For Assessment 1 - Financial Statements Part A you are required to develop a Statement of Financial...

Question

For Assessment 1 - Financial Statements Part A you are required to develop a Statement of Financial Position (Opening Balance Sheet) and Cash Flow Statement for a farm business with three or four enterprises (depending on the case study you have been allocated. You have been allocated one of three case studies by your subject coordinator as the basis for undertaking Assessment 1.

PLEASE read thoroughly the Assessment item descriptions in the"Subject Outline"

Below is the"Rivers Run" case study,you will see this referred tothough out the subject as a means to demonstrate accounting principles and key management concepts.

Rivers Run Interact_with graph.xlsx

To access these files just click on the link above. You will be given the option to "open file" or "save" to a location of your choice.

Note the Rivers Run Spreadsheet is not password protected so you may use it to see the formulas and other links that create an integrated workbook. Please examine this file carefully and think through the formulae and linkages. You are required to develop a similar model using the details in your allocated case study.

If you have a query about a formula or how it works please ask this in the relevant discussion thread or during an onlinemeeting or tutorial (if time permits).

There are many ways to achieve the same thing in Excel. You might find a better approach to calculate the same numbers.

As a general principle please build a professional model, identifying input cells and only entering given figures once will help to keep track of the linkages.

You mayalso:

Internal Students

Make an appointment to see Graeme Anderson ([email protected]) or Christine Storer ([email protected]);

If there is a small group you may be able to have a discussion with Graeme or Christine, please coordinate with us

OnlineStudents

Make an appointment to discuss your assessmentwith Katrina Durham ([email protected]) or;

If there is enough students interested, I can run separate online meeting to discuss the assessment

aht231agb533-case-study-22020-1ebjkkxb.pdf aht231agb533-case-study-2a1-answers-shkyl0yw.pdf rivers-run-interactwith-graph1-v2xsk3vg.xlsx aht231202030wi-version1-phajrgfh.pdf easts82692722920355a1-aht231-rtrggwbn.xlsx

Charanjeet · Accepted Answer

Sheet1
OpenPos
		STATEMENT OF POSITION (BALANCE SHEET)
		ALDENVALE AS ON 01.01.2020
		ASSETS
		Current Assets				$
		Bank		11,000
		Accounts Receivable:
		  - Western Wool Buyers	5,300
		  - Graaincorp (Wheat)	113,790
				119,090
		Livestock:
		  - Cow 
		  - Bulls 
		  - Heifer Yearlings
		  - Steer Yearlings 
			79930	79,930
		Sheeps:
		  - Ewes 
		  - Rams 
		  - Hoggets 
			36,750	36,750
		   Pasture and Fertilizers		11865
		Grain 		5,250
					263,885
		Non-Current Assets
		Land ($5600/ha for 1175 hectres)	6,580,000
		Sheep Breading	300,150
		Fixed term Deposit	30,000
		Cattle Breeding	250,200
		Vehicles	92,875
		Plant and Machinery	214,248
		Structures	398,565
		Fixed Improvements
					7,866,038
		Total Assets				8,129,923
		LIABILITIES
		Current Liabilities
		Accounts Payable:
		- Orange Rural	11,865
		  - ATO (GST)	12,730
				24,595
		Non-Current Liabilities
		Property Development Loan		337,000
					361,595
		NET ASSETS				7,768,328
		Represented By:
		OWNER'S EQUITY
		Balance as at 1-7-X5				7,768,328
CashMth
					CASH FLOW STATEMENT for 						
					ALDENVALE AS ON 01.01.2020
			JAN	FEB	MARCH	APRIL	MAY	JUNE	JULY	AUGUST	SEPT	OCTOBER	NOV	DEC	  TOTAL		GST
		RECEIPTS													$
		CROP SALES													
		Wheat												107,200	107,200		Y
		LIVESTOCK SALES
		Cattle	2,025							1,500	17,472	32,403	28,350		81,750		Y
		Sheep			11,040	1,400		43,990				27,768	47,282	82,775	214,255		Y
		WOOL SALES											53,035		53,035		Y
		ACCOUNTS RECEIVABLE
		Western Wool Buyers			5,300										5,300		Y
		Graaincorp (Wheat)		113,790											113,790		Y
		OTHER RECEIPTS
		-interest			244			244			244			325	1,057		N
		-machinery				5,200				17,800			43,000		66,000		Y
		-fixed deposit													- 0		N
		GST Component	203	11,379	1,634	660	- 0	4,399	- 0	1,930	1,747	6,017	17,167	18,998	64,133
		GST REFUND													- 0
		TOTAL RECEIPTS	2,228	125,169	18,218	7,260	- 0	48,633	- 0	21,230	19,463	66,188	188,834	209,298	706,520
			JAN	FEB	MARCH	APRIL	MAY	JUNE	JULY	AUGUST	SEPT	OCTOBER	NOV	DEC	  TOTAL
		PAYMENTS
		CROPS & PASTURE	
		Wheat	25,500	6,129		20,719	21,908	13,473			6,293	705		42,500	137,227		Y
		Pasture			14,560	1,560					689				16,809		Y
		LIVESTOCK
		cattle	615	589	1,700		3,698			1,175	344		923	440	9,484		Y
		Sheep	230	840	12,000	142		210			9,809	1,402	1,325	1,910	27,868		Y
		OTHER CASH COSTS
		Fuel & Oil	215	196	182	154	124	490	165	152	124	125	345	385	2,657		Y
		Repairs & Maint.													
		   -Plant & Machinery	245	452	750	985	354	201	230	150	85	540	210	189	4,391		Y
		   -Structures	230	350			720	550		240	320			110	2,520		Y
		Permanent Labour	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	120,000
		Rent & Rates			2,650				450						3,100		Y
		Regn. & Insurance			720					890			1,220		2,830		Y
		Tele,Post,Travel	35	75	65	45	30	72	52	45	80	38	62	195	794		Y
		Accountant					1,550								1,550		Y
		Bank Charges	12	15	25	10	8	16	17	10	9	18	13	17	170
		Interest-loan			2,673			2,485			2,306			2,137	9,601
		Interest-overdraft @ 9.25%		6,502		1,542	10,608	16,741	29,722	39,164	73,154	83,015	85,876	77,825	424,151
		Miscellaneous						120,000	55,000	250,000					425,000		Y
		TOTAL OP. CASH COSTS	37,082	25,148	45,325	35,157	49,000	164,238	95,636	301,826	103,213	95,843	99,974	135,708	1,188,152
	
