Q1. Naming cells in spreadsheets
In a spreadsheet cell references can be replaced with names. Then the formula can use the names rather that cell references. Paste an example, using simple numbers, of Sales revenue less Expenses = Net Income.
Q2. Negative numbers
Create a simple spreadsheet example of Sales revenue less Expenses to give Net income where Expenses are greater than Sales revenue. Display the negative result in brackets. Also incorporate an IF functions.
Q3. Spreadsheet replication
How can spreadsheets be designed so as to save effort with using the same spreadsheet month after month? Give a simple spreadsheet example.
Q4. Worksheet and financial reports
Watch the Foot Worksheet video in Interact2 resources. Download the relevant doc file also in Interact2 resources. This doc file has a template of the example below.
A. Create a spreadsheet solution showing the data entry area, the worksheet and the financial reports.
B. Create a new set of data and reports. Change every number and enhance/improve the example to prepare a ten column spreadsheeted worksheet and the Financial Reports. Do not create journal entries or ledger accounts. Ensure your trial balance still balances after your data changes.
Follow the spreadsheet requirements including a separate data entry and report area and implement IF functions wherever appropriate. Paste two normal views and one formula view.
C. Write a business report pointing out that corporate spreadsheets sometimes contain errors. Use resources on the Internet to enhance your report.
Use the following resources to help you prepare and format your report:
https://bit.ly/FoBAcademic-Writing-Skills
unilearning.uow.edu.au/report/rep_business.html
IMAGE 1
Q5. Application of Inventory flow assumptions.
Create a well-designed spreadsheet to solve the following. Create a second version with the cost per unit decreasing during October. Paste the two solutions and one formula view. Highlight your changes.
| Madrid Ltd. - DATA INPUT |
| Date |
|
units |
cost per unit |
Oct-01
|
opening inventory |
85 |
$62 |
| Oct-03 |
purchase |
13 |
$67 |
| Oct-12 |
purchase |
32 |
$72 |
| Oct-18 |
purchase |
73 |
$76 |
| Oct-31 |
inventory on hand |
120 |
|
|
Sales revenue for Oct |
$26,000 |
|
Requirement 1- Determine the ending inventory and cost of goods sold amounts for the October financial statements using the average cost, LIFO and LIFO methods.
Requirement 2- Compute the gross profit for October using each method. Which method will give the lowest gross profit? Why?
Q6. Bank Reconciliation
A. Write a brief introductory scenario and create your own bank reconciliation spreadsheet. Use the text example on page 377 as a template but use your own numbers. Your spreadsheet will demonstrate all the usual spreadsheet requirements.
B. What is included as Cash in the Balance sheet? Reference your text (8th edition).
Q7. Percentage of sales method
Spreadsheet required.
Following are some selected transactions of D Mart (DM) during 2014 and 2015. Reporting date is 31 December. DM uses the allowance method and makes adjusting and closing entries on the reporting date.
Required:
1. Record the transactions in the general journal and post to the two ledger accounts. See the template below.
2. Open general ledger T accounts for Allowance for doubtful debts and Bad debt expense. All accounts begin with a zero balance.
3. The 31 December 2015 balance of Accounts receivable is $600,000. Show how Accounts receivable would be reported on the balance sheet at that date.
Here is a template for the data section of the spreadsheet showing the transactions.
D Mart (DM) - accounting for Bad Debts
Data-
2014 - 31-Dec: DM estimates that bad debt expense for the year was 6.0% on credit sales of $2,200,000 and recorded that amount as expense. Made a closing entry for bad debt expense.
2015 - 10-Jan: DM sold $9,000 of inventory to Mills $ Brown (MB) on account (ignore cost of sales).
20-Jun: DM wrote off the receivables from MB after repeated efforts to collect.
25-Jul: DM also failed to collect $12,000 receivables from BK and $11,000 from MM and could see no hope of collecting them.
15-Aug: DM received an apology letter for paying late and $9,000 from MB.
31-Dec: DM estimates that bad debt expense for the years was 5.0% on credit sales of $2,000,000 and recorded that amount as expense. Made a closing entry for bad debt expense. The balance of Accounts Receivable is $600,000.
Q8. Work Integrated Assessment case study
Qantas Annual Report
Learning Objectives: The subject you are studying is vocational. It is designed with the workplace in mind. Work integrated assessment provides opportunities for students to link theory and skills learned in a subject to a real work context. Students can use these opportunities to develop and practice the professional and academic skills they learn about in a subject or through the online environment and then be assessed on their capabilities in these simulated authentic environments. Work integrated assessment allows students to simulate and situate their learning in an authentic workplace that encourages them to explore their knowledge and apply it to practice. Integrating real world, authentic assessment tasks allows students to learn about the particular environments and culture of their chosen professions, while at the same time absorbing and practicing the skills they need to succeed. Doing these tasks can help students develop skills that can help their employability.
Resources for this task include the 2015 Annual Report for Qantas.
Your friend Tom is studying architecture at another University and knows very little about accounting and annual reports. Tom's uncle gave him $30,000 recently to invest. Tom knows you have begun studying accounting and is considering buying Qantas shares. Tom has some questions for you.
Present your answers concisely in a business report format.
Tom's questions:
1. How many shareholders does Qantas have?
2. What are the total revenues for 2015?
3. Identify the amounts and explain: Intangible Assets, Revenue received in advance, Retained Earnings.
4. Calculate the Working Capital ratio.
5. Using any data from the annual report, create a chart in Excel showing 3D columns and another showing a line graph. Paste the spreadsheet graphs in your assignment. Show the data area.
6. Summarise your advice to Tom re the investment decision.
Find the Qantas 2015 Annual Report on the web.
Attachment:- IMAGE 1.rar