Solved Assignments

Bo Vonderweidt, the production manager for Sportway Corporation

Bo Vonderweidt, the production manager for Sportway Corporation, had requested to have lunch with the company president.  Vonderweidt wanted to put forward his suggestion to add a new product line.  As they finished lunch, Meg Thomas, the company president, said, “I’ll give your proposal some serious thought, Bo.  I think you’re right about the increasing demand for skateboards. What I’m not sure about is whether the skateboard line will be better for us than our tackle boxes. Those have been our bread and butter the past few years.” Vonderweidt responded with, “Let me get together with one of the controller’s people.  We’ll run a few numbers on this skateboard idea that I think will demonstrate the line’s potential.” Sportway is a…

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ACG 23 BUSINESS FINANCE – Financial Management

Question 1 (Total marks for this question = 10 marks) Suppose $1,000 is invested each year for 5 years at an interest rate of 10% per annum compounded. Calculate the future value of the investment if the payments are invested at the end of each year and the compounding is annual compounding. (2 marks) Calculate the future value of the investment if the payments are invested at the beginning of each year and the compounding is annual compounding. (2 marks) Calculate the future value of the investment if the payments are invested at the end of each year and the compounding is monthly compounding. (2 marks) Explain what is meant by continuous compounding. (2 marks) Calculate the future value of the…

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Mackay Ltd reported sales revenue of $16 million

Mackay Ltd reported sales revenue of $16 million for the year ended 30 June 2017. In preparing the financial statements the following matters were considered: (a) Income tax expense for the year ended 30 June 2017 was $218 640. (b) Financial restructuring has resulted in the disposal of land, bought in 2006 for future expansion, for a profit of $200 000. (c) A dividend of $26 000 has been received from a subsidiary company. (d) Other expenses incurred: Interest $480,000 Wages and salaries 5,492,000 Selling expenses 2,500,000 Administration expenses 100,000 Bad debts 200,000 Other expenses 440,667 Electricity/water 480,000 Cost of sales 5,000,000     (e) On 10 October 2016, plant with a carrying amount of $320 000 was destroyed by an…

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Farhmahouse Ltd reported sales revenue of $16 million

AC202/ACC2004 Financial Accounting Standards and Corporate Reporting Excel Assignment – 15% Farhmahouse Ltd reported sales revenue of $16 million for the year ended 30 June 2013. In preparing the financial statements the following matters were considered: (a) Income tax expense for the year ended 30 June 2013 was $218 640. (b) Financial restructuring has resulted in the disposal of land, bought in 2002 for future expansion, for a profit of $200 000. (c) A dividend of $26 000 has been received from a subsidiary company. (d) Other expenses incurred: Interest $480,000 Wages and salaries 5,492,000 Selling expenses 2,500,000 Administration expenses 100,000 Bad debts 200,000 Other expenses 440,667 Electricity/water 480,000 Cost of sales 5,000,000     (e) On 10 October 2012, plant…

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Maple Ltd conducts a business that makes women’s shoes

ACC210 Major Assignment (Task 2)   Question 1: (Approximately 400 words)   Exercise 3.1- Valuation premise for measurement of fair value Maple Ltd conducts a business that makes women’s shoes. It operates a factory in an inner suburb of Perth. The factory contains a large amount of equipment that is used in the manufacture of shoes. Maple Ltd owns both the factory and the land on which the factory stands. The land was acquired in 2007 for $200 000 and the factory was built in that year at a cost of $520 000. Both assets are recorded at cost, with the factory having a carrying amount at 30 June 2017 of $260 000.   In recent years a property boom in…

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MPA903 Advanced Corporate Reporting – Taxation woksheet and Consolidation

