Allen Lipson

11617890
Assessment 01
ACC 200
Cloud Accounting-
Swim Things

11617890 Allen Lipson

 Profit & Loss
11617890- Swim Things
For the month ended 30 November 2017

Nov-17 Oct-17 Sep-17 Aug-17 YTD

Income
Sales- Race $1,771.20 $0.00 $0.00 $0.00 $1,771.20
Sales- Train $34,818.50 $0.00 $0.00 $0.00 $34,818.50
Sales-Other $4,905.00 $0.00 $0.00 $0.00 $4,905.00
Total Income $41,494.70 $0.00 $0.00 $0.00 $41,494.70

Less Cost of Sales

Cost of Sales- Other $1,944.00 $0.00 $0.00 $0.00 $1,944.00
Cost of Sales- Race $476.00 $0.00 $0.00 $0.00 $476.00
Cost of Sales- Train $20,429.00 $0.00 $0.00 $0.00 $20,429.00
Total Cost of Sales $22,849.00 $0.00 $0.00 $0.00 $22,849.00

Gross Profit $18,645.70 $0.00 $0.00 $0.00 $18,645.70

Less Operating Expenses

Advertising $3,500.00 $0.00 $0.00 $0.00 $3,500.00
Rent $1,250.00 $0.00 $0.00 $0.00 $1,250.00
Wages and Salaries $5,600.00 $0.00 $0.00 $0.00 $5,600.00
Total Operating Expenses $10,350.00 $0.00 $0.00 $0.00 $10,350.00

Net Profit $8,295.70 $0.00 $0.00 $0.00 $8,295.70

11617890 Allen Lipson

 Balance Sheet
11617890- Swim Things
As at 30 November 2017

30 Nov 30 Nov
2017 2016

Assets

Bank
Cash at Bank $4,676.42 $100,000.00
Total Bank $4,676.42 $100,000.00

Current Assets
Accounts Receivable $15,908.75 $0.00
Inventory- Other $2,156.00 $0.00
Inventory- Race $4,664.00 $0.00
Inventory- Train $1,771.00 $0.00
Total Current Assets $24,499.75 $0.00

Fixed Assets
Office Furniture $5,500.00 $0.00
Total Fixed Assets $5,500.00 $0.00

Total Assets $34,676.17 $100,000.00

Liabilities

Current Liabilities
Accounts Payable $26,400.00 $0.00
GST -$19.53 $0.00
Total Current Liabilities $26,380.47 $0.00

Non-Current Liabilities
Bank Loan $0.00 $40,000.00
Total Non-Current Liabilities $0.00 $40,000.00

Total Liabilities $26,380.47 $40,000.00

Net Assets $8,295.70 $60,000.00

Equity
Current Year Earnings $8,295.70 $0.00
Owner Contribution $0.00 $60,000.00
Total Equity $8,295.70 $60,000.00

11617890 Allen Lipson

 Trial Balance
11617890- Swim Things
As at 27 November 2017

Account Debit Credit YTD Debit YTD Credit

Revenue
Sales- Race (240) $1,771.20 $1,771.20
Sales- Train (250) $30,256.00 $30,256.00
Sales-Other (230) $4,905.00 $4,905.00

Expenses
Cost of Sales- Other (330) $1,944.00 $1,944.00
Cost of Sales- Race (340) $476.00 $476.00
Cost of Sales- Train (350) $17,654.00 $17,654.00
Rent (469) $1,250.00 $1,250.00
Wages and Salaries (477) $2,800.00 $2,800.00

Assets
Accounts Receivable (610) $14,437.50 $14,437.50
Cash at Bank (600) $22,012.92 $22,012.92
Inventory- Other (635) $2,156.00 $2,156.00
Inventory- Race (640) $4,664.00 $4,664.00
Inventory- Train (650) $4,546.00 $4,546.00
Office Furniture (730) $5,500.00 $5,500.00

Liabilities
Accounts Payable (800) $40,634.00 $40,634.00
GST (820) $125.78 $125.78

Total $77,566.20 $77,566.20 $77,566.20 $77,566.20

11617890 Allen Lipson

Aged Payables Detail
11617890- Swim Things
As at 27 November 2017
<1 1 2 3
Invoice Date Due Date Invoice Reference Current Older
Month Month Months Months

Buoy-o-Buoy
30 Dec
02 Nov 2017 1122 4,675.00 0.00 0.00 0.00 0.00 0.00
2017
30 Dec
08 Nov 2017 1155 935.00 0.00 0.00 0.00 0.00 0.00
2017
Total Buoy-o-Buoy 0.00 0.00 0.00 0.00 0.00 0.00

