ASSIGNMENT 02 FRONT SHEET

Qualification BTEC Level 4 HND Diploma in Business

Unit number and title Unit 5: Accounting Principles

Submission date September 4th ,2022 Date received (1st Submission)

Re-submission date Date received (2nd Submission)

Student Name Phan Le Anh Quan Student ID GBD210090

Class No. GBD1005 Assessor Name Pham Uyen Phuong Thao

Student declaration
I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism.
I understand that making a false declaration is a form of malpractice.
Student Signature

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A. Introduction

1. Introduction about the report

The purpose of this report was to identify clients with significant growth potentials and scalable
company concepts. Additionally, it provides assistance and guidance on budgeting for a firm
with the objective of comprehending how budgeting may be utilized to guide efficient resource
allocation and successfully support in control and decision making.

2. Introduction about the company

Anheuser-Busch InBev, or AB InBev, is a multinational beverage enterprise headquartered in

Belgium. It is the world's largest beer brewer by volume and income, with over 600 beer brands
distributed in 150 countries (Anheuser-Busch InBev, 2022). AB InBev was founded in 2008 by
the acquisition of Budweiser brewer Anheuser-Busch by Belgian conglomerate InBev, which
was formed by the merging of Stella Artois-maker Interbrew and Brazil's AmBev. AB InBev paid
$107 billion for SABMiller, its main competitor in North America, in 2015. To satisfy antitrust
regulators, the purchase required the sale of certain SABMiller brands, including Miller and
Coors. Recognizing the consumer shift away from mass-produced lagers, AB InBev has rapidly
purchased U.S. and foreign craft brewers such as Goose Island, Blue Point, and Camden Town
Brewery in recent years (Fortune, 2022).

Figure 1: Anheuser-Busch InBev’s logo.

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B. Analysis

1. Producing Financial Statements

The educational institute ABC provides training to individuals who pay tuition directly to the
institute. It also provides off-site training to groups. Raw data for an unadjusted trial balance of
ABC on December 31st, 2020 are provided, as well as supplementary information from the
descriptions that necessitate adjusting entries on December 31st. The following information
referring to all transactions conducted by the educational institute ABC; hence all the relevant
accounts will be adjusted appropriately.

Account Debit Credit

Insurance expense 4,900
a
Prepaid insurance 4,900
Teaching supplies expense 4,100
b
Teaching supplies 4,100
Depreciation expense, Equipment 11,000
c
Accumulated depreciation, equipment 11,000
Depreciation expense, Professional library 4,000
d
Accumulated depreciation, professional library 4,000
Unearned training fees 5,600
e
Training fees earned 5,600
Accounts receivable 15000
f
Tuition fees earned 15000
Salaries expense 1,160
g
Salaries payable 1,160
Rent expense 3,000
h
Prepaid rent 3,000

Table 1: Recording ABC’s transactions.

Based on all the adjustments according to the transactions, ABC's adjusted trial balance and
year-end financial statements, including the Income Statement and Balance Sheet, will be
generated in accordance with accounting principles, conventions, and standards.

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 a. Adjusted trial balance
An adjusted trial balance is generated by presenting all accounts and their balances after
adjusting entries have been entered and posted. If the adjusting entries were appropriately
posted to the accounts, the adjusted trial balance will have equal debit and credit totals
(Needles, et al., 2010). Below comprises of the adjusted trial balance of ABC Institution.

ABC INSTITUTION December 31st Unit: $

Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Debit Credit Debit Credit Debit Credit
Cash $ 34,000 $ 34,000
Accounts receivable - $ 15,000 15,000
Teaching supplies 8,000 $ 4,100 3,900
Prepaid insurance 12,000 4,900 7,100
Prepaid rent 3,000 3,000 -
Professional library 35,000 35,000
Accumulated depreciation, professional library $ 10,000 4,000 $ 14,000
Equipment 80,000 80,000
Accumulated depreciation, equipment 15,000 11,000 26,000
Accounts payable 26,000 26,000
Salaries payable - 1,160 1,160
Unearned training fees 12,500 5,600 6,900
ABC, capital 90,000 90,000
ABC, withdrawals 50,000 50,000
Tuition fees earned 123,900 15000 138,900
Training fees earned 40,000 5,600 45,600
Depreciation expense, Professional library - 4,000 4,000
Depreciation expense, Equipment - 11,000 11,000
Salaries expense 50,000 1,160 51,160
Insurance expense - 4,900 4,900
Rent expense 33,000 3,000 36,000
Teaching supplies expense - 4,100 4,100
Advertising expense 6,000 6,000
Utilities expense 6,400 6,400
Total $ 317,400 $ 317,400 $ 48,760 $ 48,760 $ 348,560 $ 348,560

