Financial Accounting Assignment

aigrette_financial_statement.xlsx

Aigrette

Aigrette Company					Aigrette Company
Statement of Comprehensive Income as at 31 December					Statement of Financial Position 30 December
Current GAAP					Current GAAP
	20X1	20X2	20X3		20X1	20X2	20X3
Income	111,111.00	222,222.00	333,333.00	Closing Stock	444,444.00	355,556.00	355,556.00
Rental Income	3,000.00	12,000.00	10,000.00	Other Assets	200,399.80	480,076.50	788,165.10
				Tax Due	11,411.10	23,422.20	34,333.30
Total Income before Tax	114,111.00	234,222.00	343,333.00	Current Liabilities	12,000.00	10,000.00	- 0
Tax	- 11,411.10	- 23,422.20	- 34,333.30		668,254.90	869,054.70	1,178,054.40
Net Income after Tax	102,699.90	210,799.80	308,999.70
				Non - Current Liabilities	10,000.00	- 0	- 0
				Retained Earnings	655,554.90	855,554.70	1,155,554.40
				Accumulated OCI	2,700.00	13,500.00	22,500.00
					668,254.90	869,054.70	1,178,054.40
Aigrette Company
Statement of Changes in Equity as at 31 December
Current GAAP
	20X1	20X2	20X3
At the start of the year	555,555.00	658,254.90	869,054.70
Total Income/Loss	102,699.90	210,799.80	308,999.70
At the end of the year	658,254.90	869,054.70	1,178,054.40
	658,254.90	869,054.70	1,178,054.40

Other Assets	This is a balancing figure on the balance sheet
Closing Stock	20X2	Impaired stock of 88, 888 decuted from original closing stock to give 355, 556
	20X3	Stock remains as per question and impairment in 20X2
Current Liabilities	20X1	12, 000 - Amount of rent to be invoiced in 20X2
	20X2	10, 000 - Amount of rent to be invoiced in 20X3
	20X3	There are no current liabilities since client is not obliged to continue in tenancy
Non - Current Liabilities	Amounts due to be invoiced after more than 12 months of the accounting period
	20X1	10, 000 to be invoiced in 20X3 as per above rule
Retained Earnings	Breakdown as per statement of changes in equity
Rental Income	20X1	Invoiced 3 months to December 20X1 at 1, 000 per month
	20X2	Invoiced 12 months to December 20X1 at 1, 000 per month
	20X3	Invoiced 10 months to October 20X1 at 1, 000 per month

Aigrette Company					Aigrette Company
Statement of Comprehensive Income as at 31 December					Statement of Financial Position 30 December
FASB - Fantasy GAAP					FASB - Fantasy GAAP
	20X1	20X2	20X3		20X1	20X2	20X3
Income	111,111.00	222,222.00	333,333.00	Closing Stock	444,444.00	355,556.00	355,556.00
Rental Income	25,000.00	- 0	- 0	Other Assets	200,199.80	467,076.50	733,665.10
				Tax Due	11,411.10	23,422.20	34,333.30
Total Income before Tax	136,111.00	222,222.00	333,333.00	Current Liabilities	- 0	- 0	- 0
Tax	- 13,611.10	- 22,222.20	- 33,333.30		656,054.90	846,054.70	1,123,554.40
Net Income after Tax	122,499.90	199,999.80	299,999.70
FASB GAAP Revenue	- 22,000.00	- 10,000.00	- 0	Non - Current Liabilities	- 0	- 0	- 0
				Retained Earnings	633,554.90	846,054.70	1,123,554.40
Net Income	100,499.90	189,999.80	299,999.70	Accumulated OCI	22,500.00	- 0	- 0
					656,054.90	846,054.70	1,123,554.40
Aigrette Company
Statement of Changes in Equity as at 31 December
FASB - Fantasy GAAP
	20X1	20X2	20X3
At the start of the year	555,555.00	656,054.90	846,054.70
Total Income/Loss	100,499.90	189,999.80	299,999.70
At the end of the year	656,054.90	846,054.70	1,146,054.40
	656,054.90	846,054.70	1,146,054.40

Other Assets	This is a balancing figure on the balance sheet
Closing Stock	20X2	Impaired stock of 88, 888 decuted from original closing stock to give 355, 556
	20X3	Stock remains as per question and impairment in 20X2
Current Liabilities	20X1	None since all income realised in 20X1
	20X2	None since all income realised in 20X1
	20X3	None since all income realised in 20X1
Non - Current Liabilities	Amounts due to be invoiced after more than 12 months of the accounting period
	20X1	None since all income realised in 20X1
Retained Earnings	Breakdown as per statement of changes in equity
Rental Income	20X1	Realised entire amount of 25, 000
	20X2	None since all was realised in 20X1
	20X3	None since all was realised in 20X1