			JAN	FEB	MARCH	APRIL	MAY	JUNE	JULY	AUGUST	SEPT	OCTOBER	NOV	DEC	  TOTAL
		CAPITAL COSTS
		Livestock Purchases			2,500	38,490									40,990
		Plant, Vehicles & Machinery				25,560				55,000					80,560		Y
		Fixed Improvements	5,500				12,190								17,690		Y
		Investments									10,000				10,000
		Loan Repayments			10,621			10,285			9,960			9,645	40,511
		Accounts Payable	11,865												11,865		Y
		Miscellaneous															Y
		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	4,444	863	3,263	4,917	4,057	13,500	5,590	30,765	1,774	281	409	4,573	74,435
		GST Paid 	12,730												12,730
		TOTAL PAYMENTS	72,774	27,069	62,694	105,274	66,302	188,963	102,076	388,694	126,068	97,114	101,802	151,776	1,490,606
		SURPLUS/DEFICIT	(70,546)	98,100	(44,476)	(98,014)	(66,302)	(140,330)	(102,076)	(367,464)	(106,605)	(30,926)	87,031	57,521	-   784,086
		BALANCE IN BANK
		Opening Balance
		$250	-   70,296	27,804	-   16,672	-   114,686	-   180,988	-   321,318	-   423,393	-   790,857	-   897,462	-   928,388	-   841,357	-   783,836
		GST RECONCILIATION	1ST QUARTER			2ND QUARTER			3RD QUARTER			4TH QUARTER
			Received	13,216		Received	5,059		Received	3,677		Received	42,181
			Paid	8,569		Paid	22,474		Paid	38,129		Paid	5,262			
			Pay(Refund)	4,646		Pay(Refund)	(17,415)		Pay(Refund)	(34,452)		Pay(Refund)	36,919
	
		NB
		- 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 $ 790 GST paid in January was the GST owing to the Australian Taxation Office applicable to the last quarter of 20X5.
		- The $ 16 753 GST payable for the final quarter of the current 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 current year it will represent a current liability at the end of the year.
Graphs
		Graph for receipts:
		Months	JAN	FEB	MARCH	APRIL	MAY	JUNE	JULY	AUGUST	SEPT	OCTOBER	NOV	DEC
		Receipts	2,228	125,169	18,218	7,260	- 0	48,633	- 0	21,230	19,463	66,188	188,834	209,298
		Graph for payment
		Months	JAN	FEB	MARCH	APRIL	MAY	JUNE	JULY	AUGUST	SEPT	OCTOBER	NOV	DEC
		Payment	37,082	25,148	45,325	35,157	49,000	164,238	95,636	301,826	103,213	95,843	99,974	135,708
		Graph for monthly cash flow
		Months	JAN	FEB	MARCH	APRIL	MAY	JUNE	JULY	AUGUST	SEPT	OCTOBER	NOV	DEC
		Monthly cash flow	-   70,546	98,100	-   44,476	-   98,014	-   66,302	-   140,330	-   102,076	-   367,464	-   106,605	-   30,926	87,031	57,521
Receipts	JAN	FEB	MARCH	APRIL	MAY	JUNE	JULY	AUGUST	SEPT	OCTOBER	NOV	DEC	2227.5	125169	18218	7260	0	48633	0	21230	19463.2	66188.1	188833.7	209297.5	
Payment	JAN	FEB	MARCH	APRIL	MAY	JUNE	JULY	AUGUST	SEPT	OCTOBER	NOV	DEC	37082	25148.38	45325	35157.17665	49000.441740125	164238.362101087	95635.8835954371	301825.875078015	103213.302022731	95843.218459834	99973.8844173687	135708.487725975	
Monthly cash Flow
Monthly cash flow	JAN	FEB	MARCH	APRIL	MAY	JUNE	JULY	AUGUST	SEPT	OCTOBER	NOV	DEC	-70546	98099.52	-44475.7	-98013.67665	-66301.841740125	-140329.962101087	-102075.583595437	-367464.075078015	-106604.502022731	-30926.118459834	87031.3155826313	57521.1122740247	
CashQtr
			CASH FLOW STATEMENT for ALDENVALE
			 for the Period 1.1.2019 TO 31.12.2019
		