Table 2: Adjusted trial balance of ABC institution.

b. Income statement
An income statement illustrates a company's revenues and expenses as well as its net
income or loss, over a specified time period (Weygandt, et al., 2008). The income statement
of ABC will be provided below.

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 INCOME STATEMENT
December 31st, 2020 Unit: $
Revenues:
Tuition fees earned $ 138,900
Training fees earned 45,600
Total revenues 184,500
Operating expenses:
Depreciation expense, Professional library $ 4,000
Depreciation expense, Equipment 11,000
Salaries expense 51,160
Insurance expense 4,900
Rent expense 36,000
Teaching supplies expense 4,100
Advertising expense 6,000
Utilities expense 6,400
Total expenses 123,560
Net income $ 60,940

Table 3: Income statement of ABC institution.

According to the given income statement of educational institute ABC, at the year end of
2020, the figure for net income accounted for $60,940.

c. Statement of changes in owner’s equity

An owner's equity statement describes changes in owner's equity over a specified time
period (Weygandt, et al., 2008). Following is the ABC institution’s equity statement.

Statement of Changes in Owner's Equity

December 31st, 2020 Unit: $
ABC, Capital
Add
Net income $ 60,940
Investment by owner 90,000
Total 150,940
Less
ABC, Withdrawals $ 50,000
ABC, Capital 31/12/2020 $ 100,940

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 Table 4: Statement of changes in ABC institution’s equity.

It can be seen from the provided statement that ABC equity at the year end of 2020 was
stood for $100,940.

d. Balance sheet
The balance sheet, also referred as the statement of financial position, details a company's
assets, liabilities, and shareholders' equity as of a specific date, typically the end of a month,
quarter, or year (Horngren, et al., 2012). Below is the consolidated balance sheet of ABC
institution.

BALANCE SHEET
December 31st, 2020 Unit: $
Assets
Cash $ 34,000
Accounts receivable 15,000
Teaching supplies 3,900
Prepaid insurance 7,100
Prepaid rent -
Professional library 35,000
Accumulated depreciation, professional library $ 14,000
Equipment 80,000
Accumulated depreciation, equipment 26,000
Total assets $ 135,000
Liabilities
Accounts payable 26,000
Salaries payable 1,160
Unearned training fees 6,900
Total liabilities $ 34,060
Equity
ABC, Capital $ 100,940
Total liabilities and equity $ 135,000

Table 5: Statement of financial position of ABC institution.

According to the balance sheet, the figures for total assets and total liabilities and equity of
ABC institution was recorded at $135,000.

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2. Interpret and Analysis
a. Liquidity
i. Current Ratio
The current ratio is a frequently used indicator of a company's liquidity and short-term
debt-paying capabilities. The ratio is computed by dividing current assets by current
liabilities (Weygandt, et al., 2019). Anheuser-Busch InBev’s current ratio for the six-month
period ended 30 June 2022 is calculated by:

Current assets 20,720

Current ratio = = = 0.67
Current liabilities 30,892

Figure 2: AB InBev’s balance sheet from half year financial report (Auheuser-Busch InBev, 2022).

AB InBev’s quick ratio stands at 0.67, which is lower than the industry average (drink and
brewing - 1.26), indicating that AB InBev is not at risk of falling overdue on its debt
payments.

