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Assessment Task 2 Instructions Carefully read the following: That Andrew has been buying and selling timber slabs for a year. He also buys old...
That
Andrew has been buying and selling timber slabs for a year. He also buys old furniture, renovates it, and then resells it. He has also started repairing furniture.
On May 01, Andrew's Slabs had the following assets:
Cheque account $19,783
Furniture and fittings $14,200
Motor vehicles $7,520
Office equipment & computers $4,750
Plant & equipment $4,050
An inventory count was performed on May 1, and found that Andrew's Slabs had $127,540 of stock.
Andrew's Slabs' liabilities
Accounts payable $14,200
Andrew started the business with $45,000 savings, and has $22,469 in retained earnings.
The business transactions are still recorded in a cash receipts book, but the transactions for May and June have been transferred to an Excel Workbook.
Andrew has modified a Financial Policy and Procedures from a company that he worked for previously, and wants all financial undertakings to comply with this.
Andrew feels that the business is getting too big for him, and wants to put it on the market. To that end, Andrew has asked you to read through the available data and prepare financial statements and a report on Andrew's Slabs' financial viability that can be given to a friend, George, who is interested in buying it. When your report has Andrew's approval, you are to send a copy to George.
Complete the following activities:
1. Create a new Excel Workbook for Andrew's Slabs.
Review Andrews' Slabs Financial Policy and Procedure to ensure compliance, then enter Andrew's Slabs' transaction details from Andrew's Slabs Transactions May and Andrew's Slabs Transactions June into the first four Worksheets.
Reconcile all transactions with Bank Statements.
Use data from the scenario information above and the transactions to create a worksheet for each of the following for the months of May and June:
· Balance Sheet
· Profit and Loss
· Trial Balance
· Cash Flow Statement
2. Write an email to Andrew (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should summarise the contents of the attachments, and give a short report T[ST1] hree or four lines on the financial viability of Andrews' Slabs as evidenced in the data that you have been given.
Attach your Excel Workbook to the email.
Your assessor will respond with the date and time of a meeting.[ST2] to discuss your Excel Workbook and report.[ST3]
3. Meet with Andrew.
During the meeting, you will be expected to display effective communication skills, including:
· speaking clearly and concisely
· asking and responding to questions
· active listening
At the meeting, you will be asked to:
· Present the Excel Workbook that you have created, giving Andrew a good understanding of how his business is performing.
· Discuss your report
[ST4]
4. Revise your Excel Workbook.
Include Andrew's requests from the meeting in your revisions.
5. Write an email to Andrew (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should summarise the contents of the attachments, and seek Andrew's approval for the attachments to be sent to George's accountant.
Attach your revised Workbook and report to the email.
6. Write an email to George (your [ST5] assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should start with an introduction, summarise the contents of the attachments, and give the short report you wrote for activity 3.
Attach your revised Workbook to the email.
[ST1]?
[ST2]what is the prupose of the meeting?
[ST3]here is purpose but should go above.
[ST4]why - say why
[ST5]why and this was first time george's accountant was mentioned.
