TACC401 Principles of Accounting Week 3:  Cash flow Statement

TACC401 Principles of Accounting

TACC401 Principles of Accounting  

Week 3:  Cash flow Statement

Seminar Guide

Seminar Activity 3.1:  Transactions and Financial Statements

I. Cover decided to open Recover Upholstery Repairs on 1 January 2018.  She contributed office equipment valued at $10 000 and a commercial van valued at $12 000, and deposited $5 000 cash in a business bank account.  Transactions during January were:

Jan    4       Took a three-year lease on a shop and paid the first month’s rent $350.

          4       Purchased office supplies for $260, and issued a cheque for $100 in part payment for these supplies.

          6       Cash received for minor repairs, $120.

          6       Revenue earned for repair work for Shipshape Ltd on credit, $350.

          7       Purchased an upholstery sewing machine for $1 840, paying $400 cash with the balance to be paid at a later date.

          8       Cash revenue earned $230.

        11       Engaged an upholsterer at an agreed wage of $350 per week.

        12       Paid petrol $20, postage $10, and electricity bill $30.

        13       Cash of $200 received for over-the-counter repairs

        13       Revenue of $450 earned from sales to a customer on credit.

        14       Paid the balance owing for office supplies purchased on 4th Jan 2018.

        15       The owner withdrew $100 for her own use.

        16       Office supplies purchased for $250 on credit.

        17       Cash revenue received $365.

        18       Paid weekly wages to the upholsterer.

        21       Revenue earned for repairs: cash $80, on credit $170.

        23       Shipshape Ltd paid the bill for services rendered on 6th Jan 2018.

        24       Petrol expenses paid $20.

        25       Paid weekly wages to the upholsterer.

        28       Revenue earned for repair work $390, receiving $100 in cash and the remainder to be paid at a later date.

  • Office supplies used $200.

Required

Complete a worksheet for the month of January using the above data and prepare an income statement, cash flow statement and balance sheet at 31st January.

(Adapted from a problem in Bazely, M., P. Hancock, A. Berry and R. Jarvis, 1998,  Contemporary Accounting – a conceptual approach,  (3rd edition), Nelson, Melbourne.)

Worksheet of Recover Upholstery Repairs
Assets=Liabilities+Equity
 Cash at OfficeAccountsOfficeVehicleSewing Accounts CapitalProfit &
 bank SuppliesReceivableEquipment Machine Payable  Loss
1            
4            
             
6            
             
7            
8            
12            
             
             
13            
             
14            
15            
16            
17            
18            
21            
23            
24            
25            
28            
31            
TOTALS            
Recover Upholstery Repairs
Income Statement
For the month ended 31st January 2018
$
Fee revenue 
  
Less Other Expenses 
Petrol 
Office supplies 
Electricity 
Rent 
Postage 
Wages 
  
Net Profit 

                                                                 
Recover Upholstery Repairs 
Balance Sheet
as at 31st January 2018
$
Current assets 
Cash at bank 
Office supplies 
Accounts receivable 
Total Current Assets 
  
Non current assets 
Office equipment 
Vehicle 
Sewing machine 
Total Non Current Assets 
Total Assets 
  
Current liabilities 
Accounts payable 
Total Current Liabilities 
  
Non-current liabilities 
 
Total Non Current Liabilities 
Total Liabilities 
  
Net Assets 
  
Owner’s equity 
Capital 
Add Net Profit 
Total Owner’s Equity 
  Recover Upholstery Repairs 
Cashflow Statement
for the month ended 31st January 2018
$
Cash flows from operating activities 
Cash receipts from customers 
Cash paid to suppliers and employees 
Net cash from operating activities 
  
Cash flows from investing activities 
Part payment for sewing machine 
Net cash from investing activities 
  
Cash flows from financing activities 
Capital contributed by owner 
Drawings by owner 
Net cash from financing activities 
  
Net change in cash 
Cash at the beginning of the month 
Cash at the end of the month 

Seminar Activity 3.2:  Group Discussion

 

  • For each of the 16 events described in the following table, select one of the following four letters to indicate whether they would be:

F             recorded in a cash flow statement as financing activity

O           recorded in a cash flow statement as operating activity

I             recorded in a cash flow statement as investing activity

N            not recorded in a cash flow statement at all

 
1. Received money from debtors
2. Paid an insurance premium
3. Paid a dividend that had been declared in the previous year
4. Purchased inventory for cash
5. Sold furniture and equipment for cash
6. Paid wages for the current year
7. Paid wages related to the previous year
8. Sold shares in the company for cash to raise capital
9. Repaid part of a loan
10. Paid interest on a loan
11. Paid for shares in another company (to be held for more than 1 year)
12. Paid tax on the previous year’s profits
13. Wrote off bad debts
14. Purchased land and buildings for cash
15. Received payment from customers for goods to be provided next year
16. Recorded depreciation on non-current assets
Order Now

Get expert help for TACC401 Principles of Accounting and many more. 24X7 help, plag free solution. Order online now!