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 Figure 3: Current Ratio of AB InBev and the drink and brewing industry (MSN, 2022).

ii. Quick Ratio

The quick ratio measures a company's immediate short-term liquidity. The ratio is
calculated by dividing current liabilities by the total of cash, short-term investments, and
net receivables (Weygandt, et al., 2008). AB InBev’s quick ratio for the year ended 31
December is calculated as:

Cash + Short-term Investments + Current receivables 23 , 949−5399

Quick ratio = = = 0.54
Current liabilities 34 ,184

Figure 4: AB InBev’s balance sheet from Annual report 2021 (Anheuser-Busch InBev, 2021).

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 The figure of quick ratio of AB InBev accounted for 0.54, which moderately higher than
one second of the drink and brewing industry’s quick ratio (0.93), proving that AB InBev
has strong ability to pay its current obligations.

Figure 5: Quick Ratio of AB InBev and drink & brewing industry (MSN, 2022).

b. Efficiency
i. Inventory Turnover
Inventory turnover determines the amount of business that can be generated with a
given inventory investment (Ittelson, 2020). The inventory turnover is computed by
dividing the cost of the goods sold by the average inventory (Weygandt, et al., 2019). The
figure for inventory turnover of AB InBev for the twelve-month period ended 31
December 2021 can be calculated as follow:

Cost of good s sold 23097

Inventory turnover = = = 4.68
Average inventory (5399+ 4482)/2

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 Figure 6: Income statement and balance sheet of from AB InBev Annual report 2021
(Anheuser-Busch InBev, 2021).

AB InBev's inventory turnover ratio (4.68) is considerably higher than the Drink & Brewing
industry average (3.38), inferring that AB InBev requires less inventory investment to
produce the same sales as a company with a lower turnover.

Figure 7: Inventory turnover figure of AB InBev and the industry average (MSN, 2022).

ii. Assets Turnover

Asset turnover evaluates how effectively a corporation utilizes its assets to create
revenue. It is calculated by dividing net sales by the average asset value (Weygandt, et al.,

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 2008). AB InBev’s asset turnover for the fiscal year ends at December 31 2020 is
computed as below:

Net sales 54304

Asset turnover = = = 0.24
Average total assets (217627+226410)/2

Figure 8: Income statement and balance sheet from AB InBev Annual report 2021 (Anheuser-
Busch InBev, 2021).

Figure 9: Efficiency indicators of AB InBev (MarketWatch, 2022).

c. Solvency
i. Debt-to-Equity Ratio
The debt-to-equity ratio is a leverage ratio that calculates total debt and financial
liabilities to total shareholder equity (CFI, 2022). The debt-to-ratio of AB InBev is
calculated by the formula below:

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 Total long-term debts 82117
Debt-to-equity ratio = = = 1.15
Shareholder's equity 71550

Figure 10: AB InBev consolidated balance sheet from half year fiancial report (Auheuser-Busch
InBev, 2022).

AB InBev’s debt-to-equity ratio (1.15) is higher remarkably than the industry beverage
(0.86), indicating that AB InBev’s structure has more debt than equity which can place
adverse effect on the performance of the firm when the industry or the economy
experience a downturn.

Figure 11: Debt/Equity Ratio of AB InBev and the industry (MSN, 2022).

ii. Leverage Ratio

Leverage ratios are used to calculate how much of a company's assets are financed with
debt (Ittelson, 2020). The leverage ratio of AB InBev for the period ended in 30 June 2022

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 is computed by the following formula:

Total assets 212397

Leverage ratio = = = 2.97
Shareholder's equity 71550

Figure 12: Consolidated balance sheet from AB InBev’s half year financial report (Auheuser-
Busch InBev, 2022).

Anheuser-Busch InBev’s leverage ratio (2.97) is higher slightly than the drink and brewing
industry average (2.63), which shows that AB InBev has the structure of low equity and
more debts.

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 Figure 13: Leverage ratio of AB InBev and the industry (MSN, 2022).

d. Profitability
i. Gross Profit Margin
The gross profit margin is calculated by dividing gross profit by net sales. This ratio is the
percentage of gross profit generated by a corporation for every dollar of sales (Weygandt,
et al., 2019). The gross profit margin of AB InBev for the fiscal year ended 31 December
2021 is calculated as:

Gross profit 31207

Gross profit margin = ×100 % = × 100 % = 57.47%
Net sales revenues 54304

Figure 14: Consolidated income statement of AB InBev, annual report 2021 (Anheuser-
Busch InBev, 2021).

