You possess recently been remunerated by Astro Ltd as their new accountant. Astro Ltd is encircling to reside their annual reverberation for the year ended 30 June 2017. Your new boss has asked your notion on the succeedingcited circumstances in compliments to whether to grasp them or not, as they occurred succeeding 30 June 2017.
1) A customer, Joe Ltd, cancelled their command and returned movables that were sent ‘cash on delivery’, due to the circumstance that the depot sent the injustice movables by additament. As this was not the original chance, the customer has refused to command from Astro Ltd again. Joe Ltd is a customary customer.
The movables arrived tail in the depot on 3 July 2017, and were originally sold on the 25 of June 2017. As a outcome the corporation lost a sale estimate $180,000 and would possess made a emolument of $16,000 to the corporation.
2) On 7 August 2017, a affection occurred and damaged one of the key items of machinery, the consume of the machinery was $1 favorite dollars and was mature by security. However, Astro Ltd had to fasten down for two weeks outcomeing in an expected dropping in sales of $400,000 and a net dropping of $26,000 during one of its busiest periods.
3) On 4 September 2017, Astro Ltd floating a note from their stubborn valuer settled that a chance had been made in the valuation of their duty edifice. The valuation was performed on June 28 2017 and the edifice should be valued at $980,000 and not $900,000.
4) Just days antecedently the annual reverberation was due to be released, the exterior evidence dismature a cheque dated 20 April 2017 of $1,000 authorised by the corporation’s earlier accountant, Paul. The cancelment was for home movables meant for a home transaction run by Paul’s consort. The movables were never floating and it is believed this was not the original cheque attested by Paul and investigations are stable.
The succeedingcited postulates was granted by Astro Ltd for the years ended 30 June:
Sales Revenue 2,000,000 1,950,000
Cost of movables sold 1,200,000 1,100,000
Profit from settled activities succeeding allowance tax 118,000 115,000
Total floating assets 132,000 116,000
Total floating liabilities 196,000 238,000
Total non-floating assets 1,750,000 1,600,000
Total equity 575,000 581,000
For each of the circumstance picturesquely from (1) to (4) overhead:
(i) State whether they are symbolical or imsymbolical circumstance. Show all bearing workings, if any.
(ii) Classify each symbolical circumstance verified overhead as either an adjusting or non-adjusting circumstance. Justify your response.