Financial statements

Question

You have recently been hired by Bougie Academy as an accounting assistant. Bougie Academy is a private educational institution. During your first month as an employee of Bougie, the school’s accountant was fired. The owner of the school has asked for your help in preparing the next set of financial accounts to 31 October 2021.

You eagerly begin to assist with the preparation of the next set of financial accounts to 31 October 2021. Firstly, you locate the account balances related to 30 September 2021:- Cash at bank $267,000; Furniture and fittings $24,000; Equipment $60,000; Capital $351,900; Accounts receivable – T. Steward – $6,900; Accounts payable – R. Maskell- $6,000.

Secondly, you identify the transactions that occurred during October 2021.

  1. On Oct 1 2021, the owner withdrew $7,000 from the business bank account for personal reasons.
  2. On Oct 1 2021, Bougie Academy paid $6,000 towards the amount owed to R. Maskell.
  3. On Oct 1 2021Bougie Academy paid business insurance for the next 12 months – $72,000.
  4. On Oct 5 2021, the owner purchased a new desk for his office. The desk cost $8,000.
  5. On Oct 10 2021, Bougie Academy purchased supplies for the business – $21,000.
  6. On Oct 15 2021, Bougie Academy paid (late) the rent on the building for the month of October 2021 – $12,000.
  7. On Oct 15 2021, Bougie Academy hired a new accountant.
  8. On Oct 21 2021, received $5,400 from T. Steward.

The Owner of the company also makes you aware of other facts, which need to be reflected in the October 2021, accounting reports. He has provided you with documentary evidence of these facts.

  1. Monthly depreciation to be provided as follows – Furniture and Fittings $600, New desk $200 and Equipment $3,000.
  2. Salary of $5,000 is owed to the old accountant.

III.        A stock count revealed that $17,000 worth of supplies is on hand.

  1. During October, billed students – $75,000. However by the end of October, $65,000 worth of invoices had not been paid.

Based on all the information received, please prepare in proper format, the financial statements for Bougie Academy for October 2021. .

  1. The Income Statement.
  2. The Statement of owner’s equity.
  3. The Balance sheet.

It is recommended that students show all workings

 

 

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