AB InBev gross profit margin indicator (57.47%) is higher considerably than the drink and
brewing industry beverage (49%), proving that AB InBev is indeed effective at generating
income from sales.

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 Figure 15: Gross margin of AB InBev and the industry (MSN, 2022).

ii. Net Profit Margin

The net profit margin indicates how much of the sales revenue has been converted into
income (Franklin, et al., 2019). The net profit margin of AB InBev for the year ended 31
December 2021 is computed as:

Net profit 6114

Net profit margin = ×100 % = × 100 % = 11.26%
Net sales revenues 54304

Figure 16: Consolidated income statement of AB InBev, annual report (Anheuser-Busch InBev,
2021).

AB InBev’s net profit ratio (11.26%) is higher remarkably than the average indicator for
drink and brewing industry (8.76%), indicating that the effectively ability of AB InBev of
generating net income from sales.

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 Figure 17: Net profit margin of AB InBev and the industry (MSN, 2022).

iii. Return on Assets

The return on assets assesses a company's ability to successfully employ its assets to
generate a profit. The higher the ratio outcome, the greater the profit generated from
asset utilization (Franklin, et al., 2019). The trailing twelve months figure for return of
assets of AB InBev is calculated by the formula below:

2474+(6114−3074)
Net profit ×100 %
Return on assets = ×100 % = 212397+217475 = 2.57%
Average assets
2

Figure 18: Net income of AB InBev for the six-month period ended 30 June 2022 and 30 June
2021 (Auheuser-Busch InBev, 2022).

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Figure 19: Ab InBev net income for the fiscal year ended 31 December 2021 (Anheuser-Busch
InBev, 2021).

Figure 20: Total assets of AB InBev for the six-month period ended 30 June 2022 (Auheuser-
Busch InBev, 2022).

Figure 21: Total assets of AB InBev for the six-month period ended 30 June 2021 (Anheuser-
Busch InBev, 2021).

AB InBev’s return on assets ratio (2.57%) is lower significantly than the figure for drink
and brewing industry beverage (6.21%), which indicates that the profits generated from

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 the use of assets of AB InBev is remarkably low.

Figure 22: The Return of Assets indicator of AB InBev comparing to the industry (MSN, 2022).

iv. Return on Equity

Return on equity assesses a company's ability to generate revenue from its invested
capital. The higher the return, the better the firm is at making a profit from its
investments (Franklin, et al., 2019). The trailing twelve months return on equity ratio of
AB InBev is calculated by the following formula:

1692+(4670−2458)
Net income ×100 %
Return on equity = × 100 % = 71550+68596 = 5.57%
Average stockholder equity
2

Figure 23: Net income of AB InBev for the six-months period ended 30 June 2022 and 30
June 2021 (Auheuser-Busch InBev, 2022).

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Figure 24: AB InBev net income for the fiscal year ended 31 December 2021 (Anheuser-Busch
InBev, 2021).

Figure 25: AB InBev shareholder’s equity for the six-month period ended 30 June 2022
(Auheuser-Busch InBev, 2022).

Figure 26: AB InBev shareholder’s equity for the six-month period ended 30 June 2021
(Anheuser-Busch InBev, 2021).

AB InBev ratio for return on equity (5.57%) is lower significantly than the drink and
brewing industry beverage (10.87%), which indicates that the ability of AB InBev to
generates revenue from its invested capital is excessively low.

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 Figure 27: The return on equity ratio for AB InBev and the industry (MSN, 2022).

e. Market Prospect
i. Price to Earnings
The price to earnings (PE) ratio is a commonly used metric that analyzes the market price
of each common share to earnings per share. The price to earnings ratio represents
investors' expectations for a company's future profits. It is determined by dividing the
share price by the earnings per share (Weygandt, et al., 2019). As of September 4th 2022,
the trailing price to earnings ratio of AB InBev is computed by the below formula:

Market value per share 47 . 87

Price to earnings ratio = = = 25.06
Earnings per share 0 .83+(2 . 28−1 . 20)

Figure 28: Market value per share of Anheuser-Busch InBev on September 4 th, 2022.

