Question 1
Permanent Press provides laundry services to hotels and hospitals. In a recent annual report, Permanent Press chronicled its contributions to community services over the past 10 years. The following excerpts illustrate the variety of services provided.
1. At a local festival, Permanent Press sponsored the event by providing T–shirts, stationery and office decorations featuring the company’s name and logo.
2. In support of the ‘Clean Up Australia’ campaign in 2020, the company donated, and its employees planted, grevillea gardens in cities across Australia.
3. The company held a competition in which customers throughout Australia and New Zealand nominated their favourite children’s charities. Winning charities in the draw received a monetary donation from Permanent Press in the name of the customer.
4. Permanent Press executives often volunteer their time and resources to serve as role models and mentors to young people in Auckland.
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Required Answer the following.
(a) The entity assumption requires that a company keep the personal expenses of its employees separate from business expenses. Which of the activities listed above were expenses of the business, and which were personal expenses of the employees? Be specific. If part of the donation is business and part is personal, note which part is each.
(b) For those items that were business expenses, state whether the expense was probably categorised as an advertising expense, employee wages expense, grounds maintenance expense, or charitable contribution expense. You may use any or all of the categories. Explain your answer.
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