On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations (ignore GST).<\/p>\n
Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 102; Equipment, 103; Loan Payable, 200; Nicole Andreou, Capital, 300; Nicole Andreou, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503.<\/p>\n
\n- a) Prepare the general journal entries to record the above transactions. (6.25 marks)<\/li>\n
- b) Post the entries from the general journal to the general ledger accounts (running balance<\/li>\n<\/ol>\n
format) and enter the posting references in the general journal. (2.75 marks)<\/p>\n
\n- c) Prepare a trial balance as at 31 July 2018. (1 mark)<\/li>\n<\/ol>\n
Week 4<\/p>\n
The financial year for Drip Dry Cleaning Services ends on 30 June. Using the following information, make the necessary adjusting entries at year-end. Ignore GST. Ignore Narration.<\/p>\n
\n- On 15 February, Danielle Drip\u2019s business borrowed $16 000 from Northern Bank at8% interest. The principal and interest are payable on 15 August.<\/li>\n
- Drip Dry Cleaning Services purchased a 1-year insurance policy on 1 March of the current year for $660. A 3-year policy was purchased on 1 November of the previous year for $2700. Both purchases were recorded by debiting Prepaid Insurance.<\/li>\n
- The business has two part-time employees who each earn $220 a day. They both worked the last 3 days in June for which they have not yet been paid.<\/li>\n
- On 1 June, the Highup Hotel paid the business $2100 in advance for doing their dry cleaning for the next 3 months. This was recorded by a credit to Unearned Dry Cleaning Revenue.<\/li>\n
- The supplies account had a $280 debit balance on 1 July. Supplies of $1560 were purchased during the year and $190 of supplies are on hand as at 30 June.<\/li>\n<\/ol>\n
Required:
\nPrepare the necessary adjusting entries at 30 June. (10 marks)<\/p>\n
Date Accounts Ref Debit Credit<\/p>\n
Week 5<\/p>\n
The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.<\/p>\n
\n\n\n| Adjusted trial balance<\/td>\n | Income statement<\/td>\n | Balance sheet<\/td>\n<\/tr>\n |
\n| Debit<\/td>\n | Credit<\/td>\n | Debit<\/td>\n | Credit<\/td>\n | Debit<\/td>\n | Credit<\/td>\n<\/tr>\n |
\n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Account Cash at Bank<\/p>\n Accounts Receivable Prepaid Rent
\nOffice Supplies Equipment<\/p>\n Accum. Depr. Equip\u2019tAccounts Payable Salaries Payable Unearned Revenue F. Elliot, Capital<\/p>\n \n- Elliot, Drawings Painting Revenue Salaries Expense
\nRent Expense Depreciation Expense Telephone Expense Office Supplies Used Sundry Expenses<\/li>\n<\/ol>\n <\/p>\n One of the most popular questions that I often come across is \u201cWhere can I get someone to help me solve my tough\u00a0Business Case Studies and Report Writing Assignments Online<\/a>\u00a0<\/u>?\u201d or \u201cWhich is the best and affordable website for homework help where tutors give discounts throughout the year?\u201d Well the answer is simple \u2013\u00a0Homework Nest<\/a><\/u>. I have tried it and can testify without hesitation. Last time I was facing it rough on coming up with my PHD thesis ideas and research and Homework Nest Tutors came in hand. You see, College life is not a walk in the park especially for those who double it with a day job to keep their bills on check. You can find the best ElantSolutions\u00a0Business Case Studies and Report Writing Assignments Online<\/a>\u00a0<\/u>at Homework Nest. You can also find the best\u00a0Varsity Tutors for psychology and philosophy<\/a>\u00a0college assignments at Homework Nest. I will also add that you can find the best\u00a0TransTutors for psychology and philosophy college assignments<\/a>\u00a0at Homework Nest. All Homework and assignments are handled in minutes. In conclusion, the Best Known Website for Helping with College Homework for students is Homework Nest. If your homework deadline fast approaching and you do not have time? I used Homework Nest (https:\/\/www.homeworknest.com\/<\/a>) to Ace My Homework and Got As in my Final Exams. Hey, all the tutors are verified!Profit for the period<\/p>\n1 230 75 600 1 800 8 320 160 000<\/p>\n 22 000<\/p>\n 106 000 6 050 8 040 4 020 10 080 9 200 $412 340<\/p>\n ELLIOT PAINTING SERVICES<\/p>\n Worksheet (Partial)
\nfor the year ended 30 June 2019<\/p>\n 25 000 54 000 8 760 3 430 101 500<\/p>\n 219 650<\/p>\n $412 340<\/p>\n Required:<\/p>\n \n- a) Complete the worksheet. (6 marks)<\/li>\n
- b) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of the<\/li>\n<\/ol>\n
entity\u2019s accounting period.(4 marks)<\/p>\n <\/p>\n Q12<\/p>\n You have been asked by the CEO of a major Australian Bank to advise them on their strategy
\nformulation for International expansion.
\nThe Bank has developed a reputable brand in the Australian and New Zealand markets and is now
\nlooking for suitable acquisitions and strategic partnerships in foreign markets in order to grow their
\nbusiness.
\nThe three markets that they are currently assessing for entry are; France, Brazil and South Korea
\n(ROK). You are required to assess the attractiveness of each of the three markets and put forward
\nrecommendation(s) for future action based on a co-operative discussion in your groups.
\nBy working in co-operative groups, select a well-known Financial Services (FS) multi-national entity
\nor consult with your tutor and ensure that it has not been selected by another group. Analyse the
\nselected and approved FS multi-national entity and consider the following factors:
\n\u2022 The differences in the structure of each market identified for entry
\n\u2022 The estimated size and profitability of each market identified for entry
\n\u2022 The potential problems in selling to and supporting the MNE in each market identified for
\nentry
\n\u2022 The likely future developments in each market identified for entry
\n\u2022 The potential foreign exchange and trade implications
\nIn this report,
\n\u2022 Use sub-headings
\n\u2022 Use appropriate paragraphing
\n\u2022 Reference the sources used with correct in-text citation conventions
\n\u2022 Provide a full list of references at the end using correct referencing conventions
\n\u2022 Check the safe-assign report and modify the submission if it is Medium or High risk.