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 Figure 29: AB InBev diluted earnings per share for the six-month period ended 30 June 2022 and
30 June 2021 (Auheuser-Busch InBev, 2022).

Figure 30: AB InBev diluted earnings per share for the fiscal year ended 31 December 2021
(Anheuser-Busch InBev, 2021).

3. Budgets Concept
a. Definition
Budgets are essential for companies of all sizes and forms (Warren, et al., 2013). It is a key
process in the initiation of the company's strategic plan. An effective budgeting system will
assist a firm in achieving its strategic objectives by allowing management to plan and
regulate important areas of activity such as revenue, expenses, and financing options
(Franklin, et al., 2019).
Most enterprises will establish a master budget that contains two sections: operational and
financial, each with its own sub-budget. The operating budget covers numerous areas that
support in the planning and management of day-to-day operations. The financial budget
depicts the expected cash inflows and outflows, such as cash payments for planned
operations, asset purchases or sales, loan payments or financing, and changes in equity
(Franklin, et al., 2019).

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b. Role of budgeting
Budgeting comprises of three main features: planning, directing, and controlling (Marriott, et
al., 2002).
Planning includes establishing objectives to guide decisions and motivate employees, as well
as identifying areas where operations may be improved. Directing entails making decisions
and taking actions to accomplish budgeted objectives. Controlling is comparing actual
performance to budgeted objectives, which may then be utilized to adjust future enterprise
activities (Warren, et al., 2013).

c. Benefits
According to Weygandt (2008), budgeting has various advantages, including:
 Budgeting requires that all levels of management plan ahead of time and establish goals
on a recurring basis.
 Budgeting defines specific goals for measuring performance at each level of
responsibility.
 Budgeting assists in the organization of corporate activities. This is accomplished by
integrating the aims of each segment to the broader company objectives. As a result,
the corporation may integrate production and sales promotion with predicted sales.
 Budgeting motivates employees throughout the firm to achieve predetermined
objectives.

d. Limitations
Setting excessive budget goals may discourage both employees and managers. If
budgeted goals are considered unrealistic or unattainable, the budget may have a
detrimental impact on the company's ability to achieve its objectives (Warren, et al.,
2013).
Setting budget goals that are too simple is also undesirable. This type of budget "padding"
is known as budgetary slack, which can lead to inefficiency by reducing the budgetary
incentive to cut spending (Warren, et al., 2013).

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4. Preparing Budgets
a. Cash Budget
HAC
Cash Budget for the following year
Units: $ Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
Opening Cash Balance 1,000.0 5,571.5 9,764.0 6,019.0 8,139.5 8,109.5 9,409.5 13,175.0 19,100.0 20,310.0 27,045.5 34,983.0 1,000.0
Cash Sales 3,500.0 5,000.0 3,500.0 4,000.0 4,000.0 5,500.0 5,000.0 6,000.0 6,500.0 7,500.0 8,500.0 8,500.0 67,500.0
Collection of Receivable 6,000.0 6,500.0 3,500.0 5,000.0 3,500.0 4,000.0 4,000.0 5,500.0 5,000.0 6,000.0 6,500.0 7,500.0 63,000.0
Sales with Credit Card 1,750.0 2,500.0 1,750.0 2,000.0 2,000.0 2,750.0 2,500.0 3,000.0 3,250.0 3,750.0 4,250.0 4,250.0 33,750.0
Total Cash Receipts 11,250.0 14,000.0 8,750.0 11,000.0 9,500.0 12,250.0 11,500.0 14,500.0 14,750.0 17,250.0 19,250.0 20,250.0 164,250.0
Disbursements
Advertising Expense 3,700.0 3,700.0 3,700.0 3,700.0 14,800.0
Selling Expense 1,625.0 875.0 1,250.0 875.0 1,000.0 1,000.0 1,375.0 1,250.0 1,500.0 1,625.0 1,875.0 2,125.0 16,375.0
Fees for Credit Card 31.5 157.5 225.0 157.5 180.0 180.0 247.5 225.0 270.0 292.5 337.5 382.5 2,686.5
Direct Materials Cost 2,160.0 2,430.0 1,620.0 1,890.0 2,160.0 2,700.0 2,700.0 3,240.0 3,780.0 4,050.0 4,320.0 4,590.0 35,640.0
Direct Labour Cost 1,720.0 1,935.0 1,290.0 1,505.0 1,720.0 2,150.0 2,150.0 2,580.0 3,010.0 3,225.0 3,440.0 3,655.0 28,380.0
Overhead 1,142.0 1,160.0 1,160.0 1,202.0 1,220.0 1,220.0 1,262.0 1,280.0 1,280.0 1,322.0 1,340.0 1,340.0 14,928.0
Equipment Purchase 3,250.0 3,250.0 3,250.0 3,250.0 13,000.0
Total Cash Disbursements 6,678.5 9,807.5 12,495.0 8,879.5 9,530.0 10,950.0 7,734.5 8,575.0 13,540.0 10,514.5 11,312.5 15,792.5 125,809.5
Preliminary Balance 5,571.5 9,764.0 6,019.0 8,139.5 8,109.5 9,409.5 13,175.0 19,100.0 20,310.0 27,045.5 34,983.0 39,440.5 39,440.5
Repayments 10,000.0 10,000.0
Ending Cash Balance 5,571.5 9,764.0 6,019.0 8,139.5 8,109.5 9,409.5 13,175.0 19,100.0 20,310.0 27,045.5 34,983.0 29,440.5 29,440.5

