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ACCT1101 Accounting for Decision Making

Inspera Assignment

Due: 3pm Monday 28 April

Introduction

This assignment is based on a fictitious scenario of a retail business. This scenario is to be used when answering each part of the assignment.

During Week 7, students are encouraged to focus on Part 1, 2 and 6 of the assignment. Because of this, some questions have not been displayed in this document to encourage you to focus on these parts first. The other parts of the assignment will be displayed to you in the Inspera Application which will open to students in Week 8 on Monday 14 April at 12 noon and will close on Monday 28 April at 3pm.

An Assignment Workshop will be held during the Week 7 Lectures. The Week 8 tutorials will be drop-in consultations to allow students to ask questions about the assignment requirements or to seek help on the Topic 1 to 6 learning materials.

If you have not attended all of the Topic 1 to 6 lectures and tutorials, it is important that you watch the recordings before asking questions.

Assignment Scenario

Aussie Furniture Co. is an Australian wholesale retail business that specialises in providing high-quality, affordable furniture to retailers across Australia. The company currently sells three different styles of chairs - targeting various customer tastes and market segments. The company sources its products from a mix of local and international manufacturers to ensure the right balance of cost-efficiency and quality.

Aussie Furniture Co. have provided detailed information about the business transactions, their employees, key suppliers and retail customers and current warehouse inventory items as at 31 January 2025. This information will help to address the requirements outlined in each part of the assignment.

Employees

• Sarah Thompson - General Manager

• James Clarke - Head of Sales and Marketing

• Emily Tran - Product Development Manager

• David Patel - Logistics and Supply Chain Management

• Mia Wong - Customer Relations Manager

Suppliers

• Timber Craft Solutions (Australia)

• MediTech Ergonomics (Japan)

• FlexiFab Upholstery (Malaysia)

Retail Store Customers

• Sugar and Spice Gallery

• Retail Furniture Direct

• Neo Furniture Store

Current Warehouse Inventory Items

Aussie Furniture Co. currently uses a perpetual inventory system and the First-in First-out (FIFO) cost flow assumption.

• Ergonomic chairs

• Contemporary chairs

• Classic chairs

Transactions

1. February 1: Sold 500 ergonomic chairs for $200 each and 300 Classic chairs for $180 each to Neo Furniture Store. The customer has been given 30 days to pay their account and a 5% discount if they make payment within 10 days.

2. February 2: Paid $2,000 in cash for office supplies.

3. February 3: Received the bill and paid $3,000 in cash for fuel used by the vehicles.

4. February 4: Purchased 600 Ergonomic chairs for $110 each and 200 Classic Chairs for $102 each on credit from Timber Craft Solutions. Payment is due in 30 days.

5. February 9: Paid $11,250 in wages to employees for the week ended 7 February 2025.

6. February 9: Sale of 200 Classic chairs for $185 each, 100 Contemporary chairs for $170 each and 200 Ergonomic chairs for $205 each to Sugar and Spice Gallery. The customer has been given 30 days to pay their account and a 5% discount if they pay their account within 10 days.

7. February 13: Paid $7,500 for four weeks rent on the warehouse and office space for the period beginning 14 February 2025.

8. February 14: Sold 310 Ergonomic chairs for $150 each and 50 Contemporary chairs for $180 each to Retail Furniture Direct. The customer has been given 30 days to pay their account.

9. February 14: Purchased new office furniture for the newly renovated reception area for $12,000 cash. The office furniture has an expected useful life of five years and no residual value.

10. February 15: On 1 January, Aussie Furniture Co. paid $5,000 in advance for an online advertising campaign targeting the launch of a new outdoor line of products they will be releasing in March. On February 15, the company paid an additional $6,000 for a print advertising campaign. The online and print campaign will begin 1 March 2025.

11. February 16: Sold 150 Contemporary chairs to Neo Furniture Store at $165 per chair. The customer paid cash.

12. February 16: Paid $11,250 in wages to employees for the week ended 14 February 2025.

13. February 21: Neo Furniture paid for their purchase from 1 February 2025.

14. February 22: Sold 100 Ergonomic chairs for $205 each and 90 Classic chairs for $180 each to Neo Furniture Store. The customer has been given 30 days to pay their account.

15. February 23: Paid $11,250 in wages to employees for the week ended 21 February 2025.

16. February 24: Sold 100 Ergonomic chairs for $205 each and 300 Contemporary chairs for $165 each to Retail Furniture Direct. The customer has been given 30 days to pay their account.

17. February 26: Received an order from Sugar and Spice Gallery for 50 Classic chairs for $180 each. The customer paid a 35% deposit for the goods that will be delivered to them on 2 March 2025.

18. February 28: A payment of $3,300 for the bank loan (inclusive of interest of $300) was made for the month of February.

19. February 28: The company received their electricity and telephone invoices for the month of February. The electricity invoice was $1,200 and the telephone invoice was $800. The company has 14 days to pay both invoices.

20. February 28: Paid dividends to shareholders of $15,000.

21. February 28: Sold the delivery truck for $20,000 cash. The non-current asset was originally purchased on 1 July 2022 for $120,000. Note: record this transaction after the adjustment entry for the depreciation of the non-current assets.

February 2025 Required adjustments to be recorded at month end

Adjustment 1: Depreciation of assets

As at January 31 2025, Aussie Furniture Co. owns three non-current assets. The company also purchased and sold non-current assets during the month of February that you will need to consider. Calculate the total depreciation for the month for each of the relevant assets using the depreciation methods outlined below:

Equipment: Straight-line.

Delivery Truck: Units of production. The delivery truck was driven for 5,000 km during the month of February.

Forklift: Straight-line.