Universal Assignment (May 2, 2026) TACC401 Principles of Accounting Week 3:  Cash flow Statement. Retrieved from https://universalassignment.com/tacc401-principles-of-accounting-week-3-cash-flow-statement/.
"TACC401 Principles of Accounting Week 3:  Cash flow Statement." Universal Assignment - May 2, 2026, https://universalassignment.com/tacc401-principles-of-accounting-week-3-cash-flow-statement/
Universal Assignment March 10, 2023 TACC401 Principles of Accounting Week 3:  Cash flow Statement., viewed May 2, 2026,<https://universalassignment.com/tacc401-principles-of-accounting-week-3-cash-flow-statement/>
Universal Assignment - TACC401 Principles of Accounting Week 3:  Cash flow Statement. [Internet]. [Accessed May 2, 2026]. Available from: https://universalassignment.com/tacc401-principles-of-accounting-week-3-cash-flow-statement/
"TACC401 Principles of Accounting Week 3:  Cash flow Statement." Universal Assignment - Accessed May 2, 2026. https://universalassignment.com/tacc401-principles-of-accounting-week-3-cash-flow-statement/
"TACC401 Principles of Accounting Week 3:  Cash flow Statement." Universal Assignment [Online]. Available: https://universalassignment.com/tacc401-principles-of-accounting-week-3-cash-flow-statement/. [Accessed: May 2, 2026]

Please note along with our service, we will provide you with the following deliverables:

Please do not hesitate to put forward any queries regarding the service provision.

We look forward to having you on board with us.

Categories

Get 90%* Discount on Assignment Help

Most Frequent Questions & Answers

Universal Assignment Services is the best place to get help in your all kind of assignment help. We have 172+ experts available, who can help you to get HD+ grades. We also provide Free Plag report, Free Revisions,Best Price in the industry guaranteed.

We provide all kinds of assignmednt help, Report writing, Essay Writing, Dissertations, Thesis writing, Research Proposal, Research Report, Home work help, Question Answers help, Case studies, mathematical and Statistical tasks, Website development, Android application, Resume/CV writing, SOP(Statement of Purpose) Writing, Blog/Article, Poster making and so on.

We are available round the clock, 24X7, 365 days. You can appach us to our Whatsapp number +1 (613)778 8542 or email to info@universalassignment.com . We provide Free revision policy, if you need and revisions to be done on the task, we will do the same for you as soon as possible.

We provide services mainly to all major institutes and Universities in Australia, Canada, China, Malaysia, India, South Africa, New Zealand, Singapore, the United Arab Emirates, the United Kingdom, and the United States.

We provide lucrative discounts from 28% to 70% as per the wordcount, Technicality, Deadline and the number of your previous assignments done with us.

After your assignment request our team will check and update you the best suitable service for you alongwith the charges for the task. After confirmation and payment team will start the work and provide the task as per the deadline.

Yes, we will provide Plagirism free task and a free turnitin report along with the task without any extra cost.

No, if the main requirement is same, you don’t have to pay any additional amount. But it there is a additional requirement, then you have to pay the balance amount in order to get the revised solution.

The Fees are as minimum as $10 per page(1 page=250 words) and in case of a big task, we provide huge discounts.

We accept all the major Credit and Debit Cards for the payment. We do accept Paypal also.

Popular Assignments

Professional Nursing Assignment Help for Students: Achieve Academic Excellence with Expert Support

Introduction Nursing is a demanding field that combines theoretical knowledge with practical skills. Students pursuing nursing courses often face challenges in completing assignments that require accuracy, critical thinking, and real-world application. This is where nursing assignment help becomes an essential academic support system. With increasing academic pressure and clinical responsibilities,

Read More »

Economics Assignment Help: A Complete Guide for Students

Introduction Economics is a fundamental subject that helps students understand how markets, governments, and individuals make decisions regarding resources. While it is highly relevant in today’s world, many students find economics assignments challenging due to complex theories, graphs, and data analysis. This is where economics assignment help becomes extremely useful.

Read More »

Law Assignment Help: A Complete Guide for Students

Introduction Law is a complex and intellectually demanding field that requires critical thinking, analytical skills, and a deep understanding of legal principles. Students pursuing law often face challenges in completing assignments due to extensive research requirements and intricate case analysis. This is where law assignment help becomes highly beneficial. With

Read More »

Nursing Assignment Help: A Complete Guide for Students

Introduction Nursing is a highly respected and demanding field that requires a strong understanding of medical concepts, patient care, and clinical practices. Students pursuing nursing often face intense academic pressure due to complex assignments, practical responsibilities, and tight deadlines. This is where nursing assignment help becomes essential. With expert assistance,

Read More »

Finance Assignment Help: A Complete Guide for Students

Introduction Finance is a core subject in business and management studies, covering areas like investment analysis, financial management, and risk assessment. While it offers excellent career opportunities, many students find finance assignments challenging due to complex calculations and analytical concepts. This is where finance assignment help becomes essential. With expert

Read More »

Computer Science Assignment Help: A Complete Guide for Students

Introduction Computer Science is one of the most popular and dynamic fields of study, offering vast career opportunities in software development, data analysis, cybersecurity, and more. However, students often face difficulties in completing assignments due to the technical complexity and time constraints. This is where computer science assignment help becomes