\nYour final submission is due Friday of Week 10 at Midnight. Late submissions will attract penalties
\nat the rate of -5 % per day.<\/p>\n <\/p>\n Q13<\/p>\n Strategic alliance and cooperative partnerships provide one way to gain some of the benefits
\noffered by vertical integration, outsourcing and horizontal mergers and acquisitions while
\nminimizing the associated problems, it is a formal agreement between two or more separate
\ncompanies in which they agree to work collaboratively towards some strategically relevant
\nobjectives. E.g.
\n? The Delta Airlines\/Northwest Airlines merger
\n? Shell oil company and Pemex (Mexico\u2019s state-owned petroleum company)
\n? Renault-Nissan-Mitsubishi Alliance
\n1. Determine how to capture the benefits and minimize the drawbacks of strategic
\nalliances and partnership to extend the scope of operations via international expansion
\nand diversification strategies.
\n2. Discuss the role of centralized and decentralized decision making in striking the right
\nbalance between rewards and punishment in an ethical and unethical strategic alliance?
\n3. Identify the key features of a company\u2019s corporate culture that can influence the
\nmerger and acquisition?<\/p>\n Q14<\/p>\n Strategic alliance and cooperative partnerships provide one way to gain some of the benefits
\noffered by vertical integration, outsourcing and horizontal mergers and acquisitions while
\nminimizing the associated problems, it is a formal agreement between two or more separate
\ncompanies in which they agree to work collaboratively towards some strategically relevant
\nobjectives. E.g.
\n? The Delta Airlines\/Northwest Airlines merger
\n? Shell oil company and Pemex (Mexico\u2019s state-owned petroleum company)
\n? Renault-Nissan-Mitsubishi Alliance
\n1. Determine how to capture the benefits and minimize the drawbacks of strategic
\nalliances and partnership to extend the scope of operations via international expansion
\nand diversification strategies.
\n2. Discuss the role of centralized and decentralized decision making in striking the right
\nbalance between rewards and punishment in an ethical and unethical strategic alliance?
\n3. Identify the key features of a company\u2019s corporate culture that can influence the
\nmerger and acquisition?<\/p>\n Q15<\/p>\n Collect the latest annual report of an ASX listed company for the last 2 financial years. Please read the financial
\nstatements (balance sheet, income statement, cash flow statement) and notes attached to financial
\nstatements on income tax issues very carefully. Please remember some aspects of your firm\u2019s treatment of its
\ntax \u2013 can be a very complicated area, particularly for some firms. Based on your understanding of the topic
\n\u201caccounting for income tax\u201d and based on your reading of the collected annual reports, do the following tasks.
\ni Briefly explain the concepts of accounting profit, taxable profit, temporary difference, taxable temporary
\ndifference, deductible temporary difference, deferred tax assets and deferred tax liability.
\nii Briefly explain the recognition criteria of deferred tax assets and deferred tax liability.
\niii What is your firm\u2019s tax expense in its latest financial statements?
\niv Is this figure the same as the company tax rate times your firm\u2019s accounting income? Explain why this is,
\nor is not, the case for your firm highlighting the reasons for differences.
\nv Identify the deferred tax assets\/liabilities that is reported in the balance sheet articulating the possible
\nreasons why they have been recorded.
\nvi Is there any current tax assets or income tax payable recorded by your company? Why is the income tax
\npayable not the same as income tax expense?
\nvii Is the income tax expense shown in the income statement same as the income tax paid shown in the cash
\nflow statement? If not, why is the difference?
\nviii Briefly explain the concepts of temporary difference and permanent difference. Identify any permanent
\ndifferences that your company may have.
\nix What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax
\nin your firm\u2019s financial statements? What new insights, if any, have you gained about how companies
\naccount for income tax as a result of examining your firm\u2019s tax expense in its accounts?<\/p>\n Q16<\/p>\n Your Task
\n\u2022 You are required to prepare a business letter to answer all of the following questions.
\n\u2022 You are also required to prepare a short video presentation (3 to 5 mins) summarising the
\nkey issues you have addressed in your letter.
\nAssessment Description
\nAssume that you are a team of graduate accountants working for Pitcher Group Ltd, a public
\naccounting firm Situated at 346 Gregory Avenue, Melbourne, VIC 3000. The Manager of your
\nfirm, Ms. Michelle Pitcher has asked you to draft a letter in response to an email received from a
\nclient \u2013 Mr. Andrew Dixon, the Managing Director of Dixon Ltd, raising several accounting issues
\n\u2013 see the copy of the email on the next page.
\nThe maximum length for the body of the letter is 1,000 words. You should address all the
\ntechnical issues\/discussion in the letter, followed by a Reference List.
\n\u2022 Part A: Technical component 10% – This mark covers the technical content of your advice
\nand the explanation on each of the issues, the calculations, and the sources used.
\n\u2022 Part B: Communication Skills \u2013 Letter Writing 5% – This mark covers the generic skills of
\nLetter writing; layout, clear meaning, structure and organisation, appropriate tone and
\ngrammar, spelling, and punctuation, etc. throughout the whole assignment.
\n\u2022 Part C: Communication Skills \u2013 Video Presentation 5% – You have to prepare a 3-5 minute
\nvideo presentation that will keep the audience engaged; the presentation should be wellrehearsed and supplementary material, such as slides and visual aids must be of a
\nprofessional standard.<\/p>\n Q17<\/p>\n Questions: 1. Briefly discuss the budgeting process. (5 marks)
\n2. Based on your selected journal article, discuss citing examples whether the budgeting process satisfies the purpose of planning, controlling and evaluating performance. (5 marks)
\n3. The two widely used practices in preparing budgets are \u2018top down\u2019 budgeting and \u2018bottom up\u2019 budgeting. Identify and explain the practice adopted by the organisation discussed in your selected journal article and further explain the behavioural implications of adopted practice. (5 marks)
\n4. Based on your literature findings (above), critically evaluate the comment that \u2018traditional budgeting practices are constraint on creativity, and the time and energy spent on budget formulation is better spent elsewhere\u2019.
\n5. Based on your literature findings (above), would you recommend budgeting for contemporary organisations for planning and control purpose? Explain (5 marks)<\/p>\n Q18<\/p>\n JIM is considering implementing a 401K program for its employees. The program plan will include the company matching at 50% of the employee’s contribution up to 6% contribution. The Human Resources manager proposing this plan feels it will reduce turnover, improve morale, and provide a competitive edge when recruiting new employees. The HR manager has estimated JIM’s annual contribution to be $300,000 and the savings to be $70,000 in employee turnover costs and improved performance. Management is concerned about this additional cost.<\/p>\n \n- Explain the 401 K limits and special treatment for\u00a0highly-compensated<\/em><\/li>\n
- Document how, as a tax analyst, you see this program.<\/li>\n
- Document what, if any, will be the tax implications of this program.<\/li>\n<\/ul>\n
<\/p>\n Q19<\/p>\n Background
\nYou were recently employed as a management accountant in a listed firm on the ASX. The Managing
\nDirector of your company has formed a small taskforce to explore the possibility of implementing a
\nBalanced Score Card (BSC) system in the company. You are assigned to work with others in the
\ntaskforce due to your management accounting background.
\nRequired
\nYour group is required to prepare a report to provide advice on the suitability of the BSC for an ASXlisted company, which is selected by your group. The company selected must be \u201cunique\u201d and it is
\nNOT allowed to be the same as another group.
\nNOTE – You must check your selected ASX listed company on shared excel sheet. If the company has
\nalready been selected, then you must go back and select another ASX listed company.<\/p>\n Q20<\/p>\n Case 1: (15 marks) a) Explain the nature of business combination? (5 marks) b) Explain, with examples, the accounting for business combination through direct or indirect acquisitions? (5 marks) c) Please explain the difference between New vs old lease accounting standard (AASB 117 Leases, AASB 16 Leases)? (5 marks) Case 2: (15 marks) On 1 July 2017, Chancellor Ltd purchased 90% of the issued shares of Park Ltd for $800,000. At this date, the fair value of the NCI in Park Ltd was $88,500. The following balances appeared in the records of Park Ltd at this date: Share capital $400,000 General reserve 40,000 Retained earnings 200,000 At 1 July 2017, all the identifiable assets and liabilities of Park Ltd were recorded at fair value except for the following: Carrying amount Fair value Equipment (cost $720,000) Inventories $600,000 320,000 $800,000 400,000 Land 360,000 400,000 The equipment had a remaining useful life of 4 years beyond 1 July 2017, with benefits to be received on a straight-line basis over the period. By 30 June 2018, all the inventories were sold externally. Any adjustments for differences at acquisition date between carrying amounts and fair values are made in the consolidation worksheet. For the year ended 30 June 2019, the following information is available: (a) During the year, Park Ltd sold inventory to Chancellor Ltd for $800,000. The original cost of the inventory was $640,000. At 30 June 2019, Chancellor Ltd had 20% of the inventory on hand. (b) On 1 January 2019, Park Ltd sold an item of equipment to Chancellor Ltd for $20,000 at a before-tax profit of $4,000. Chancellor Ltd treated the asset as part of its inventory and it was still on hand at 30 June 2019. (c) On 1 July 2018, Chancellor Ltd sold some equipment to Park Ltd for $40,000. The carrying amount of the equipment at this date was $24,000. Park Ltd treated the asset as a non-current asset and depreciated it using the straight-line method over 5 years.<\/p>\n Q21<\/p>\n You are required to conduct a literature search and discussion in this assignment.
\nYou are to choose a peer reviewed journal article (from any country) on the:
\n-Use of Budgeting as a management technique for managing resources.
\nThe article should be published between 2010 \u2013 2020. Choose your article only after you have accessed
\nseveral relevant articles, and then choose the best articles that will answer the assignment question below.
\nRequired: Critically evaluate the relevance and challenges of budgeting systems by answering the 5 questions
\nbelow:
\nQuestions:
\n1. Briefly discuss the budgeting process. (5 marks)
\n2. Based on your selected journal article, discuss citing examples whether the budgeting process satisfies
\nthe purpose of planning, controlling and evaluating performance. (5 marks)
\n3. The two widely used practices in preparing budgets are \u2018top down\u2019 budgeting and \u2018bottom up\u2019
\nbudgeting. Identify and explain the practice adopted by the organisation discussed in your selected
\njournal article and further explain the behavioural implications of adopted practice. (5 marks)
\n4. Based on your literature findings (above), critically evaluate the comment that \u2018traditional budgeting
\npractices are constraint on creativity, and the time and energy spent on budget formulation is better
\nspent elsewhere\u2019.
\n5. Based on your literature findings (above), would you recommend budgeting for contemporary
\norganisations for planning and control purpose? Explain (5 marks)<\/p>\n Q22<\/p>\n \n- Reflections on any one topic covered in the unit that interests you the most from this unit. Why was
\nit interesting and what had you learnt from it?
\nReflections on your experience as a group member in the group assignment. What went well, what
\ndid not go to plan and what had you learnt from it?
\n3. Reflections on what you had learned from the group assignment. What insights had you gained and
\nwhat had you learned from this experience?<\/li>\n<\/ol>\nQ23<\/p>\n Mr Dominic Supreme owns a pizza restaurant. However, for public health reasons he has now closed the
\nrestaurant side of the business and is currently operating on a takeaway basis only. He has several employees
\nworking in the kitchen and delivering pizzas. He also owns various assets, including a rental property.
\nEnzo is Dominic\u2019s head chef and he is provided with the use of a Toyota RAV4 motor car as well as his salary of
\n$100,000 per year. The car was purchased by Dominic on 1 April 2018 for $55,000. Dominic has not made the
\nelection under section 10 of the Fringe Benefits Tax Assessment Act. Enzo travelled 10,000 km in the car during
\nthe FBT year ended 31 March 2019 and, of this, 4,000 km were for business purposes. Enzo paid for the petrol
\nfor the car and this amounted to $900 for the FBT year ended 31 March 2019. Enzo was not reimbursed for the
\npetrol.
\nMaria is Dominic\u2019s store manager and she was given an interest free loan of $500,000 by Dominic on 1 January
\n2019. Maria used the loan for two purposes: 60% for the purchase of an investment property and 40% to pay
\noff her home mortgage.
\nBecause of the current health crisis, Dominic pays the private health insurance premiums of all his staff and
\nthese premiums were $55,000 for the year ended 31 March 2019.
\nDominic purchased a rental property on 1 July 2018 for $1,200,000. To finance this purchase, he borrowed $1
\nmillion from Megabank at an interest rate of 5%. To arrange for the loan Dominic paid a total of $4,000 for a
\nloan application fee, a valuation fee and legal fees on 1 July 2018. He also paid stamp duty of $52,000 and
\n$3,200 in legal fees in connection with the purchase of the property.
\nIn August 2018 Dominic fixed the door to the rental property which was broken at the time of his purchase for a
\ncost of $900. He also purchased new refrigerator for the rental property of $3,000 on 1 November 2018. The
\nuseful life of the refrigerator is 10 years. Dominic replaced the entire roof of the rental property in October
\n2018 at a cost of $35,000 after it was severely damaged in a hailstorm in September 2018. He used substantially
\nthe same type of material that was there before.
\nOn 10 June 2019 he sold the rental property for $1,500,000. The costs he incurred on the sale were $30,000 for
\nreal estate agent\u2019s commission and $2,000 for advertising. He also sold the refrigerator on 10 June 2019 for
\n$2,000. With the proceeds of the property sale, Dominic repaid his loan from Megabank on the date of sale.
\nDominic purchased some BHP Billiton Limited shares in May 1990 for $50,000 and then sold them in May 2019
\nfor $100,000. He purchased an antique clock for $600 in June 2000 and sold it in June 2019 for $4,000. Dominic
\nalso sold his Mercedes sports car in April 2019 for $60,000 which he purchased in April 2001 for $20,000.
\nDominic wants to maximise his deductions at all times. Assume that Dominic can claim GST input tax credits for
\nthe provision of all fringe benefits he provides apart from the loan.
\nRequired:
\nPart 1 (10 marks)
\nWhat fringe benefits tax (FBT) must Dominic pay for the year ended 31 March 2019?
\nPart 2 (10 marks)
\nWhat is Dominic\u2019s net capital gain or net capital loss for the year ended 30 June 2019?
\nPart 3 (10 marks)
\nWhat income tax deductions can Dominic claim for the year ended 30 June 2019?
\nPlease note: Students must give reasons for their answer. This discussion must include an analysis of the
\npertinent sections of the relevant legislation, rulings and the relevant case law. If relevant, students must show
\ncalculations.<\/p>\n One of the most popular questions that I often come across is \u201cWhere can I get someone to help me solve my tough\u00a0Business Case Studies and Report Writing Assignments Online<\/a>\u00a0<\/u>?\u201d or \u201cWhich is the best and affordable website for homework help where tutors give discounts throughout the year?\u201d Well the answer is simple \u2013\u00a0Homework Nest<\/a><\/u>. I have tried it and can testify without hesitation. Last time I was facing it rough on coming up with my PHD thesis ideas and research and Homework Nest Tutors came in hand. You see, College life is not a walk in the park especially for those who double it with a day job to keep their bills on check. You can find the best ElantSolutions\u00a0Business Case Studies and Report Writing Assignments Online<\/a>\u00a0<\/u>at Homework Nest. You can also find the best\u00a0Varsity Tutors for psychology and philosophy<\/a>\u00a0college assignments at Homework Nest. I will also add that you can find the best\u00a0TransTutors for psychology and philosophy college assignments<\/a>\u00a0at Homework Nest. All Homework and assignments are handled in minutes. In conclusion, the Best Known Website for Helping with College Homework for students is Homework Nest. If your homework deadline fast approaching and you do not have time? I used Homework Nest (https:\/\/www.homeworknest.com\/<\/a>) to Ace My Homework and Got As in my Final Exams. Hey, all the tutors are verified!<\/p>\nQ24<\/p>\n \n- \u201cRevaluation of non-current asset doesn\u2019t impact the recognition of future tax associated with that asset\u201d. Evaluate this statement. (4 marks)
\n2) Discuss whether revaluation of non-current asset will lead to a deferred tax asset or a tax liability. (2 marks)
\n3) In your opinion, comment whether the deferred tax asset and deferred tax liability meet the definition and recognition for an asset and a liability according to the Conceptual Framework for Financial Reporting. (4 marks)
\nPart B (7 marks)
\n4) Provide and comment on an example (other than revaluation of non-current assets) that leads to a deferred tax asset in the chosen company. Evaluate its impact on financial position from the perspective of investors. (3 marks)
\n5) Provide and comment on an example (other than revaluation of non-current assets) that leads to a deferred tax liability in the chosen company. Evaluate its impact on financial position from the perspective of investors. (3 marks)
\n6) In your opinion, are there any deferred tax asset or deferred tax liability that are not recognised in the annual report of the chosen company? (2 marks)
\n2 marks will be awarded to effective communication and presentation of this report.<\/li>\n<\/ul>\nQ25<\/p>\n \n- Prepare the general journal entries to record the above transactions. (6.25 marks)
\nb) Post the entries from the general journal to the general ledger accounts (running balance format) and enter the posting references in the general journal. (2.75 marks)
\nc) Prepare a trial balance as at 31 July 2018. (1 mark)<\/li>\n<\/ol>\nQ26<\/p>\n Debates on whether the converged International Financial Reporting Standards have resulted in harmonised international accounting practices across countries have been growing over the last ten years. Study based in emerging economies, such as China (He et al., 2012), Romania (Albu et al., 2014), India, Pakistan, and Bangladesh (Ali et al., 2006), South Pacific Island countries (Chand, 2005), United Arab Emeritus (Irvine, 2008), and Turkey (Misirlioglu et al., 2013), have consistently reported the challenge of effectively implementing IFRS in those countries due to country-specific contextual issues. Nobes (2015) also reported challenging issues in implanting IFRS in developed countries. Assignment questions 1. Prepare a report critically arguing why having a single set of accounting standards (i.e. IFRS) for a world-wise use is inherently problematic. 2. Review literature explaining the contextual issues of implementing IFRS in emerging economies and in developed countries. 3. Critique whether adoption and use of IFRS will lead to improved financial reporting quality.<\/p>\n Q28<\/p>\n The unadjusted trial balance of Inaknot Insurance Corp. includes the following account balances at December 31, 2020, its fiscal year-end. Assume all accounts have normal debit or credit balances. Prepaid insurance Truck Unearned commissions revenue Rent earned Advertising expense Salaries expense Supplies expense $ 1,800 18,000 9,000 -0- 5,000 25,000 900 The following information is available: a. A physical count indicates that $200 of supplies have not been used at December 31. b. The prepaid insurance consists of a one-year policy, effective October 1. c. The truck was purchased on July 1; it is expected to have a useful life of 6 years. No depreciation has been recorded during the year. d. The unearned commission revenue at December 31 is $7,500. e. Two days of salary amounting to $200 remain unpaid and unrecorded at December 31; the amounts will be included with the next Friday\u2019s payment, which will be in January. f. Rental revenue of $300 has not yet been received for a sublet of part of a warehouse for 2 weeks during December. g. A $300 bill for December advertising has not yet been recorded. Required: Prepare all necessary adjusting entries at December 31, 2020. General ledger account numbers and descriptions are not necessary.<\/p>\n <\/p>\n Q29<\/p>\n Questions:
\n1. Briefly discuss the budgeting process. (5 marks)
\n2. Based on your selected journal article, discuss citing examples whether the budgeting process satisfies
\nthe purpose of planning, controlling and evaluating performance. (5 marks)
\n3. The two widely used practices in preparing budgets are \u2018top down\u2019 budgeting and \u2018bottom up\u2019
\nbudgeting. Identify and explain the practice adopted by the organisation discussed in your selected
\njournal article and further explain the behavioural implications of adopted practice. (5 marks)
\n4. Based on your literature findings (above), critically evaluate the comment that \u2018traditional budgeting
\npractices are constraint on creativity, and the time and energy spent on budget formulation is better
\nspent elsewhere\u2019.
\n5. Based on your literature findings (above), would you recommend budgeting for contemporary
\norganisations for planning and control purpose? Explain (5 marks)<\/p>\n Q30<\/p>\n \n- Provide a brief background in your own words to the role of a conceptual framework in
\naccounting, including benefits of having one, together with problems and criticisms of the
\ncurrent (2010) framework. (3 Marks)
\nPage 2 Kaplan Business School Assessment Outline
\n2) In your own words and in your opinion, what should be the objective of general purpose
\nfinancial reporting? (3 Marks)
\n3) In your own words, explain what you understand by the term \u2018prudence\u2019. How can an
\n\u2018asymmetrically prudent\u2019 accounting treatment lead to the understatement of income in
\none period but an overstatement in future periods? (3 Marks)
\n4) a) In your own words, explain what is meant by the concept of substance over form.
\nYou can use examples from within and\/or outside accounting to help answer this
\n(3 Marks)
\nb) Do you agree with the board\u2019s decision to state explicitly that a faithful
\nrepresentation represents the substance of an economic phenomenon instead of
\nmerely representing its legal form? Justify your answer. (3 Marks)<\/li>\n<\/ul>\n <\/p>\n Q31<\/p>\n \n- Discuss and provide an analysis of items in the statement of cash flow and identify item(s) which
\nrelate to the balance sheet.
\nExplain the company\u2019s performance based on Earnings per Share (EPS) and provide EPS
\ncalculations for the last two consecutive periods.
\n3. Discuss whether EPS is a useful performance indicator for the company.
\n4. Explain how the material movements in the statement of changes in equity is reflected and
\nreported in the statement of cash flows.
\n5. Discuss the items recorded as Non-Current Liabilities, including the related notes and provide an
\nexplanation of the material movements of each item.
\n6. Based on the capital structure of the company selected, discuss the potential advantages and
\ndisadvantages of each source of capital.<\/li>\n<\/ol>\nQ32<\/p>\n The aim of this assignment is to produce a requirements document that captures the
\nfunctional requirements for an information system that supports the current needs of
\nthe Holmes Hair management system as defined later in the Case Study Description.
\nThis is a business report and should be written accordingly i.e. directed to the
\ncustomer who is \u201cHolmes Hair\u201d. It should reflect your understanding of the tasks
\nrequired.
\nStudents will be able to:
\n2) Evaluate system implementation and post implementation systems
\nrequirements.
\n3) Identify, critically analyse and investigate the process of exploring problem
\nareas in a given context
\n4) Apply analysis and modelling techniques in the context of practical problems,
\ndiscuss alternative models and solutions
\n5) Apply problem solving and object oriented design skills to build a simple
\nsystems prototype
\n6) Understand the ICT profession in systems analysis and design
\n8) Review and describe the major legal and ethical issues with respect to
\nsystems analysis and design<\/p>\n <\/p>\n Q33<\/p>\n A council health inspector threatens to close down a restaurant by issuing a fake health violation
\nnotice if the owner does not make a financial payment to him. If the restaurant owner does not
\ncooperate, the restaurant cannot be opened for business and the negative publicity will drive
\ncustomers away. Faced with the potential economic loss, the owner makes the payment.
