Global Motor Manufacturers Australia Pty Ltd Financial Statement Audit 2018-19

Variance Analysis

Account Financial
Name No. Statement Classification
Bank - Main Operating Account 1001 Balance sheet Current assets
Bank - Term Deposit 1002 Balance sheet Current assets
Petty cash account 1003 Balance sheet Current assets
Accounts receivable 1004 Balance sheet Current assets
Allowance for doubtful debts account 1005 Balance sheet Current assets
Raw materials 1006 Balance sheet Current assets
Work in progress 1007 Balance sheet Current assets
Finished goods 1008 Balance sheet Current assets
Other receivables 1009 Balance sheet Current assets
Prepayments 1010 Balance sheet Current assets
Land 1101 Balance sheet Non current assets
Property 1102 Balance sheet Non current assets
Property Depreciation 1103 Balance sheet Non current assets
Plant 1104 Balance sheet Non current assets
Plant depreciation 1105 Balance sheet Non current assets
Equipment 1106 Balance sheet Non current assets
Equipment depreciation 1107 Balance sheet Non current assets
Accounts payable 2001 Balance sheet Current liabilities
Interest payable 2002 Balance sheet Current liabilities
Accrued expenses 2003 Balance sheet Current liabilities
Payroll tax payable 2004 Balance sheet Current liabilities
Income tax payable 2005 Balance sheet Current liabilities
Provision for recall 2008 Balance sheet Non current liabiliti
Bank Loans 2101 Balance sheet Non current liabiliti
Retained earnings 3001 Balance sheet Equity
Sales 4001 Income Statement Income
Interest revenue 4002 Income Statement Income
Discounts allowed 4003 Income Statement Income
Grant income 4004 Income Statement Income
Materials purchased 5001 Income Statement Cost of sales
Packaging 5002 Income Statement Cost of sales
Opening inventory 5003 Income Statement Cost of sales
Closing inventory 5004 Income Statement Cost of sales
Production line labour 5005 Income Statement Cost of sales
Sales commissions 5101 Income Statement Expense
Sales promotion 5102 Income Statement Expense
Advertising 5103 Income Statement Expense
Gifts & samples 5104 Income Statement Expense
Marketing expenses 5105 Income Statement Expense
Payroll 5201 Income Statement Expense
Superannuation 5202 Income Statement Expense
Payroll benefits 5203 Income Statement Expense
Payroll taxes 5204 Income Statement Expense
Recruitment expenses 5206 Income Statement Expense
Rent 5301 Income Statement Expense
Utilities (water, electricity, gas) 5106 Income Statement Expense
Travel costs 5107 Income Statement Expense
Entertainment 5108 Income Statement Expense
Telephone 5109 Income Statement Expense
Office stationery 5110 Income Statement Expense
Legal fees 5111 Income Statement Expense
Audit & accountancy fees 5112 Income Statement Expense
Consultancy fees 5113 Income Statement Expense
Repairs & maintenance 5114 Income Statement Expense
Cleaning 5115 Income Statement Expense
Bad debt expense 5116 Income Statement Expense
Insurance 5117 Income Statement Expense
Provision for recall expenses 5118 Income Statement Expense
Property depreciation 5401 Income Statement Expense
Plant depreciation 5402 Income Statement Expense
Equipment depreciation 5403 Income Statement Expense
Interest expense 5501 Income Statement Expense
Bank fees 5502 Income Statement Expense
Income tax expense 5601 Income Statement Expense
Sub-Classification Natural Balance 2019 Balance 2018 Movement
Cash and cash equivalents Debit $ 114,000,000 $ 120,000,000 -$ 6,000,000
Cash and cash equivalents Debit $ 65,000,000 $ 5,000,000 $ 60,000,000
Cash and cash equivalents Debit $ 100 $ 100 $ -
Accounts receivable Debit $ 26,491,150 $ 25,000,000 $ 1,491,150
Accounts receivable Credit -$ 600,000 -$ 550,000 -$ 50,000
Inventory Debit $ 15,000,000 $ 14,000,000 $ 1,000,000
Inventory Debit $ 25,000,000 $ 26,000,000 -$ 1,000,000
Inventory Debit $ 22,000,000 $ 17,000,000 $ 5,000,000
Other current assets Debit $ 800,000 $ 750,000 $ 50,000
