Solved Assignments

ACC – 514 Assessment

Question 2 Accounting for share capital   Rippa Ltd was incorporated on 1 July 2017. The following transactions and events occurred during the year ended 30 June 2018:   1 Jul 2017: Rippa Ltd makes an offer to the public for investors to subscribe for 5,000,000 shares, at an issue price of $4.00 per share, with $2.50 payable on application, $1.00 being payable within one month of allotment, and $0.50 payable on a call to be made at a later date. The issue is underwritten at a commission of $12,000. 31 Jul 2017: Applications close, with applications received for 6,000,000 shares. 10 Aug 2017: 5,000,000 shares are allotted in proportion to the number of shares for which applications had been made.…

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ACST201 Financial Modelling – Spreadsheet Project Task 1 – Today is 1 July 2018. MQU bank is offering a 25 year

Spreadsheet Project Task 1 Today is 1 July 2018. MQU bank is offering a 25 year $1,000,000 loan product from July 2018 to June 2043 to its customers.   This loan product requires customers to make monthly repayment. Payment will be paid at the beginning of each month with an amount of $6,500. Use the Goal Seek to find the implied annual nominal rate of interest payable monthly (i.e., j12) charged by MQU bank. Assume that there is an annual fee of 350 paid on 1 July of each year and the first payment is on today.  For this loan product, each customer can have an option to defer the repayment by 6 months. Specifically, customers can borrow $1,000,000 on 1…

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ACC00714 MANAGERIAL ACCOUNTING – On The Beach manufactures swimwear and accessories for men and women

On The Beach manufactures swimwear and accessories for men and women.  They operate out of rented premises in Currumbin Creek Road where the factory is split into a manufacturing and storage area and a retail space. The business produces 4 products: One-piece swimsuits for women Board shorts for men Beach Towels Beach Bags   You, as the management accountant for the firm, have been asked to prepare a range of budgets for the 2019 year.  The following information has been gathered: Sales One-piece Board shorts Towels Beach Bags January 2019 1,800 1,600 200 400 February 2019 1,400 1,100 180 300 March 2019 1,300 1,160 160 260 April 2019 1,000 1,000 120 140 May 2019 400 600 60 80 June 2019 400…

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FINC19011 BUSINESS FINANCE

Question 1: You are about to make an offer to purchase a property in Surfers Paradise for $1.8 million. You will pay 50% of this purchase price from your personal deposit. You will cover the rest of the purchase price using a 25-year mortgage loan from a bank. You seek advice from a mortgage broker who suggests the following two loan choices: Bank Name Interest Rate Interest Compounded Loan Application Fee Bank A 3.67% p.a. Fortnightly $500 Bank B 3.67% p.a. Monthly $250   The loan application fee will be added to the amount you borrow from the bank and the repayment will be based on the total amount borrowed (inclusive of loan application fee). Your repayment frequency per year will…

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Corporate Finance (BUSS 5233) – Assume that it is the middle of 2010. Charlotte Lynch has been working for a year

Question 1 Assume that it is the middle of 2010. Charlotte Lynch has been working for a year as an analyst for an investment company that specialises in serving very wealthy clients. These clients often purchase shares in closely-held investment funds (i.e., those with very limited numbers of shareholders). In late 2008 the market for certain types of securities based on real-estate loans simply collapsed as the sub-prime mortgage scandal unfolded. Charlotte’s firm saw this market collapse as an opportunity to put together a fund to purchase some of the mortgage-backed securities shunned by investors, acquiring them at bargain prices and holding them until either the underlying mortgages are repaid or the market for these securities recovers. The investment company began…

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Simpsons Pty Ltd is a small take away restaurant located in Sydney CBD

SCENARIO Simpsons Pty Ltd is a small take away restaurant located in Sydney CBD. The restaurant is owned by Mr & Mrs John Spice. The restaurant started its activities in January current year. In December current year the following information was collected: SALES AND COGS ACTIVITIES FOR CURRENT YEAR The restaurant sold 54,600 take away meals, and the price per meal was $10.50. The food cost per meal sold was $4.60. Also 20,000 units of soft drinks were sold during the year. Soft drinks are sold for $2.50 and the cost price was $0.80. BUDGET FORECASTING FOR NEXT YEAR The owners estimated that for the next year the price per take away meal could be increased to $13.00. They have also…

