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ACCT 1008 Accounting for Business, SP2 2018 Assignment Part B

QUESTION 1: Balance Day Adjustments (20 marks)     Debit ($) Credit ($) Rooftop Tea Room Trial Balance 30 June 2018         Vauxhall Delivery Van 21 100   Rooftop Cleaning Expense 18 800   Insurance Expense 12 393   Water Expense 17 814   Gas Expense 18 776   Accumulated Depreciation – Refrigeration Equipment   24 470 Repairs and Maintenance Payable   8 063 Sales Returns & Allowances 795   Electricity Expense 20 550   Shop Furniture 22 500   Discount Allowed 975   Victoria, Capital   198 357 Pastry Chef Wages Expense 36 095   Office Cleaning Expense 15 000   Refrigeration Equipment 48 000   Interest Expense 21 900   Cash at Bank 36 232  …

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Saturn Petcare Australia and New Zealand is Australia’s largest manufacturer

Part A (40 Marks)   Saturn Petcare Australia and New Zealand is Australia’s largest manufacturer of pet care products. Saturn have been part of the Australian and New Zealand pet care landscape since opening their first manufacturing facility in Albury Wodonga in 1966. Since then they have expanded their manufacturing footprint to include other sites in regional Australia and New Zealand including a world-leading manufacturing site opened in Bathurst, NSW in 2015. Saturn Petcare Australia New Zealand manufactures both for the domestic markets as well as exporting products to more than 26 countries. Saturn Petcare is part of the larger overall Saturn Group which is globally one of the largest privately held manufacturing companies and operates in a range of different…

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ACC 514 – Accounting for share issues, income tax, revaluation and impairment

Question 2 [16 marks] Accounting for share issues On 1 February 2017, Beach Supplies Ltd was registered and issued a prospectus inviting applications for 2,000,000 shares, at an issue price of $3.50, payable as follows: $1.00 on application $1.50 on allotment (payment due within 1 month of allotment) $0.60 on first call $0.40 on final call The issue is underwritten at a commission of $30,000. By 28 February 2017, applications had been received for 1,900,000 shares. On 3 March, shares are allotted, and the underwriter forwarded the application and allotment money due on the 100,000 shares less their commission. All remaining allotment money is received by 3 April. Legal costs re company formation are $5,000 and are paid on 5 April.…

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On 1 July 2014, White Ltd paid $700,000 to acquire a machine

On 1 July 2014, White Ltd paid $700,000 to acquire a machine that was to be used in the manufacture of furniture. On this date, management of White Ltd estimated that the machine had a useful life of ten years and a residual value of $100,000. In accordance with AASB 116 Property, Plant and Equipment, White Ltd uses the revaluation model as its accounting policy to measure items of property, plant and equipment and the straight-line method of depreciation.   The fair values of the machine for the first three years were as follows: 30 June 2015:   $685,000 30 June 2016:   $620,000 30 June 2017:   $520,000 On 31 December 2017, White Ltd sold the machine for $500,000 cash.   Required Based…

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New – Accounting Information System – Excel Assignment (Simple Contracts Ltd, a public company specialising in contract labour force)

Assessment Information Subject Code:                     CISM4000 Subject Name:                    Accounting Information Systems Assessment Title:               Excel Assignment Learning Outcome 5: Develop practical skills in using excel spreadsheets to collate, manage and present accounting information to users in an acceptable format. Introduction to the individual assignment: This assignment must be completed using Microsoft Excel. These introductory excel skills you learn will be used in later units and in your professional life. Employers expect students to have good worksheet skills.   QUESTION 1 The following employees work for Simple 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…

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Sky Fly, Inc is a fast growing drone manufacturer

Sky Fly, Inc is a fast growing drone manufacturer. The annual rate of return of Sky Fly’s stock has been 20% over the past few years. Company managers believe 20% is a good estimate for the firms’ cost of capital. Sky Fly’s CEO, Dane Cooper, believes the company needs to continue to invest in projects that offer the highest possible returns. Currently, the company is reviewing two separate projects. Project E involves expanding production capacity. Project I involves introducing one of the firms’ drones into a new market. The following table shows the projected cash flows for each project. Year E I 0 -3,500,000 -500,000 1 1,500,000 250,000 2 2,000,000 350,000 3 2,500,000 375,000 4 2,750,000 425,000   -Calculate the NPV,…

