110.109 Introductory Financial Accounting

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110.109
Introductory Financial Accounting
Assessment 3 Booklet
Semester One, 2025
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MPORTANTINFORMATION

This is an electronic assignment and must be completed in the “Assessment 3 Answer Booklet”, to be downloaded from Stream, completed by you, and then uploaded back to Stream before the due dates and times. To enable your assignment to be marked, you must NOT alter the templates in any way that compromises the columns dedicated to marking and the formulas in these columns that add back to the mark sheet.

Assignment 3 contributes 20% towards your final grade. The due date is 11pm, Monday 16 th May 2025.I

Assignment 3 covers material from weeks 6 to week 9.

Before attempting this assignment, it is strongly recommended that you read both these instructions and the assignment details thoroughly. You should also study the relevant material in the text and make sure you understand the concepts covered by practicing the weekly review and workshop questions.

Please feel free to keep in touch with the 110.109 team regarding this assignment, preferably through the Assessment forum. That way all students benefit and often we have found that the best way of learning is through discussion with your peers as well as teaching staff. Please remember that all 110.109 assignments must be your own work and are at individual, not group level. Discussion on STREAM or in study groups is fine but comparing or suggesting answers as opposed to concepts may lead to marks being deducted to the extent of receiving zero marks if answers are too similar. Therefore, please do NOT discuss your answers or ask public queries with suggested answers. If you are unsure about this issue, you are welcome to use the confidential dialogue.

Although there are a large number of students with whom the teaching staff and myself are involved in Summer School, that does not mean that you are not each individually very important to us. We value each student and will try to provide appropriate guidance to the best of our ability.

All the best with your assignment

Noor Houqe on behalf of 110.109 teaching team
Question 1: Inventories [24 marks]

Delta Ltd sells many products. Alpha is one of its popular items. Below is an analysis of the inventory purchases and sales of alpha for the month of March. Delta Ltd uses the periodic inventory system.

Date
 Particulars
 Purchase
 Sales
Units
 Units Cost
 Units
 Units Cost
March 1
 Beginning inventory
 1,000
 $60

3
 Purchase
 600
 $75

4
 Sales

700
 $120
10
 Purchase
 2,000
 $82

16
 Sales

800
 $130
19
 Sales

800
 $130
25

500
 $130
30
 Purchase
 400
 $90

Required:
For the purpose of this question, please ignore GST. Show ALL your workings.
(i) Using the FIFO assumption, calculate the amount charged to cost of sales for March. [8 marks]
(ii) Using the average method, calculate the amount assigned to the inventory on hand on 31 March. [8 marks]
(iii) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on 31 March. [8 marks]
Question 2: Statement of Cash Flows [40 marks]
Lewis Ltd
Comparative Balance Sheets as at 31 December



Lewis Ltd
Income Statement for the year ended 31 December 2025


The following additional information was provided:
1. Dividends declared and paid were $14,000.
2. During the year equipment was sold for $12,000 cash. This equipment cost $28,000 originally and had a carrying amount of $12,000 at the time of sale.
3. All depreciation expense is in the selling expense category.
4. All sales and purchases are on account.
5. Accounts payable pertain to merchandise suppliers.
6. All operating expenses except for depreciation were paid in cash.
Required:
For the purpose of this question, please ignore GST. Show all your workings.

Prepare a cash flow statement for Lewis Ltd for the year ended 31 December 2025 using the direct method. [40 marks]

Question 3: Bank Reconciliation [36 marks]

The Tarragon Trading Company's bank statement for the month of November showed a balance per bank of $7,000. The company's Cash account in the general ledger had a balance of $5,659 at 30 November. Other information is as follows:

(1) Cash receipts for 30 November recorded on the company's books were $5,200 but this amount does not appear on the bank statement.
(2) The bank statement shows a debit memorandum for $40 for bank charges.
(3) EFT No. 119 payable to Burns Company was recorded in the cash payments journal and cleared the bank for $248. A review of the accounts payable subsidiary ledger shows a $36 credit balance in the account of Burns Company and that the payment to them should have been for $284.
(4) The total amount of EFTs still outstanding at 30 November amounted to $5,800.
(5) EFT No. 138 was correctly written and paid by the bank for $409. The cash payment journal reflects an entry for EFT No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $490.
(6) The bank returned a dishonoured note receivable from a customer for $560.
(7) The bank included a credit memorandum for $1,260, which represents collection of a customer's note by the bank for the company; principal amount of the note was $1,200 and interest was $60. Interest has not been accrued.
Required:
Prepare a bank reconciliation for the Tarragon Trading Company at 30 November. [36 marks]
Total Marks for Assignment Three = 100 Marks

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