Insurance - 9 months Total received Total paid

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 1MC

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