Tutorial 1 - Templates for textbook questions E1.9 (a) Wellington Wall Coverings Pty Ltd Statement of profit or loss for the year ended 31 July 2021 Revenue Cost of sales Gross profit 40000 Other revenue Rent Revenue Expenses: 40000 Salaries exp Depr exp 7000 Other expenses 38000 Total expenses Profit Wellington Wall Coverings Pty Ltd Calculation of retained earnings for the year ended 31 July 2021 ACCT1110 $ $ 100000 60000 50000 85000 5000 $ Retained earnings at 1 August 2020 3000 Add: Profit 5000 Retained earnings at 31 July 2021 8000 1
Tutorial 1 - Templates for textbook questions (b) Wellington Wall Coverings Pty Ltd Statement of financial position as at 31 July 2021 $ $ Current assets: Cash Inventory Total current assets Non-current assets: Land Building Less: Accumulated depreciation Total non-current assets Total Assets Current liabilities: Accounts payable 11000 Rent received in advance 2000 Total current liabilities 13000 Non-current liabilities Bank loan Total non-current liabilities Total liabilities Net Assets Equity Share capital 160000 Retained earnings 8000 Total equity 168000 140000 14000 1100000 120000 126000 110000 ACCT1110 $ 25000 20000 45000 246000 291000 123000 168000 2
Tutorial 1 - Templates for textbook questions E1.10 (a) Bear Pty Ltd Statement of profit or loss for the year ended 30 June 2023 Revenue Less Cost of sales 84000 GROSS PROFIT Add Other Revenues Rent Revenue Less Other Expenses Salaries Expense 56000 Other Expenses 53200 Depreciation Expense 9800 Total Expenses NET PROFIT (b) Bear Pty Ltd Calculation of retained earnings for the year ended 30 June 2023 Retained earnings at 1 August 2022 Add: Profit 7000 Retained earnings at 31 July 2023 11200 $ ACCT1110 $ 140000 56000 70000 119000 7000 $ 4200 3