Read More »

Digital Marketing Assignment Help: A Complete Guide for Students

Introduction Digital marketing has become a vital part of modern business strategies, making it a popular subject among students worldwide. From social media campaigns to search engine optimization, the field is dynamic and constantly evolving. However, completing assignments in this subject can be challenging due to its practical and analytical

Read More »

Cloud Computing Assignment Help: A Complete Guide for Students

Introduction Cloud computing has become a fundamental part of modern technology, powering everything from mobile apps to enterprise systems. As universities increasingly include this subject in their curriculum, students often find it challenging to keep up with assignments and projects. This is where cloud computing assignment help becomes essential. With

Read More »

Blockchain Assignment Help: A Complete Guide for Students

Introduction Blockchain technology has rapidly gained popularity across industries such as finance, healthcare, and supply chain management. As a result, it has become an important subject in academic programs worldwide. However, students often struggle with its technical concepts and practical applications. This is where blockchain assignment help becomes highly valuable.

Read More »

Data Science Assignment Help: A Complete Guide for Students

Introduction Data Science has become one of the most in-demand fields in today’s digital era, combining statistics, programming, and analytical thinking. However, many students find it difficult to keep up with the complexity of assignments and projects in this subject. This is where data science assignment help plays a crucial

Read More »

Artificial Intelligence Assignment Help: A Complete Guide for Students

Introduction Artificial Intelligence (AI) is transforming industries across the globe, making it one of the most sought-after academic subjects today. However, mastering AI concepts and completing assignments can be challenging for many students. This is where artificial intelligence assignment help becomes essential. With expert guidance, students can better understand complex

Read More »

Assignment Writing Services: A Complete Guide for Students

Introduction Assignments are a crucial part of academic life, helping students develop knowledge, research skills, and critical thinking. However, managing multiple assignments along with exams and personal responsibilities can be overwhelming. This is where assignment writing services become highly beneficial. These services provide expert assistance, helping students complete their assignments

Read More »

Blockchain Assignment Help: A Complete Guide for Students

Introduction Blockchain technology has emerged as one of the most revolutionary innovations in recent years. From cryptocurrencies to secure data management, blockchain is transforming industries like finance, healthcare, and supply chain. Students studying blockchain often face challenges due to its technical concepts and real-world applications. This is where blockchain assignment

Read More »

Assignment Writing Services: A Complete Guide for Students

Introduction Assignments are a crucial part of academic life, helping students develop knowledge, research skills, and critical thinking. However, managing multiple assignments along with exams and personal responsibilities can be overwhelming. This is where assignment writing services become highly beneficial. These services provide expert assistance, helping students complete their assignments

Read More »

Academic Writing Services: A Complete Guide for Students

Introduction Academic writing is a fundamental part of education, requiring students to produce essays, research papers, case studies, and dissertations. It demands strong writing skills, proper structure, and in-depth research. However, many students struggle with academic writing due to time constraints and lack of expertise. This is where academic writing

Read More »

Online Homework Help Services: A Complete Guide for Students

Introduction Homework is an essential part of a student’s learning process, helping reinforce classroom knowledge and improve understanding. However, with increasing academic pressure and multiple responsibilities, students often struggle to complete their homework on time. This is where online homework help services become highly beneficial. They provide expert guidance, save

Read More »

Thesis Writing Help: A Complete Guide for Students

Introduction A thesis is one of the most important academic documents a student will write during their educational journey. It requires in-depth research, critical analysis, and a clear presentation of ideas. However, many students find thesis writing overwhelming due to its complexity and time-consuming nature. This is where thesis writing

Read More »

Essay Writing Help: A Complete Guide for Students

Introduction Essay writing is a fundamental part of academic life, helping students express their ideas, analyze topics, and develop critical thinking skills. Whether it’s argumentative, descriptive, or analytical, writing a high-quality essay requires proper structure, research, and clarity. However, many students struggle with essay writing due to time constraints and

Read More »

Content Writing Assignment Help: A Complete Guide for Students

Introduction Content writing has become a crucial skill in the digital era, playing a key role in blogging, marketing, and online communication. From academic essays to website content, strong writing skills are essential for students across all fields. However, many students struggle with structuring content, maintaining clarity, and optimizing for

Read More »

Digital Marketing Assignment Help: A Complete Guide for Students

Introduction Digital marketing has become one of the most important skills in today’s online-driven world. From social media marketing to search engine optimization (SEO), businesses rely heavily on digital strategies to reach their audience. Students studying digital marketing often face challenges in understanding strategies, tools, and real-world applications. This is

Read More »

UI/UX Design Assignment Help: A Complete Guide for Students

Introduction UI/UX design is a crucial aspect of modern digital products, focusing on creating visually appealing and user-friendly interfaces. From websites to mobile apps, good design enhances user experience and engagement. Students studying UI/UX design often face challenges in creativity, tools, and usability principles. This is where UI/UX design assignment

Read More »

Can't Find Your Assignment?