$

Accounts payable .........................................................................

22 000
Accounts receivable .....................................................................
11 000
Accumulated depreciation (buildings) .......................................
119 000
Accumulated depreciation (equipment) .......................................
45 000
Buildings ....................................................................................
412 000
(Total
marks 20)
Cash..............................................................................................
16 000
Below
are account
balances, cash receipts and payments and other data for X Limited, a
Contributed
capital.....................................................................
company
300 000
that distributes chemical supplies, for the financial year that ended 30 June 2012 and 30
Cost of goods sold......................................................................
June 2013.
146 000
2012
2013
Dividends (declared and paid)......................................................
17 000
Equipment .................................................................................. $
10500
245 000
General and administrative expenses........................................... 15000
125000
96 000
60000
Income tax expense......................................................................
450000
14 000
20000
Income tax
300000
payable......................................................................... 6 000
150000
Interest expense............................................................................
12000
25 000
Interest payable ............................................................................ 250000
90000
14 000
20000
Land..............................................................................................
5000
35 000
Long-term investments................................................................. 30000
10000
35 000
40000
Merchandise inventory.................................................................
50000
62 000
Loans, current portion .................................................................. 70000
15000
10 000
290000
Loans, non-current .....................................................................
5000
278 000
37000
Prepaid
400000
insurance ........................................................................... 7 000
35000
Retained earnings, beginning balance..........................................
15000
25 000
Sales revenue.............................................................................. 15000
14500
357 000
Selling expenses...........................................................................
47 000
Supplies........................................................................................
13 000
Trademarks...................................................................................
13 000
Wages payable..............................................................................
18 000

You are required to:

3.0 Successfully used but not properly classified

account
balances for the preparation of statement of
a) Prepare a classified statement
financial of financial performance for 2012 and 2013 (Marks
2.0
Partially completed statement of financial
4)
performance.
performance but
b) Prepare a classified statement
of financial
position
for classification
2012 and 2013
provided little
evidence
of proper
of (Marks 4)
c) From the companys account
financial statements, calculate the following ratios for the two
1.0
Little evidence of understanding of the
balances.
preparation of
years:
(Marks 4)
statement of financial performance.
i) Return on Assets0.0 Does not show any evidence of the preparation of
statement
ii) ratio
of financial performance
Return
on
Equity
iii)B: Preparation
Net Margin
Part
4.0 Successfully used and properly classified account
ratio
iv)
Quick
ratio
of
balances
classified
statement
for the preparation of the statement of financial position.
v) Current ratio
3.0 Successfully used but not properly classified
of
vi)
Asset
turnover
account
financial position
ratio
balances
forfor
the preparation of the statement of
vii) Average settlement
period
financial
debtors
2.0
Partially completed the statement of financial
position.
viii) Average settlement
period for
position but
creditors
provided little
evidence
proper classification
d) Provide
a report to management
of X
Limited of
Company
giving adviceofbased on your
account
results
from the ratios
(Word limit 500
and Marks
1.0
Little evidence of understanding
thewords
preparation
of 4)
balances.
above.
statement
of financial position.
0.0 Does not show any evidence of the preparation of
Assignment Marking Criteria:
statement
of financial
position
The following marking criteria
will be
a guide for grading your
Part C: Calculating ratios
You have to calculate total 16 ratios (8 ratios X 2
assignment.
from
the
be given
0.25 marks
for successfully
years).
You will get will
Each
member
a mark
for group
participation
(max 4 calculating
marks) pluseach
the
financial
ratio.
marks
for the
statementsAs this is a group assignment, the contributions by each member will
assignment.
Part to
D: be
Analytical skills;
4.0 Shows excellent analytical skills and is able to
need
organizing,
information
in a highly
organised and
professional
present
made very clear and will be considered
for assessment.
If any
individual fails to
managing
manner.
demonstrate
to collect,
organize
and presenting
his/her
contribution to 3.0
theShows
groupability
assignment,
he/she
will and
not present
be eligible for marks
information
in
information
for the
a
cohesive
manner.
Group
4.0
Individual
group member demonstrates
assignment.
2.0
Shows
ability
to collect, organize and present
Participation
their full
information.
participation in the preparation of the
1.0
Shows
little
ability
to collect,
organize and
2.0
Individual
group
member
demonstrates
their
assignment.
present
partial
information.
participation in the preparation of the assignment.
0.0
no analytical
0.0 Shows
No evidence
of group
skills.
participation.
Part A: Preparation
4.0 Successfully used and properly classified account
of
balances
classified statement for the preparation of a statement of financial
of
performance.
financial
performance