Office furniture: Straight-line

Round up calculations to the nearest whole dollar.

Exhibit 1

	Equipment	Delivery Truck	Forklift	Office Furniture
Date of acquisition	01/03/2020	01/07/2022	01/09/2022	14/02/2025
Useful life	5 years	150,000 km	5 years	5 years
Cost	$55,500	$120,000	$30,000	$12,000
Residual value	$10,000	$20,000	$5,000	$0

Adjustment 2: Recognition of insurance

Aussie Furniture Co. needs to recognise insurance related to the month of February. Insurance of $7,650 was paid in advance for a 12-month period on 31 January 2025.

Adjustment 3: Wages owing

Aussie Furniture Co. needs to recognise the wages expenses for the month of February. Use the information contained in the transactions previously provided that relate to wages to determine the required adjustment amount.

Adjustment 4: Recognition of Rent

Aussie Furniture Co. needs to recognise the rent related to the month of February. Refer to transaction 7 on 13 February to determine the required adjustment amount.

Adjustment 5: Recognition of supplies

Aussie Furniture Co. has $101 worth of supplies remaining on hand.

Assignment Requirements

This section of the document provides an overview of the individual parts to the assignment and their associated requirements. Use the case scenario and transactions to complete these individual parts of the assignment.

Part 1 Instructions: Inventory Calculations

Aussie Furniture Co. purchased and sold inventory throughout the month of February 2025 as shown in the business transactions provided. To record their business transactions in the worksheet, the cost of inventories and the cost of the goods sold must be calculated first.

The company uses the perpetual inventory system and follows the First-in First-out (FIFO) cost flow assumption for all three inventory items. Note: the total balance row is not required. Refer to the FAQ section on Blackboard.

Use the transactions provided above and the inventory schedule templates in the ‘ACCT1101 Inspera Assignment Template Semester 1, 2025’ Excel file to complete Part 1.

Once you have filled in all inventory tables, you will be able to add them into the Inspera Application after it opens on Monday 14 April at 12 noon and before it closes on Monday 28 April at 3pm.

Note that you will see the following additional instructions in Inspera for Part 1:

These totals will be used in the worksheet.

DO NOT use a thousand separator. For example, the correct way to type “One Thousand” is “1000”, not “1,000” or “1.000”. Only enter numbers. Do not enter dollar signs ($) in the cells.

Enter a zero (0) where no entry is required to be recorded in the table (i.e., if there is an open cell in the table for an account that is not affected by the transaction you are recording, add a zero (0)).

Use date format DDMMYYYY (e.g. 01022025).

Part 2: Changing cost flow assumptions

This part of the assignment includes randomised questions that ask students how the value of the cost of goods sold for one of the transactions would change if the entity changed cost flow assumptions. This question will be displayed to you in Inspera.

Part 3: Inventory explanation

This part of the assignment includes randomised questions that ask students what the value of ending inventory or the cost of goods sold is for the end of February. This question will be displayed to students in Inspera.

Part 4 Instructions: Calculating Depreciation

This section of the assignment requires students to calculate the depreciation of the non-current assets held by Aussie Furniture Co. The calculation of depreciation is required to record adjustment 1 in the worksheet.

Use the information provided in the assignment scenario that relates to the non-current assets (adjustment 1) to complete the depreciation table in the ‘ACCT1101 Inspera Assignment Template Semester 1, 2025’Excel file.

Once you have filled in the depreciation table, you will be able to add it into the Inspera Application after it opens on Monday 14 April at 12 noon and before it closes on Monday 28 April at 3pm.

Note that you will see the following additional instructions in Inspera for part 4:

Round calculations to the nearest whole dollar.

Answer by stating your final answer for each cell and do not show workings.

DO NOT use a thousand separator. For example, the correct way to type “One Thousand” is “1000”, not “1,000” or “1.000”. Only enter numbers. Do not enter dollar signs ($) in the cells.

Part 5: Changing depreciation methods

This part of the assignment includes randomised questions that ask students to calculate the depreciation expense of one of Aussie Furniture Co.’s non-current assets if they were to change depreciation methods. This question will be displayed to you in Inspera.

Part 6: Completing the worksheet

This part of the assignment requires you to record all transactions, including adjustments into the worksheet for the month of February. There is a template for you to use in the ‘ACCT1101 Inspera Assignment Template Semester 1, 2025’ Excel file. These transactions are recorded using the methods we have been learning from Topics 1 to 6.

Once you have recorded all the transactions in the worksheet and are in balance, you will be able to add them into the Inspera Application after it opens on Monday 14 April at 12 noon and before it closes on Monday 28 April at 3pm.

Note that you will see the following additional instructions for part 6 in Inspera for part 6:

Enter a zero (0) where no entry is required to be recorded in the table (i.e., if there is an open cell in the table for an account that is not affected by the transaction you are recording, add a zero (0)).

Part 7: Allowance for doubtful debts.

This part of the assignment includes a randomised pool of questions that requires students to calculate the allowance for doubtful debts for Aussie Furniture Co. This question will be displayed to you in Inspera.

Part 8: Cash Flow Statement

This part of the assignment requires you to prepare a statement of cash flows for Aussie Furniture Co. (Topic 4 of the course). Use Excel to create a full (all headings included) statement of cash flows and paste it into the Inspera Application after it opens on Monday 14 April at 12 noon and before it closes on Monday 28 April at 3pm.

Part 9: Cash flow evaluation

This part of the question requires you to provide a written evaluation of Aussie Furniture Co.’s cash flows. This question will be displayed to you in Inspera.

Part 10: Business expansion

This part of the assignment requires you to provide a written evaluation of whether Aussie Furniture Co. can expand their business operations. This question will be displayed to you in Inspera.