Last Question... How the **** do you get cost of sales?

[Stormer]

I said that Sales are the crux of the business providing all its revenue, everything else is in relation to sales. Also said that Accountant would not know as much as the owner about Sales as he/she would not be as knowledgable about the market as the owner. I think my second point is mute though.

[_avO]

what did you guys get for acc. depn and depn for the first question?

and did you guys get a negative bank at end figure for the cash flow statement?

I got positive bank, but might be consequential (think i screwed up account reconstruction.. [got decimal point for disc. exp..])

For Q1 i got something like
16000 - 5000x0.3x18/12 = 13750

I said that Sales are the crux of the business providing all its revenue, everything else is in relation to sales. Also said that Accountant would not know as much as the owner about Sales as he/she would not be as knowledgable about the market as the owner. I think my second point is mute though.

I was thinking of writing about the owner knows her business so her estimates are relevant, but decided not to

[Stormer]

Negative bank of 575. First question was 2250 and eight thousand and somethign, I got.

[_avO]

Wasn't acc'm dep'm as at the end of the period. And they asked at the start whats the new acc'm dep'n due to the sale of the computer system

[Stormer]

what did you guys get for acc. depn and depn for the first question?

and did you guys get a negative bank at end figure for the cash flow statement?

I got positive bank, but might be consequential (think i screwed up account reconstruction.. [got decimal point for disc. exp..])

For Q1 i got something like
16000 - 5000x0.3x18/12 = 13750

I said that Sales are the crux of the business providing all its revenue, everything else is in relation to sales. Also said that Accountant would not know as much as the owner about Sales as he/she would not be as knowledgable about the market as the owner. I think my second point is mute though.

I was thinking of writing about the owner knows her business so her estimates are relevant, but decided not to

Just 5000. No 16000-5000. It asked for the part sold, and the part sold was 5000

[mmmmm]

Yeah i got 2250.
Oh my bank figure was like a big number, like 11 thousand :/

[Stormer]

Bank was definitely negative. Negative 575 from both teachers at my school as well as numerous students

[_avO]

OMFG.. SHIT.. didn't read that XD, oh well that's 1 mark only

[mmmmm]

oh crappp hope i still managed an A+

[_avO]

Btw was there a loan received for the CFS? Since the balance changed and a payment was also made..

[Stormer]

Yes. Loan of 8000 taken out.

[_avO]

Ah k i think i got that

For P&L
Wages exp = paid + accrued yes?
Advertising is the same, even though there was a prepaid?

[iwannagetA]

Done this in last Q.. is that right?

DR Prepaid sales revenue  400
    CR Sales                          400

[Stormer]

Advertising expense is the same but Advertising Cash Flow is 13500. Alternatively, (maybe more correctly) 2500 for Prepaid Advertising, 11000 for Advertising Expense

[Stormer]

Done this in last Q.. is that right?

DR Prepaid sales revenue  400
    CR Sales                          400

I would say yes but the question was worth 5 marks. On the whole though, your logic seems right as the Debtors Control would be in the sales journal. Not sure what the markers will do