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Balanced Funds Comparison

  Assessment Activity 1 Project Balanced Funds Comparison     Activity instructions to candidates This is an open book assessment activity. You are required to read this assessment and answer all 10 questions that follow. Please type your answers in the spaces provided. Please ensure you have read “Important assessment information” at the front of this assessment Estimated time for completion of this assessment activity: 3 hours   Background Your client is considering investing $50,000 in one of 2 funds offered through BCG, a notable investment fund manager.  One fund under consideration is the BCG Balanced Fund which has the following asset allocation. Cash 10% Fixed Interest 15% Listed Property 20% Australian Shares 35% International Shares 20%   The alternative fund…

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BUS5IAF – INTRODUCTION TO ACCOUNTING AND FINANCE

Show black on white to print? y BUS5IAF – INTRODUCTION TO ACCOUNTING AND FINANCE PART 2: PREPARING THE FINANCIAL STATEMENTS Thank you for submitting your advice regarding sources of finance.  Your client has carefully considered your advice in setting up the new business.  As you will see below, the client may have acted on all, some or none of your advice.  That is the nature of being a consultant.  Nevertheless, the client is happy with the advice you offered and seeks further assistance from you. As the client looked further into the feasibility of the new business, it soon became clear that there was much more demand than previously realised, and immediate plans were made to increase the size of the…

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FINACIAL MANAGEMENT COURSE – ACCT 702_001 W 18

PART A Fluffy Cupcake Company (FCC) is considering expanding by buying a new machine to add to its existing bank of equipment used for the business. Cost of the machine is $42,000 with a 10-yr useful life with expectation of zero terminal disposal value. This investment is expected to increase the cash revenues by $23,000 annually during the life of the asset and will have annual operating expense outlay of $18,000 per annum. FCC cost of capital is 6% and the company has no existing debt and their corporate tax rate is 30% Required: Should the proposal be accepted by FCC?   PART B One of FCC’s competitors Brownie Cake Company (BCC) is also interested in installing the same machine and…

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Comprehensive Manufacturing Budget

Question 3         Comprehensive Manufacturing Budget                                                                                 (25 marks) This question specifically addresses all 5 of the subject’s learning outcomes. This question builds on prior studies and relates to learning material and objectives from Online Modules 1, 2 and 3. Links to specific resources provided for this question relating to Manufacturing Budgets and Excel spreadsheets can be found in the Online Topic Modules and are also available in the Resources section of the subject interact site in the Excel Resources folder.   On your manager Deirdre Lynch’s return from China she has asked you to undertake a 3 month secondment to the Mercury Inc. wholly-owned subsidiary AusMilk Ltd where you will be based at their Australian Head Office in Albury Wodonga.…

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EX16_XL_COMP_GRADER_CAP_HW – Stock Transactions 1.5

EX16_XL_COMP_GRADER_CAP_HW – Stock Transactions 1.5   Project Description: In this project, you will update a workbook to display bank transactions as a PivotTable. You will filter the PivotTable, format the values, display the values as calculations, and create a PivotChart using this data. Additionally, you will sort and subtotal data, create data tables, and use Goal Seek and Scenario Manager. You will format grouped worksheets, set up validation rules, and create functions. You will also import a text file and XML data and manipulate the imported text. Finally, you will modify the document properties, insert a comment, and mark the workbook as final.   Instructions: For the purpose of grading the project you are required to perform the following tasks: Step…

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Automotive Parts Productions (APP) is a manufacturer of motor parts – Budget

Automotive Parts Productions (APP) is a manufacturer of motor parts for family cars based in Bendigo, Australia. These motor parts are sold directly to car manufacturers in Australia for use in making motors. The accountant of APP has compiled information regarding Part-1, one of the parts produced and sold by the company. The forecasted monthly sales units for part of 2018 are presented as follows:   June 30,000 July 40,000 August 50,000 September 54,000 October 60,000 November 64,000     The following part presents data obtained from the budgeting documents of the company:   Inventory balances and the related desired ending inventory policies are stated as follows:   Description July 1 balances Desired ending inventory policy (monthly) Finished Goods 28,000 70%…

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