			  1ST QRT	  2ND QRT	  3RD QRT	  4TH QRT	  TOTAL
		RECEIPTS	$	$	$	$	$
		CROP SALES	0	0	0	0	0
		Wheat	0	0	0	107200	107200
		LIVESTOCK SALES	0	0	0	0	0
		Cattle	2025	0	18972	60753	81750
		Sheep	11040	45390	0	157825	214255
		WOOL SALES	0	0	0	53035	53035
		ACCOUNTS RECEIVABLE	0	0	0	0	0
		Western Wool Buyers	5300	0	0	0	5300
		Graaincorp (Wheat)	113790	0	0	0	113790
		OTHER RECEIPTS	0	0	0	0	0
		-interest	244	244	244	325	1057
		-machinery	0	5200	17800	43000	66000
		-fixed deposit	0	0	0	0	0
		GST Component	13215.5	5059	3677.2	42181.3	64133
		GST REFUND	0	0	0	0	0
		TOTAL RECEIPTS	145614.5	55893	40693.2	464319.3	706520
			0	0	0	0	0
			0	0	0	0	0
		PAYMENTS	0	0	0	0	0
		CROPS & PASTURE	0	0	0	0	0
		Wheat	31629	56100	6293	43205	137227
		Pasture	14560	1560	689	0	16809
		LIVESTOCK	0	0	0	0	0
		cattle	2904	3698	1519	1363	9484
		Sheep	13070	352	9809	4637	27868
		OTHER CASH COSTS	0	0	0	0	0
		Fuel & Oil	593	768	441	855	2657
		Repairs & Maint.	0	0	0	0	0
		   -Plant & Machinery	1447	1540	465	939	4391
		   -Structures	580	1270	560	110	2520
		Permanent Labour	30000	30000	30000	30000	120000
		Rent & Rates	2650	0	450	0	3100
		Regn. & Insurance	720	0	890	1220	2830
		Tele,Post,Travel	175	147	177	295	794
		Accountant	0	1550	0	0	1550
		Bank Charges	52	34	36	48	170
		Interest-loan	2673	2485	2306	2137	9601
		Interest-overdraft @ 9.25%	6502	28892	142040	246717	424151
		Miscellaneous	0	120000	305000	0	425000
		TOTAL OP. CASH COSTS	107555	248396	500675	331526	1188152
			0	0	0	0	0
			0	0	0	0	0
		CAPITAL COSTS	0	0	0	0	0
		Livestock Purchases	2500	38490	0	0	40990
		Plant, Vehicles & Machinery	0	25560	55000	0	80560
		Fixed Improvements	5500	12190	0	0	17690
		Investments	0	0	10000	0	10000
		Loan Repayments	10621	10285	9960	9645	40511
		Accounts Payable	11865	0	0	0	11865
		Miscellaneous	0	0	0	0	0
		PERSONAL COSTS	0	0	0	0	0
		Drawings	3196	3144	3073	4260	13673
		GST	0	0	0	0	0
		GST Component	8569	22474	38129	5262	74435
		GST Paid 	12730	0	0	0	12730
		TOTAL PAYMENTS	162537	360538	616837	350693	1490606
		SURPLUS/DEFICIT	-16922	-304645	-576144	113626	-784086
		BALANCE IN BANK	0	0	0	0	0
		Opening Balance	0	0	0	0	0
		$250	-16672	-321318	-897462	-783836
		GST RECONCILIATION	  1ST QRT	  2ND QRT	  3RD QRT	  4TH QRT	  TOTAL
		Received	13215.5	5059	3677.2	42181.3
		Paid	8569.3	22473.5	38129.3	5262.4
		Pay(Refund)	4646.2	-17414.5	-34452.1	36918.9
		NB
		- 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 $ 790 GST paid in January was the GST owing to the Australian Taxation Office applicable to the last quarter of 20X5.
		- The $ 16 753 GST payable for the final quarter of the current 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 current year it will represent a current liability at the end of the year.

For Assessment 1 - Financial Statements Part A you are required to develop a Statement of Financial Position (Opening Balance Sheet) and Cash Flow Statement for a farm business with three or four...

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