SITXFIN002 ASSESSMENT 3 PROJECT COMPLETE
P&L ENHANCE COLLEGE Quarterly Profit & Loss Statement Period Jul20 to Sep20 Jul-20Aug-20Sep-20Qtr TotalBudgetVariance Trading Days26272679790 Lunch Covers1,8591,8252,0455,7295,800-71 Food Revenue22,86621,44625,97070,28274,000-3,718 Beverage Revenue6,5075,8597,66820,03421,000-966 Total Lunch Revenue29,37233,63990,31695,000-4,684 Dinner Covers1,4531,3161,3524,122-78 Food Revenue21,29218,28321,48361,05863,500-2,442 Beverage Revenue7,6016,4505,54319,59421,000-1,406 Total Dinner Revenue28,89424,73227,02680,65284,500-3,848 Total Food Revenue44,15839,72947,454131,340137,500-6,160 Total Beverage Revenue14,10812,30913,21239,62842,000-2,372 Art Income350100450900750150 Other Income3564756451,476926550 Total Revenue58,97252,612173,344181,176-7,832 Cost of Food11,70226.5%9,93225.0%12,67026.7%34,30426.1%34,37525.0%-71-1.1% Cost of Beverage4,02128.5%3,44628.0%3,83129.0%11,29828.5%11,76028.0%-462-0.5% Cost of art sales17550.0%5050.0%22550.0%45050.0%37550.0%750.0% Cost of other income16446.0%22848.0%28444.0%67645.8%32435.0%351-10.8% Total Cost of Sales16,06113,65726.0%17,01027.5%46,72827.0%46,83425.9%-106-1.1% Expenses Merchant fees11810512434730047 Depreciation000000 Linen166157170493500-7 Contract cleaning5005005001,5001,5000 Advertising1,100001,100750350 Repairs & Maintenance038503850385 Printing Materials0025025020050 Rent (incl Utilities)2,4502,4502,4507,3507,3500 Superannuation2,3772,4692,7587,6038013-410 Salaries & Wages25,02342%25,98649%29,02780,03746%84,35047%-4,313 Other employer expenses025002500250 Total Expenses31,73454%32,30261%35,27857%99,31457%102,96357%-3,649 Profit/(Loss)11,17619.0%6,65412.6%9,47115.3%15.7%31,37917.3%-4,077 Employees (Hours) F/T Chef171178171519.8 Casual Chef788178237.0 Shift Leader/Manager171178171519.8 Floor Staff (Casual)5205407021,762.0 Average Customer Spend Lunch15.8016.4515.7616.38-0.61 Dinner19.8818.7919.9919.57-0.55 Covers per labour hour3.223.033.24 Balance Sheet ENHANCE COLLEGE Balance Sheet Assets Current Assets Petty Cash100 Float500 Cash at Bank66,443 Inventory15,650 Accounts Receivable1,000 Total current assets Long term assets Equipment55,000 Total long term assets55,000 Total Assets138,693 Liabilities Current Liabilities Accounts Payable GST Collected16,879 GST Paid-5,360 Superannuation7,603 PAYG Payable3,250 Total current assets36,391 Long term liabilities Bank loan25,000 Total long term liabilities25,000 Total Liabilities61,391 Owners equity Owners Equity0 Owners Capital50,000 Retained Earnings Control-0 Trial Balance ENHANCE COLLEGE Trial Balance as at 30 September 2020 AccountDRCR 101Petty Cash100 102Float500 103Cash at Bank66,443 104Inventory15,650 105Accounts Receivable1,000 106Equipment 201Accounts Payable14,018 202GST Collected16,879 203GST Paid5360 204Superannuation7,603 205PAYG Payable3,250 206Bank loan25,000 301Owners Equity 302Owners Capital50,000 401Food revenue 402Beverage revenue39,628 403Art income900 404Other income1,476 501Cost of Food34,304 502Cost of Beverage11,298 503Cost of art sales450 504Cost of other income676 601Merchant fees347 602Depreciation 603Linen493 604Contract cleaning1,500 605Advertising1,100 606Repairs & Maintenance385 607Printing Materials250 608Rent (incl Utilities)7,350 609Superannuation7,603 610Salaries & Wages 611Other employer expenses250 701Interest0 290095.330438290095.3333975 Control-0.00 Journal entry DateCodeAccount NameDebitCredit 9/30/20 501Cost of Food 104Inventory12,670 Cost of food for Sep20 DateCodeAccount NameDebitCredit 9/30/20 Cost of Beverage3,831 104Inventory Cost