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Assessment2-CaseStudy.docx

Assessment 2

Presented below are selected accounts from the adjusted trial balance ($ Millions) for San Pedro Industries for June 30 of the current year.

	Debit	Credit
Accounts Receivable—trade	$895
Building and Equipment	1425
Cash in bank—Operating	76
Interest Receivable	60
Installment receivables	120
Merchandise Inventory	100
Land	600
Notes receivable—Long term	475
Petty cash	12
Prepaid expenses current	46
Supplies	28
Patent	85
Accounts Payable—Trade		710
Accumulated Depreciation		375
Additional Paid in Capital		725
Allowance for Uncollectible Accounts		95
Cash Dividends Payable		50
Common Stock—$1 par value		90
Income tax payable		105
Notes payable—2 years		1000
Retained Earnings		85
Unearned Revenues—2 years		125
Cash Dividends Declared	200
Income Summary		762
TOTALS	$4122	$4122

Required:

a) Prepare a classified balance sheet using the account format for San Pedro Industries.

b) Prepare a classified balance sheet using the report format for San Pedro Industries.

c) Prepare a classified balance sheet in IFRS-acceptable format for San Pedro Industries.

Prepare journal entries to record current tax and deferred tax for the year ended 30 June 2015

Assessment Mapping Checklist Learner Name/ID: ___________________________________
Performance & Knowledge Evidence	C/NYC	Comments
Performance Evidence
· access and accurately compile data and prepare reports for corporate entities that comply with: · organisational policy and procedures
· relevant accounting standards
· statutory and other relevant requirements of reporting bodies.
Knowledge Evidence
· identify and explain current business taxation requirements
· identify and explain current financial legislation and statutory requirements relating to taxable transactions and reporting requirements
· discuss ethical considerations in relation to conflict of interest, confidentiality and disclosure requirements
· explain the key features of integrated computerised accounting systems
· describe a range of methods and formats for presenting financial data
· outline options, methods and practices for recording and reporting deductions, benefits and depreciation
· identify and describe the key requirements of organisational policy and procedures relating to the preparation of financial reports
· identify and explain the key principles of double-entry bookkeeping and accrual accounting
· identify and explain business legal requirements relating to delegated authorities, reporting periods and taxation payment timings.
Comments:
Signed by Learner: Date:	Signed by Assessor: Date: