Solved Assignments

Scorpio Ltd is an Australian public company. The accounting staff of Scorpio Ltd have asked

Question 2                                                                                                                                                 Total 6 marks Scorpio Ltd is an Australian public company. The accounting staff of Scorpio Ltd have asked for your assistance in preparing the company’s financial statements for the year ended 30 June 2017 and have provided you with the following information: Scorpio Ltd Trial Balance As at 30 June 2017 Item Debit Credit Sales revenue   540,000 Gain on sale of financial assets   4,000 Revaluation of property, plant and equipment   20,000 Other income   16,000 Unrealised gains on cash flow hedges   13,000 Loss for the year from discontinued operations 5,000   Remeasurement of defined benefit superannuation plan 7,500   Occupancy expenses 45,000   Income tax expense 15,000   Finance costs 27,500   Distribution expenses 55,000…

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CQU Oil Limited is a an oil wholesale company that had

  Construct an Income Statement. Use an Excel spreadsheet and/or tables to present your work. Show all workings. Mark Part 1 CQU Oil Limited is a an oil wholesale company that had: ·         sales last year of $2.5 million; ·         cost of goods sold of $700,000; ·         paid interest of $200,000; ·         cash operating expenses of $150,000; ·         Depreciation expense amounting to $150,000 ·         a tax liability equal to 30% of the firm’s taxable income. a.       Construct an Income Statement with the above data. b.      Determine CQU Oil’s taxable income and tax payable for the year. c.       Determine the total amount of: i.        fully franked dividends ii.      imputation credits that the company is able to declare from its past year’s results.…

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On January 1, 2017, Cage Company contracts to lease equipment for 5 years

On January 1, 2017, Cage Company contracts to lease equipment for 5 years, agreeing to make a payment of $120,987 at the beginning of each year, starting January 1, 2017. The leased equipment is to be capitalized at $550,000. The asset is to be amortized on a double-declining-balance basis, and the obligation is to be reduced on an effective-interest basis. Cage’s incremental borrowing rate is 6%, and the implicit rate in the lease is 5%, which is known by Cage. Title to the equipment transfers to Cage at the end of the lease. The asset has an estimated useful life of 5 years and no residual value. Instructions: (a) Prepare the journal entry or entries that Cage should record on January…

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ACCT6001 Accounting Information Systems – Excel Spreadsheet

    ASSESSMENT BRIEF       Subject Code and Title   ACCT6001 Accounting Information Systems       Assessment   Assessment 3: Excel Spreadsheet       Individual/Group   Individual       Length           Learning Outcomes   1.  Apply technical knowledge and skills in creating     information for the workplace using spreadsheets     and relational databases.     2.  Communicate with IT professionals, stakeholders     and user groups of information systems.       Submission   By 11:55pm AEST/AEDT Sunday end of week 7       Weighting   25%       Total Marks   100 marks           Context: The aim of this assessment is to assess…

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Spreadsheet Project Task 1 – ACST201 Financial Modelling

Spreadsheet Project Task 1   Today is 1 January 2018. MQU bank is offering a 5 year $100,000 loan product to its customers.(25 marks).   [10 marks] This loan product requires customers to make monthly repayment. Payment will be paid at the beginning of each month with an amount of $2,000. Use the Goal Seek to find the implied annual nominal rate of interest payable monthly (i.e., j12) charged by MQU bank. [8 marks] For this loan product, each customer needs to pay an initial cost of $200 at the beginning of the loan. Use the Goal Seek to find the real borrowing cost for a customer (expressed as an annual rate payable monthly j12). This loan product requires customers to…

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ACST101 S1 2018 Excel Assignment

ACST101 S1 2018 Excel Assignment (7%)   GETTING READY   The worksheets are protected. You can only enter data into the cells that are not locked to you. In the excel file provided, if you attempt to change the contents of a locked cell, you will receive a message saying that you are trying to change protected content. Leave the file protected. Use MS Office Excel for Windows or Mac. The version can be no older than MS Office 2013. Use a computer lab at the University, if in doubt and don’t just switch to use another computer unless you know it uses the correct version. A penalty of 2 marks applies if the sheets are found to be unprotected (which…

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ACCT6003 Financial Accounting Processes – ChiHerbal

In Part B, students are required to account for a range of transactions undertaken by ChiHerbal Ltd.   Assignment Part B Questions   Assume you were the accountant of ChiHerbal Ltd, address the requirements of the following independent scenarios for the company. Scenario 1 Financing Company Operations (30 marks) The equity of ChiHerbal Ltd as at 30 June 2018 comprises the following: 320 000 ordinary Class 1 shares, issued at $4, fully paid $1 280 000 240 000 ordinary Class 2 shares, issued at $4, called to $2.40 576 000 40 000 6% redeemable preference shares, issued at $3.00, fully paid 120 000 Share issue costs (4 272) Calls in advance (at $1.60) 25 600 Share options (issued at $1.20, fully…

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ACC515 – Sandy expects to receive the following stream of cash flows

  Question 1 (15 marks) This question relates to material covered in the Topics 1 to 3. This question addresses the 5th and 6th subject learning outcomes. For the following numerical problems, detailed answers must be shown. This involves providing a brief description of the problems, formulae used, progressive and final answers to the questions. For assignments you are expected to show your workings using the appropriate formula. a. Sandy expects to receive the following stream of cash flows from an investment over the next 5 years:   End of year Cash flow ($) 1 400 2 800 3 500 4 400 5 300   If the relevant rate of interest is 9% per annum on this investment, how much should she pay for…

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Petral Ltd. Manufactures 2 products, W and Z using the same factory and facilities

  Assignment 1 2018 Due date: 5pm (Sydney time), April 10 2018 Submit via Turnitin on the BlackBoard site.  Students should allow at least 60 mins to load up assignments as Turnitin will electronically cease accepting submissions at 5pm (AEST). Each assignment-answer must have a cover sheet.   The workshop presenter’s name must be disclosed on the coversheet.  Students who do not attend workshops must find out the name of presenter delivering the workshop they are enrolled in.  Workshop-presenters will mark the assignments of students formally enrolled in their classes.  Students should not change workshops without securing course coordinator’s permission. Submissions must be typed, not hand-written.  Tables can be constructed in Word – use the Table function to “insert’ a table into…

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Financial Management – Present Value, Standard Deviation

Question 2 (15 marks, 5 marks for each part) a. Roger has invented a new household device that would earn him $10,000 per annum for the next 10 years. Given an interest rate of 8% per year, would Roger be willing to sell his invention today for $100,000? b. Debra wins $200,000 in a lottery. She takes only $20,000 in cash and invests the balance at a rate of interest of 10% pa with the understanding that she will receive 160 equal monthly payments with the first one to be made in 2 years. Find the size of the payments. c. An investment firm A pays 10% interest per annum, compounded on a quarterly basis. To remain competitive, the investment manager…

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Scenic View Winery Case

University of Saskatchewan Edwards School of Business Department of Accounting Case Project – Winter 2018 Comm 433 – Section 02 Scenic View Winery Case   You have just come back from your meeting with Hector and Sophia Perez, owners of Scenic View Winery, and are organizing your notes. As the new accountant for the winery, the meeting was to bring you up to speed with the company’s history, organization structure and upcoming events/challenges.   Scenic View Winery is a family owned and run winery that has been in operation since the 1950’s when Hector’s parents moved into the Okanogan Valley and purchased their first grape orchard. Over the years, the winery has been successful in developing its special brands of chardonnay…

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Celebrations Pty Ltd – General Journal, Posting and TB

Ms Jennie Smiles is the major shareholder and chief executive officer of Celebrations Pty Ltd, a small business which provides organisation services and supplies for parties, wedding receptions and other happy occasions. Due to the relatively small size of the business Jennie is unable to justify a computerised accounting system thus all accounting is completed manually by ABC Accounting. Celebrations Pty Ltd uses a perpetual inventory system, noting the cost of all inventory sold is 65% of the sales (GST exclusive) price. It is now the end of February 2018 and Jennie requests ABC Accounting to complete all necessary accounting to enable the preparation of a trial balance as at 28 February 2018. As the ABC Accounting accountant assigned to Celebrations Pty…

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