Step 3 Restated Financial Statements

Hey guys!

I’ve attached a draft copy of my restated financial statements. Also some comments of problems I encountered while restating them. 🙂  Company Spreadsheet

The major problem I had with restating my financial statements is trying to understand what to include and what to leave out. My financial statements were a lot longer and more complex than a lot of my classmates. My financial statements also had a lot of perhaps unnecessary headings and separations within headings. When looking at the financial statements it probably made it a lot clearer but when having to restate them it made them just that little harder. When restating the income statement, my revenue only had ‘sales revenue’ so I assumed that I had to check the notes for it to find financial revenue but my financial statements had no notes for revenue. I discussed with my tutor and we concluded that financial revenue would be zero. Maria’s videos on restating the three financial statements helped immensely with determining what was operating and what was financial just from looking at what she put into either section. I also noticed that there is a lot more operating factors than financing factors.

Top 3 Blogs


I spent the afternoon reading lots of great blogs from people in my accounting class. I gave lots of students feedback on the content in there blog. However I had to make a list of just my top three blogs. So I wanted to quickly post on her my three favourite with links and also a little description as to why I like them.


Ashleigh did a great job on her blog. She was very clear about what her company does. She also added lots of easy to rea, useful information about her company. I enjoyed her post ‘The Journey Begins’ as it highlights her lifestyle, what she does and also her goals. It’s so interesting to see all the different people studying this unit.

Shaun was also one of my top three favourite blogs because of how enthusiastic and excited he seems abot his blog and his company. He’s got a number of really good posts about his company and about himself. It’s excellent that he included not only great facts about his company but also his honest and personal opinions.

Greg also made my top three because he honestly discussed his concerns with using technology and having to create a blog which I related to. He alsohad a look into other people company and commented on them to compare and contrast them to his own company.

These blogs are definitely worth a look at 🙂