Other current assets Debit $ 250,000 $ 180,000 $ 70,000
Property, plant and equipment Debit $ 16,000,000 $ - $ 16,000,000
Property, plant and equipment Debit $ 24,000,000 $ 24,000,000 $ -
Property, plant and equipment Credit -$ 9,500,000 -$ 8,500,000 -$ 1,000,000
Property, plant and equipment Debit $ 75,000,000 $ 25,000,000 $ 50,000,000
Property, plant and equipment Credit -$ 4,000,000 -$ 3,000,000 -$ 1,000,000
Property, plant and equipment Debit $ 7,000,000 $ 6,000,000 $ 1,000,000
Property, plant and equipment Credit -$ 2,500,000 -$ 1,000,000 -$ 1,500,000
Accounts payable Credit -$ 18,000,000 -$ 25,000,000 $ 7,000,000
Other current liabilities Credit -$ 120,000 -$ 50,000 -$ 70,000
Accrued expenses Credit -$ 175,000 -$ 120,000 -$ 55,000
Other current liabilities Credit -$ 190,000 -$ 160,000 -$ 30,000
Other current liabilities Credit -$ 1,600,000 -$ 1,800,000 $ 200,000
Non-current trade and other payaCredit -$ 22,000,000 $ - -$ 22,000,000
Bank Loans Credit -$ 18,000,000 -$ 8,000,000 -$ 10,000,000
Retained earnings Credit -$ 214,750,100 -$ 46,702,838 -$ 168,047,262
Revenue Credit -$ 220,700,000 -$ 226,700,000 $ 6,000,000
Revenue Credit -$ 1,300,000 -$ 100,000 -$ 1,200,000
Revenue Debit $ 10,000,000 $ 5,000,000 $ 5,000,000
Other revenue Credit -$ 5,000,000 $ - -$ 5,000,000
Cost of sales Debit $ 70,000,000 $ 50,000,000 $ 20,000,000
Cost of sales Debit $ 4,000,000 $ 3,000,000 $ 1,000,000
Cost of sales Debit $ 75,000,000 $ 80,000,000 -$ 5,000,000
Cost of sales Credit -$ 85,000,000 -$ 90,000,000 $ 5,000,000
Cost of sales Debit $ 8,000,000 $ 9,000,000 -$ 1,000,000
Administration expenses Debit $ 1,000,000 $ 2,000,000 -$ 1,000,000
Administration expenses Debit $ 80,000 $ 65,000 $ 15,000
Administration expenses Debit $ 1,000,000 $ 1,000,000 $ -
Administration expenses Debit $ 2,000,000 $ 190,000 $ 1,810,000
Administration expenses Debit $ 450,000 $ 600,000 -$ 150,000
Employee benefits Debit $ 9,000,000 $ 8,500,000 $ 500,000
Employee benefits Debit $ 900,000 $ 807,500 $ 92,500
Employee benefits Debit $ 100,000 $ 90,000 $ 10,000
Employee benefits Debit $ 495,000 $ 465,375 $ 29,625
Employee benefits Debit $ 150,000 $ 180,000 -$ 30,000
Occupancy expenses Debit $ 15,262,500 $ 15,000,000 $ 262,500
Administration expenses Debit $ 1,500,000 $ 1,700,000 -$ 200,000
Administration expenses Debit $ 80,000 $ 85,000 -$ 5,000
Administration expenses Debit $ 1,000,000 $ 400,000 $ 600,000
Administration expenses Debit $ 50,000 $ 40,000 $ 10,000
Administration expenses Debit $ 8,000 $ 6,000 $ 2,000
Administration expenses Debit $ 850,000 $ 60,000 $ 790,000
Administration expenses Debit $ 150,000 $ 150,000 $ -
Administration expenses Debit $ 1,000,000 $ 1,200,000 -$ 200,000
Administration expenses Debit $ 7,000,000 $ 5,000,000 $ 2,000,000
Administration expenses Debit $ 80,000 $ 75,000 $ 5,000
Administration expenses Debit $ 120,000 $ 140,000 -$ 20,000
Administration expenses Debit $ 180,000 $ 175,000 $ 5,000
Administration expenses Debit $ 22,000,000 $ - $ 22,000,000
Depreciation Debit $ 1,000,000 $ 500,000 $ 500,000
Depreciation Debit $ 1,000,000 $ 600,000 $ 400,000
Depreciation Debit $ 1,500,000 $ 1,000,000 $ 500,000
Finance costs Debit $ 800,000 $ 500,000 $ 300,000
Finance costs Debit $ 9,000 $ 4,000 $ 5,000
Income tax expense Debit -$ 22,870,650 -$ 38,780,137 $ 15,909,487
 Greater than
% Movement materiality (Y/N) Threshold Met (Y/N/Other)
-5% Y N
92% Y Y
0% N N
6% N N
8% N N
7% N N
-4% N N
23% Y Y
6% N N
28% N N
100% Y Y
0% N N
11% N N
67% Y Y
25% N N
14% N N
60% N N
-39% Y Y
58% N N
31% N N
16% N N
-13% N N
100% Y Y
56% Y Y
78% Y Y
-3% Y N
92% N N
50% Y Y
100% Y Y
29% Y Y
25% N N
-7% Y N
-6% Y N
-13% N N
-100% N N
19% N N
0% N N
91% N N
-33% N N
6% N N
10% N N
10% N N
6% N N
-20% N N
 1.7% N N
-13% N N
-6% N N
60% N N
20% N N
25% N N
93% N N
0% N N
-20% N N
29% N N
6% N N
-17% N N
3% N N
100% Y Y
50% N N
40% N N
33% N N
38% N N
56% N N
-70% Y Y
Notes Explained (Y/N)