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Accounting Information Systems – The following employees work

QUESTION 1 The following employees work for Hi-Fi Contracts Ltd, a public company specialising in contract labour force for different projects in construction industry. The employees are paid an hourly rate, based on their Job Classification level. If an employee works more than 36 hours, they will be paid the overtime rate for the additional hours. The following table summarises the classifications and level of pay per classification:   TABLE A: Classification Levels Level Hourly pay 1 30.00 2 40.00 3 50.00 4 60.00 5 70.00 6 80.00   The overtime hourly rate is $ 85 per hour for ALL employees, regardless of their classification level.   Hi-Fi Contracts Ltd has the following employees: TABLE B: Employee name Classification Level Paris…

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ACCT305 Accounting Information Systems – Excel Practical assessment

Lieza the owner of AAA Services. This Company provides service such as cleaning furniture, offices and garden to customers in Carlton. The trial balance columns of the worksheet for AAA Services are as shown in Table 1 below. Table 1. Trial Balance of AAA Services for the year end of 30 June 2018     Trial  balance Accounts Name Debit Credit cash 40860   Accounts Receivable 11800   Office Supplies 45600   Prepaid Rent 72000   Equipment 160000   Accounts Payable   10400 Notes Payable   40000 Utilities Payable   7928 Unearned Revenue   8000 Common Stock   200000 Service Revenue   165200 Wages Expense 76400   Miscellaneous Expense 6940   Electricity Expense 4940   Telephone Expense 2988   Dividend 10000…

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ACCT1008 (Accounting for Business) SP5 2018 – General Journal, General Ledger, Trial Balance

QUESTION 1: General Journal, General Ledger, Trial Balance (42 marks} Part A (25 marks) Aaron Cheney is the sole proprietor of “Tasty Morsels”, a business providing high quality catering services for weddings, special events, corporate functions and private dinners.   Required: Below is a list of transactions that took place during the month of August 2018. Record each of the following transactions (where required), using the blank General Journal provided on the following pages. Journals must be correctly formatted and include a narration (explanation) for each entry.   August 1            Tasty Morsel paid the August electricity bill of $375 in cash. August 3            Tasty Morsel purchased 15 white fine china dinner settings at a cost of $225 each. The purchase was…

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CVP Analysis – A manufacturer can make two products

CVP Analysis Guide to marks: 20 marks – 4 for a, 4 for b, 4 for c, 8 for d Show all calculations to support your answers. A manufacturer can make two products, A and B. The following data are available Product A B Total Sales price per unit $12 $15   Variable cost per unit $8 $10   Total fixed costs/month     $5000           (a)Calculate the unit contribution margin for each product. (b)This month the manufacturer will specialise in making only Product B. How many does he need to sell to break even? (c)If they specialise in making only A what is the breakeven sales volume for the month in sales dollars? (d)He now decides…

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ACCT20073 – On 1 July 2019, Paldivia Ltd acquired all the issued shares

Question 2   On 1 July 2019, Paldivia Ltd acquired all the issued shares of Soletta Ltd for a cash consideration of $1 000 000. At that date, the financial statements of Soletta Ltd showed the following information.     $ Share capital 650 000 General reserve 20 000 Retained earnings 250 000   All the assets and liabilities of Soletta Ltd were recorded at amounts equal to their fair values at the acquisition date, except some equipment recorded at $50 000 below its fair value with a related accumulated depreciation of $80 000. Also, Palvidia Ltd identified at acquisition date a contingent liability related to a lawsuit where Soletta Ltd was sued by a former supplier and attached a fair…

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Food-Pro Ltd is a special food processing company

Current Tax and Deferred Tax Computation Food-Pro Ltd is a special food processing company. For the financial year ended 30 June 2018, FoodPro Ltd made a profit before tax of $607,500.   The following items of income and expenses are included in the calculation of its profit for the year:   Rent revenue $60,000 Loss on disposal of plant $16,001 Depreciation expenses – plant $96,000 Entertainment expense $29,880 Amortization of Research & Development costs $72,000 Doubtful debts expense $33,600 Warranty  expenses $129,600 Insurance expense $57,600 Annual leave expense $87,990   An extract of the company’s balance sheet for the financial year ended 30 June 2018 together with comparative figures for 2017 is given as follows:         Assets  2018…

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