Fine Furniture
30 Dec
01 Nov 2017 2255 1,650.00 0.00 0.00 0.00 0.00 0.00
2017
Total Fine Furniture 0.00 0.00 0.00 0.00 0.00 0.00

Foam n rubber
30 Dec
02 Nov 2017 1133 8,965.00 0.00 0.00 0.00 0.00 0.00
2017
30 Dec
21 Nov 2017 1025 1,430.00 0.00 0.00 0.00 0.00 0.00
2017
Total Foam n rubber 0.00 0.00 0.00 0.00 0.00 0.00

Goggle-eyes
30 Dec
02 Nov 2017 1125 11,550.00 0.00 0.00 0.00 0.00 0.00
2017
30 Dec
14 Nov 2017 3000 2,519.00 0.00 0.00 0.00 0.00 0.00
2017
Total Goggle-eyes 0.00 0.00 0.00 0.00 0.00 0.00

Shelves R-US
30 Dec
01 Nov 2017 5522 4,400.00 0.00 0.00 0.00 0.00 0.00
2017
Total Shelves R-US 0.00 0.00 0.00 0.00 0.00 0.00

Towel'n Down
30 Dec
08 Nov 2017 1156 990.00 0.00 0.00 0.00 0.00 0.00
2017
Total Towel'n Down 0.00 0.00 0.00 0.00 0.00 0.00

Towel'n rubber
30 Dec
02 Nov 2017 1130 3,520.00 0.00 0.00 0.00 0.00 0.00
2017
Total Towel'n rubber 0.00 0.00 0.00 0.00 0.00 0.00

Total 0.00 0.00 0.00 0.00 0.00 0.00

11617890 Allen Lipson

Aged Receivables Detail
11617890- Swim Things
As at 27 November 2017
<1 1 2 3
Invoice Date Due Date Invoice Number Invoice Reference Current Older
Month Month Months Months

Acqua-naughts
16 Dec
16 Nov 2017 SI-1000007 1008 2,255.00 0.00 0.00 0.00 0.00 0.00
2017
Total Acqua-naughts 0.00 0.00 0.00 0.00 0.00 0.00

Dolphin Dives
24 Dec
24 Nov 2017 SI-1000010 1050 2,337.50 0.00 0.00 0.00 0.00 0.00
2017
Total Dolphin Dives 0.00 0.00 0.00 0.00 0.00 0.00

Swim - fit studios

17 Dec
17 Nov 2017 SI-1000008 1010 2,887.50 0.00 0.00 0.00 0.00 0.00
2017
07 Dec
07 Nov 2017 SI-1000003 2003 3,547.50 0.00 0.00 0.00 0.00 0.00
2017
27 Dec
27 Nov 2017 SI-1000011 1201 3,410.00 0.00 0.00 0.00 0.00 0.00
2017
Total Swim - fit studios 0.00 0.00 0.00 0.00 0.00 0.00

Total 0.00 0.00 0.00 0.00 0.00 0.00

11617890 Allen Lipson

Inventory Item Summary
11617890- Swim Things
For the period 1 November 2017 to 30 November 2017
Opening Closing
Item Code Item Name Purchases COGS Adjustments Sales
Balance Balance

Tracked
R1001 Cap- Dome 0.00 2,500.00 200.00 0.00 2,300.00 648.00
T1002 Goggle- Train 0.00 6,000.00 6,000.00 0.00 0.00 10,010.00
T1003 Pull Buoy 0.00 5,100.00 4,420.00 0.00 680.00 7,155.50
R1002 Goggle- Race 0.00 2,640.00 276.00 0.00 2,364.00 1,123.20
T1004 Kickboard 0.00 5,200.00 4,550.00 0.00 650.00 7,875.00
Towel-
O1001 0.00 2,700.00 1,440.00 0.00 1,260.00 3,645.00
Microfiber
T1001 Cap- Silicone 0.00 1,650.00 1,430.00 0.00 220.00 3,255.00
T1005 Fins 0.00 4,250.00 4,029.00 0.00 221.00 6,523.00
O1002 Towel- Cotton 0.00 1,400.00 504.00 0.00 896.00 1,260.00
Total
0.00 0.00 0.00 0.00 0.00 0.00
Tracked

Total 0.00 0.00 0.00 0.00 0.00 0.00

REFERENCE

www.xero.com/au

11617890 Allen Lipson