of Beverage for Sep20 P&L ENHANCE COLLEGE Quarterly Profit & Loss Statement Period Jul20 to Sep20 Jul-20Aug-20Sep-20Qtr TotalBudgetVariance Trading Days26272679790 Lunch Covers1,8591,8252,0455,7295,800-71 Food Revenue22,86621,44625,97070,28274,000-3,718 Beverage Revenue6,5075,8597,66820,03421,000-966 Total Lunch Revenue29,37233,63990,31695,000-4,684 Dinner Covers1,4531,3161,3524,122-78 Food Revenue21,29218,28321,48361,05863,500-2,442 Beverage Revenue7,6016,4505,54319,59421,000-1,406 Total Dinner Revenue28,89424,73227,02680,65284,500-3,848 Total Food Revenue44,15839,72947,454131,340137,500-6,160 Total Beverage Revenue14,10812,30913,21239,62842,000-2,372 Art Income350100450900750150 Other Income3564756451,476926550 Total Revenue58,97252,612173,344181,176-7,832 Cost of Food11,70226.5%9,93225.0%12,67026.7%34,30426.1%34,37525.0%-71-1.1% Cost of Beverage4,02128.5%3,44628.0%3,83129.0%11,29828.5%11,76028.0%-462-0.5% Cost of art sales17550.0%5050.0%22550.0%45050.0%37550.0%750.0% Cost of other income16446.0%22848.0%28444.0%67645.8%32435.0%351-10.8% Total Cost of Sales16,06113,65726.0%17,01027.5%46,72827.0%46,83425.9%-106-1.1% Expenses Merchant fees11810512434730047 Depreciation000000 Linen166157170493500-7 Contract cleaning5005005001,5001,5000 Advertising1,100001,100750350 Repairs & Maintenance038503850385 Printing Materials0025025020050 Rent (incl Utilities)2,4502,4502,4507,3507,3500 Superannuation2,3772,4692,7587,6038013-410 Salaries & Wages25,02342%25,98649%29,02780,03746%84,35047%-4,313 Other employer expenses025002500250 Total Expenses31,73454%32,30261%35,27857%99,31457%102,96357%-3,649 Profit/(Loss)11,17619.0%6,65412.6%9,47115.3%15.7%31,37917.3%-4,077 Employees (Hours) F/T Chef171178171519.8 Casual Chef788178237.0 Shift Leader/Manager171178171519.8 Floor Staff (Casual)5205407021,762.0 Average Customer Spend Lunch15.8016.4515.7616.38-0.61 Dinner19.8818.7919.9919.57-0.55 Covers per labour hour3.223.033.24 Balance Sheet ENHANCE COLLEGE Balance Sheet Assets Current Assets Petty Cash100 Float500 Cash at Bank66,443 Inventory15,650 Accounts Receivable1,000 Total current assets Long term assets Equipment55,000 Total long term assets55,000 Total Assets138,693 Liabilities Current Liabilities Accounts Payable GST Collected16,879 GST Paid-5,360 Superannuation7,603 PAYG Payable3,250 Total current assets36,391 Long term liabilities Bank loan25,000 Total long term liabilities25,000 Total Liabilities61,391 Owners equity Owners Equity0 Owners Capital50,000 Retained Earnings Control-0 Trial Balance ENHANCE COLLEGE Trial Balance as at 30 September 2020 AccountDRCR 101Petty Cash100 102Float500 103Cash at Bank66,443 104Inventory15,650 105Accounts Receivable1,000 106Equipment 201Accounts Payable14,018 202GST Collected16,879 203GST Paid5360 204Superannuation7,603 205PAYG Payable3,250 206Bank loan25,000 301Owners Equity 302Owners Capital50,000 401Food revenue 402Beverage revenue39,628 403Art income900 404Other income1,476 501Cost of Food34,304 502Cost of Beverage11,298 503Cost of art sales450 504Cost of other income676 601Merchant fees347 602Depreciation 603Linen493 604Contract cleaning1,500 605Advertising1,100 606Repairs & Maintenance385 607Printing Materials250 608Rent (incl Utilities)7,350 609Superannuation7,603 610Salaries & Wages 611Other employer expenses250 701Interest0 290095.330438290095.3333975 Control-0.00 Journal entry DateCodeAccount NameDebitCredit 9/30/20 501Cost of Food 104Inventory12,670 Cost of food for Sep20 DateCodeAccount NameDebitCredit 9/30/20 Cost of Beverage3,831 104Inventory Cost of Beverage for Sep20