Assignment #2: not so obvious

This is a follow up blog from Restating the Obvious which was about my experience with restating the Changes in Equity and Balance Sheet.  I believe it was the week before the break and we went through the Income Statement. As per the first couple of statements I followed Maria, our Mackay lecturer, as she restated Wesfarmers on the screen in class.

Got to the end.

It was the moment of truth. Will my total comprehensive income match up?


So basically this is a blog about how I found the error.

  1. I transpose numbers so I checked to make sure any numbers that were brought across as a result of calculations were correct. The other numbers were linked directly to cells from Assignment 1. NOPE. All correct.
  2. Check the formulas. I used Maria’s Wesfarmers’ spreadsheet (which I believe is available on Moodle) to make sure all my sums were correct e.g. operating profit before income tax. NOPE. Surprisingly all good.
  3. Checked the tax calculation again. And that was fine too.
  4. Have a general freak out and phone a friend.
  5. By the power of brains trust, I realised I had moved a  total sum figure from other comprehensive income across to the restated.
  6. Praise Oden. Everything balances.

The moral of your story is to use underlines to highlight total figures in excel. If I had been more meticulous with my formatting I would have realised this all the way back in the first step.

Update: I have submitted my assignment early so no need for further feedback.

Assignment draft: Company Spreadsheet 2016 (Amy Plant)Assignment 2




  1. Hi Amy,

    I realize you have been an eager beaver and submitted your assignment early, though I did want to tough base with you and comment on this post. I was right there with you at the ‘moment of truth’, and actually had to walk away from my assessment for a while before entering that last formula. Mine balanced, but I can totally sympathize with how you must have felt when yours didn’t. Good on you for going through all those checks and figuring out where the error occurred 🙂


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