\nRequired:
\na) What type of fraud is this? (4 marks, maximum 150 words)
\nb) What controls can be implemented to prevent or detect the fraud? (6 marks, maximum 200
\nwords)
\nWeek 3
\nHow is a credit check in the advanced technology system fundamentally different from a credit check
\nin the basic technology system? (10 marks, maximum 300 words)<\/p>\n Q34<\/p>\n \n- What are the December 31, 2018, Investment Income and Investment in Clay account balances assuming Adams uses the: ? Equity method. ? Initial value method. 2. How does the parent\u2019s internal investment accounting method choice affect the amount reported for expenses in its December 31, 2018, consolidated income statement? 3. How does the parent\u2019s internal investment accounting method choice affect the amount reported for equipment in its December 31, 2018, consolidated balance sheet? 4. What is Adams\u2019s January 1, 2018, Retained Earnings account balance assuming Adams accounts for its investment in Clay using the: ? Equity value method. ? Initial value method. 5. What worksheet adjustment to Adams\u2019s January 1, 2018, Retained Earnings account balance is required if Adams accounts for its investment in Clay using the initial value method? 6. Prepare the worksheet entry to eliminate Clay\u2019s stockholders\u2019 equity. 7. What is consolidated net income for 2018?<\/li>\n<\/ol>\n
<\/p>\n Q35<\/p>\n \n- What are the December 31, 2018, Investment Income and Investment in Clay account balances assuming Adams uses the: ? Equity method. ? Initial value method. 2. How does the parent\u2019s internal investment accounting method choice affect the amount reported for expenses in its December 31, 2018, consolidated income statement? 3. How does the parent\u2019s internal investment accounting method choice affect the amount reported for equipment in its December 31, 2018, consolidated balance sheet? 4. What is Adams\u2019s January 1, 2018, Retained Earnings account balance assuming Adams accounts for its investment in Clay using the: ? Equity value method. ? Initial value method. 5. What worksheet adjustment to Adams\u2019s January 1, 2018, Retained Earnings account balance is required if Adams accounts for its investment in Clay using the initial value method? 6. Prepare the worksheet entry to eliminate Clay\u2019s stockholders\u2019 equity. 7. What is consolidated net income for 2018?<\/li>\n<\/ol>\n
<\/p>\n Q36<\/p>\n Amandeep born in India and migrated to Australia. He lives in Australia permanently. He still holds
\nIndian passport. Amandeep works with the New Zealand Princess Cruises tours and most of the
\nincome year is in New Zealand. He signed an employment contract for this position in the company\u2019s
\nAustralian office in Sydney. Amandeep has two kids that are living with his wife Sandeep in Sydney.
\nThree years ago, Amandeep purchased a unit apartment in Sydney. Amandeep and his wife holding
\ndividend yielding shares in an Indian public company called Hindustan Unilever. Amandeep and
\nSandeep have an Australian bank account as well. Amandeep\u2019s employer pays his salary to this bank
\naccount every fortnight.
\nBiannually Amandeep receives a holiday package from his employer, New Zealand Princess Cruises
\ntours and he is using this package with his family traveling in Australia interstates or moves to India to
\nvisit his in laws.
\nRequired:
\nWith reference to the relevant laws, discuss whether Amandeep is an Australian resident for tax
\npurposes and also critically discuss whether Amandeep needs to pay income tax on his salary and
\ninvestment income explained above. (10 marks, maximum 400 words)<\/p>\n Q37<\/p>\n Luxurious firm performs its expenditure cycle activities using its integrated ERP system as follows: \u2022 Employees in any department can enter purchase requests for items they note as being either out of stock or in small quantity. \u2022 Occasionally, special items are ordered that are not regularly kept as part of inventory, from a specialty supplier who will not be used for any regular purchases. In these cases, an accounts payable clerk creates a one-time supplier record. \u2022 Each day, employees in the purchasing department process all purchase requests from the prior day. To the extent possible, requests for items available from the same supplier are combined into one larger purchase order in order to obtain volume discounts. Purchasing agents use the Internet to compare prices in order to select suppliers. If an Internet search discovers a potential new supplier, the purchasing agent enters the relevant information in the system, thereby adding the supplier to the approved supplier list. Purchase orders above $10,000 must be approved by the purchasing department manager. Electronic Data Interchange is used to transmit purchase orders to most suppliers, but paper purchase orders are printed and mailed to suppliers who are not Electronic Data Interchange capable. \u2022 Receiving department employees have read-only access to outstanding purchase orders. Usually, they check the system to verify existence of a purchase order prior to accepting delivery, but sometimes during rush periods they unload trucks and place the items in a corner of the warehouse where they sit until there is time to use the system to retrieve the relevant purchase order. In such cases, if no purchase order is found, the receiving employee contacts the supplier to arrange for the goods to be returned. \u2022 Receiving department employees compare the quantity delivered to the quantity indicated on the purchase order. Whenever a discrepancy is greater than 5%, the receiving employee sends an email to the purchasing department manager. The receiving employee uses an online terminal to enter the quantity received before moving the material to the inventory stores department. Required: Identify weaknesses in Luxurious firm existing expenditure cycle procedures, explain the resulting problems, and suggest as solution.<\/p>\n <\/p>\n Q38<\/p>\n Question 1