Table 6: HAC’s cash budgets for the following year.

The given table illustrates the predicted cash flow of HAC for the following year's business plan specifically from January to December,
including the receipts of cash, cash disbursements as well as the identified running cash balance. The expected expenditure on the production
process of goods will also be calculated comprehensively based on the estimated inventory and raw material needed; hence, compute several
expenses including material costs, labor costs, and the production overhead costs. Payments that are directly impacted by the goods

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production process also be mentioned in the cash budgets table. Besides, other costs not involved in the production of the goods are
provided and estimated. Finally, based on all the estimated costs provided above, the firm will calculate and predict the ending cash balance
thorough out the year after. The provided table will give HAC a broad view of business activities for next year; hence support and guide HAC
to inform efficient resource allocation, support effective control and make appropriate adjustments to the firm future business decision.

Units: $

Table 7: Ending cash balance for the following fiscal year of HAC.
The chart indicates the comprehensive estimate figure for ending cash balance of HAC for the next fiscal year. Overall, it is noticeable that the
ending cash balance will experience a growing trend thorough out the year, depsite a slight drop in March. The year will start with the figure
for ending cash balance in January recorded at $5,5771.5. The estimated ending cash balance then will increase continously and reach the
peak in November at $34,983 before dropping down to $29,440.5 in December due to the repayment at the end of the next fiscal year.

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 b. Budgeted Income Statement

HAC
Budgeted Income Statement
For the following fiscal year Units: $
Sales $ 168,750
Cost of goods sold 78,948
Gross profit $ 89,802
Operating expenses:
Advertising Expense $ 14,800
Selling Expense 16,375
Fees for Credit Card 2,686.5
Total expense $ 33,861.5
Net income $ 55,940.5
Table 8: Budgeted income statement of HAC for the next fiscal year.

The given budgeted income statement indicates the net income figure for next year, which
accounted for $55,940.5 from selling goods after subtracting all the estimated operating
expenses.

C. Conclusion
To sum up everything that has been stated above, this report has provided the process of
preparing, analysing, and interpreting basic financial statements in accordance with accounting
principles, conventions, and standards for unincorporated and small business organizations.
Besides, several key indicators of Anheuser-Busch InBev in terms of liquidity, efficiency, solvency,
profitability and market prospects are also be analized and intepreted in order to evalute the firm
performance comparing to the benchmarks for the drink and brewing industry, in which the
company has proven its strength and the leading position in the industry. Finally, the budgeting
concepts as well as the process of conducting budgets are also be mentioned in the report for
supporting the firm to make inform business decision in the future.

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