\nUsing the information presented below, prepare an income statement, owner’s equity and balance sheet from the adjusted trial balance of Hanson Storage. Ms. Hanson’s capital account balance of $40,340 consists of a $30,340 beginning-year balance plus a $10,000 investment during the current year.<\/p>\n <\/p>\n Q39<\/p>\n \n- What is internal control? Why is internal control important in organization?2. What are the four basic purposes of internal control? Give an example of each one?B. EXERCISE1. The California State University (CSU) system is the largest four-year higher educationsystem in the United States. In 2004, all twenty-three CSU campuses adopted PeopleSoft,an enterprise resource planning system, for managing finances, personnel records andother important functions. The project was referred to as the Common ManagementSystem (CMS). Considering Brown\u2019s taxonomy of risk, identify five risks the CSU and itsmanagement took by making the PeopleSoft decision.2. The following is a question in which one is expected to evaluate internal controls.The Art Appreciation Society operates a museum for the benefit and enjoyment of the community.During hours when the museum is open to the public, two clerks who are positioned at theentrance collect a $5 admission fee from each nonmember patron. Members of the ArtAppreciation Society are permitted to enter free of charge upon presentation of their membershipcards.At the end of each day one of the clerks delivers the proceeds to the treasurer. The treasurercounts the cash in the presence of the clerk and places it in a safe. Each Friday afternoon thetreasurer and one of the clerks deliver all cash held in the safe to the bank, and receive anauthenticated deposit slip which provides the basis for the weekly entry in the cash receipts journal.The Board of Directors of the Art Appreciation Society has identified a need to improve their systemof internal control over cash admission fees.The Board had determined that the cost of installing turnstiles, sales booths, or otherwise alteringthe physical layout of the museum will greatly exceed any benefits that may be derived. However,the Board has agreed that the sale of admission tickets must be an integral part of its improvementefforts.Smith has been asked by the Board of Directors of the Art Appreciation Society to review theinternal control over cash admission fees and provide suggestions for improvement.RequiredIndicate weaknesses in the existing system of internal control over cash admission fees, which Smithshould identify, and recommend one improvement for each of the weaknesses identified.<\/li>\n<\/ol>\n
Q40<\/p>\n Required:
\na) Calculate the acquisition cost of the Gizmo Machine that will be used as the base for future
\ndepreciation charge. (3 marks)
\nb) Provide the journal entries that would appear in Tea Tree Bay Ltd\u2019s books to account for the
\nacquisition of the Gizmo Machine. (5 marks)
\nc) Will the maintenance cost be included in the acquisition cost of the machine? Justify your answer.
\n(2 marks, maximum 100 words)
\nWeek 2
\na) What factors should be considered in determining the issue price of a debenture. (2 marks)
\nb) On 1 July 2018 Bombo Ltd issues $2 million in six-year debentures that pay interest each six
\nmonths at a coupon rate of 8 per cent. At the time of issuing the securities, the market requires a
\nrate of return of 6 per cent. Interest expense is determined using the effective-interest method.
\nRequired:
\n(i) Determine the issue price of the debenture. (2 marks)
\n(ii) Provide the journal entries at: (6 marks)
\n1 July 2018, 30 June 2019, & 30 June 2020.<\/p>\n Q41<\/p>\n Alex Kingsford is a mechanical engineer working for ABC Engineering in Melbourne. Alex owns a property in Dandenong, Victorian where he and his family are residing. He also runs a home-based food catering business, preparing food for local residents and school canteens. Catering business is well-structured. Alex works 15 days a month and earns a substantial income from the catering services business. He is travelling from ABC Engineering workshop to his home-based business by car or sometimes Uber. When he lodged his tax return in July 2019, he has requested a deduction for a substantial amount of travelling expenses between the ABC Engineering workshop and home-based food business.
\nAlex is now seeking your advice. With reference to relevant legislation and case law discuss whether Alex\u2019s travelling expenses between the ABC Engineering workshop and his home-based catering business is an allowable deduction.
\nAssignment Structure should be as the following (students\u2019 responses involves calculations, and students must refer to the relevant legislation and\/or cases whenever required according to the questions).<\/p>\n One of the most popular questions that I often come across is \u201cWhere can I get someone to help me solve my tough\u00a0Business Case Studies and Report Writing Assignments Online<\/a>\u00a0<\/u>?\u201d or \u201cWhich is the best and affordable website for homework help where tutors give discounts throughout the year?\u201d Well the answer is simple \u2013\u00a0Homework Nest<\/a><\/u>. I have tried it and can testify without hesitation. Last time I was facing it rough on coming up with my PHD thesis ideas and research and Homework Nest Tutors came in hand. You see, College life is not a walk in the park especially for those who double it with a day job to keep their bills on check. You can find the best ElantSolutions\u00a0Business Case Studies and Report Writing Assignments Online<\/a>\u00a0<\/u>at Homework Nest. You can also find the best\u00a0Varsity Tutors for psychology and philosophy<\/a>\u00a0college assignments at Homework Nest. I will also add that you can find the best\u00a0TransTutors for psychology and philosophy college assignments<\/a>\u00a0at Homework Nest. All Homework and assignments are handled in minutes. In conclusion, the Best Known Website for Helping with College Homework for students is Homework Nest. If your homework deadline fast approaching and you do not have time? I used Homework Nest (https:\/\/www.homeworknest.com\/<\/a>) to Ace My Homework and Got As in my Final Exams. Hey, all the tutors are verified!<\/p>\nQ42<\/p>\n Task 1: Variable List 1. Using the variables listed in the table above, Describe each variable. 2. State for each variable whether it is qualitative or quantitative; if it is qualitative, state whether it is nominal or ordinal, and if it is quantitative, state whether it is discrete or continuous. Task 2: Histogram 3. Create a histogram showing the distribution of salaries. Find the 5-number summary of the distribution of salaries. Comment upon the shape of the distribution: is it symmetric? If it is not, is it positively or negatively skewed? Are there any outliers present? If so, are they of particular interest? State which central measure would be best to use to describe the centre of this distribution, and the reason(s) why.<\/p>\n Q43<\/p>\n Collect the latest annual report of an ASX listed company for the last 2 financial years. Please read the financial
\nstatements (balance sheet, income statement, cash flow statement) and notes attached to financial
\nstatements on income tax issues very carefully. Please remember some aspects of your firm\u2019s treatment of its
\ntax \u2013 can be a very complicated area, particularly for some firms. Based on your understanding of the topic
\n\u201caccounting for income tax\u201d and based on your reading of the collected annual reports, do the following tasks.
\ni Briefly explain the concepts of accounting profit, taxable profit, temporary difference, taxable temporary
\ndifference, deductible temporary difference, deferred tax assets and deferred tax liability.
\nii Briefly explain the recognition criteria of deferred tax assets and deferred tax liability.
\niii What is your firm\u2019s tax expense in its latest financial statements?
\niv Is this figure the same as the company tax rate times your firm\u2019s accounting income? Explain why this is,
\nor is not, the case for your firm highlighting the reasons for differences.
\nv Identify the deferred tax assets\/liabilities that is reported in the balance sheet articulating the possible
\nreasons why they have been recorded.
\nvi Is there any current tax assets or income tax payable recorded by your company? Why is the income tax
\npayable not the same as income tax expense?
\nvii Is the income tax expense shown in the income statement same as the income tax paid shown in the cash
\nflow statement? If not, why is the difference?
\nviii Briefly explain the concepts of temporary difference and permanent difference. Identify any permanent
\ndifferences that your company may have.
\nix What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax
\nin your firm\u2019s financial statements? What new insights, if any, have you gained about how companies
\naccount for income tax as a result of examining your firm\u2019s tax expense in its accounts?<\/p>\n Q44<\/p>\n art A (70 marks)
\nIn accordance with the Australian government\u2019s Budget Paper No. 2 Budget Measures
\n2015-2016, the Income Tax Rates Amendment (Working Holiday Maker Reform) Act 2017
\n(the \u2018WHMR Act\u2019) was passed. The WHMR Act proposed changes to tax rules for working
\nholiday makers on 417 and 462 visas (\u2018backpackers\u2019) as a means of raising revenue. This,
\nwith other proposed legislative amendments concerning working holiday makers, has been
\nreferred to in the media as the \u2018Backpacker Tax\u2019.
\nChoose and read ONE of the following cases.
\nClemens and Commissioner of Taxation [2015] AATA 124 (6 March 2015); or
\nJaczenko and Commissioner of Taxation [2015] AATA 125 (6 March 2015);or
\nKoustrup and Commissioner of Taxation [2015] AATA 126 (6 March 2015)
\nTask
\nAnswer the following questions
\n1. What issues are being considered in your chosen case, and what decision
\n(conclusion) is reached? (20 marks)
\n2. Would the decision in your chosen case support the need for a change to the
\nresidency rules for backpackers in Australia? Give reasons (20 marks)
\n3. How does the WHMR Act treat income earned by \u2018backpackers\u2019 in Australia? (10
\nmarks)
\n4. Is this different to the way income earned by \u2018backpackers\u2019 was treated prior to the
\nintroduction of the WHMR Act? If so, how? (20 marks)<\/p>\n Q45<\/p>\n Hill and Hult (2019) include a set of 20 cases to fill strategically aligned objectives for the core features of
\ninternational business strategy. They argue that: \u201c(s)everal of these cases focus on company and country
\nscenarios related to China, Germany, Mexico, Myanmar, Russia, Venezuela, and prominent other markets.\u201d
\n(p609) These cases cover a range of international companies including Apple, Dominos, Ford, General Motors,
\nMicrosoft, Philips Siemens, Skype and Volkswagen. As well, these cases in general relates to several unit learning
\noutcomes including differing elements of international business \u2013 related theories, national differences, the
\nglobal trade and investment environment, the strategy and structure of international business, and international
\nbusiness functions.
\nRequired:
\nThis Group Assignment is comprised of two parts.
\nPart A: Written Report on Two Cases (15%) [this part must be submitted via Turnitin by 5:00pm Friday 24
\nJanuary 2020] \u2013 Expected length \u2013 Total 2000 words (i.e., 1000 words for each case)
\nFirst, you, as a group, are required to select two out of twenty cases as included at the end of the text by Hill
\nand Hult (2019 – pp608 \u2013 634). The selection of these two cases will be determined by the coordinator of the
\nunit and will be allocated in Week 4 during Semester 3, 2019.
\nSecond, you are required to:
\na. Summarise and elaborate the respective case scenarios;
\nb. Answer and critically evaluate the set questions in each case; and
\nc. Demonstrate applicable theories and issues of international business relates to the selected case.
\nThird, as well, you are required to provide your reflections and conclusions using contemporary aspects of
\ninternational business relating to the case.
\nThe expectation is that you are required to use academic and professional authentic references in analysing
\nthe case and writing the report. Please go through unit outline for guidelines about Turnitin submission and
\nreferencing style.
\nThe Group Assignment develops students\u2019 theoretical and technical skills in international business theory and
\nstrategy as well as their written communication skills. You are required to form a group by Week 4 with no
\nmore than THREE members of your class. Each member is fully responsible for the discussion, preparation,
\ncomposition and submission of the integrated case analysis in group. Failure by a student to attend,
\ncontribute, and submit the assignment will result in the said student receiving a zero (0) mark weighting for
\nthis assessment task. You must attach a completed, signed coversheet and a self and peer contribution
\nevaluation form with your written assignment.<\/p>\n Q46<\/p>\n Unit Learning Outcomes Assessed:
\n1. Demonstrate a thorough understanding of the reporting requirements of auditing
\nstandards relating to auditors\u2019reports.
\n2. Explain how the audit planning process directs the auditor to obtain adequate evidence to
\nsupport auditfindings and addressthe importanceofmateriality in an audit.
\n3. Explaintheprocessofauditplanningtodetermineriskassessmentsandanoverallauditstrategy.
\n4. Explain the auditors\u2019 obligations with regards to understanding the client\u2019s business and
\ninternal controls and assessing businessrisks.
\nDescription: Each week students were provided with three tutorial questions of varying degrees of
\ndifficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard.
\nThe Interactive Tutorials are designed to assist students with the process, skills and knowledge to
\nanswer the provided tutorial questions. Your task is to answer a selection of tutorial questions from
\nweeks 1 to 5 inclusive and submit these answers in a single docu<\/p>\n Q47<\/p>\n |