MPA903 Advanced Corporate Reporting Individual Assignment (30%) Semester 2, 2017 QUESTION 1 At 1st July 2016, Green Bay Ltd’s opening balances of asset and liability accounts for both accounting and tax purposes were shown as follows:   Accounting Tax Goodwill $800,000 (Dr.) Nil Plant and equipment (net) $640,000 (Dr.) 600,000 (Dr.) Provision for long service leave $100,000 (Cr.) Nil Accounts Receivable (net) $320,000 (Dr.) $350,000 (Dr.) Provision for Warranty expenses $75,000 (Cr.) Nil Research and development expenses Nil Nil Deferred tax assets (DTA) 49,500 (Dr.)   Green Bay Ltd’s operating profit before income tax was $3,500,000 for the year ended 30th June, 2017. In preparing the financial statements for the year ended 30th June, 2017, the company accountant used the following…

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Accounting for equity, revaluation of assets and impairment of assets

Question 2 [20 marks] Topic 4: Accounting for equity   On 1 July 2016, Ansett Ltd was incorporated and offered 5,000,000 ordinary shares to the public at an issue price of $2.00 per share, with $1.50 payable on application, and $0.30 due within one month of allotment and $0.20 payable on a call to be made at a later date.   By 31 July 2016, applications had been received for 5,500,000 shares. On 12 August 2016, 5,000,000 shares were allotted, and excess application money refunded to unsuccessful applicants. All allotment money was received by 12 September 2016.   On 20 March 2017, the call was made with money due by 30 April 2017. By 30 April 2017, all call money was…

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Parent Ltd acquired 80% of the issued shares of Subsidiary Ltd

Question 1 [40 marks]    Topics 1 to 3 – Consolidation: Principles, accounting requirements, intra-group transactions and non-controlling interests   Parent Ltd acquired 80% of the issued shares of Subsidiary Ltd on 1 July 2014. At the acquisition date, the equity of Subsidiary Ltd consisted of Share Capital of $200,000; Retained Earnings of $ 74,000 and General Reserve of $6,000.   Parent Ltd uses the full goodwill method. The fair value of non-controlling interest at 1 July 2014 was $63,000.   All the identifiable net assets of Subsidiary Ltd were recorded at fair value at the date of acquisition, except for the following assets:     Carrying amount Fair value   $ $ Plant (cost $150,000) 100,000 110,000 Land 60,000 76,000…

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Jackson Ltd manufactures two products  FRED and MARTHA

T217 ACC200 INTRODUCTION TO MANAGEMENTACCOUNTING  ASSIGNMENT 20% Due : Week 10 Jackson Ltd manufactures two products  FRED and MARTHA  .The firm uses a single plantwide overhead rate based on direct labour hours .Product costing data is as follows: FRED                         MARTHA Production Quantity                                                                1000 units               5000 units Direct material                                                                           $40                          $60 Direct labour                                                                               30(2 hours)             45 ( 3 hours) Manufacturing overhead                                                          96( 2 hours)          144 ( 3 hours) Total cost per unit                                                                    $166                        $249 Manufacturing overhead is currently  calculated by using a conventional volume based approach using a predetermined overhead rate based on the number of direct labour hours used to produce the product.The manufacturing overhead budget consists of the following overhead costs: Machine related  costs                                                   $450,000 Setup and inspection                                                         180,000 Engineering                  …

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Variances – The following data are the actual results for Marvelous Marshmallow Company for October

The following data are the actual results for Marvelous Marshmallow Company for October.   Actual output ……………………………………………………………………………………………………………….. 9,000 cases Actual variable overhead …………………………………………………………………………………………………. $405,000 Actual fixed overhead ……………………………………………………………………………………………………… $122,000 Actual machine time ………………………………………………………………………………………………………. 40,500 machine hours   Standard cost and budget information for Marvelous Marshmallow Company follows: Standard variable-overhead rate ………………………………………………………………………… $9.00 per machine hour Standard quantity of machine hours ……………………………………………………………………. 4 hours per case of marshmallows Budgeted fixed overhead ………………………………………………………………………………….. $120,000 per month Budgeted output …………………………………………………………………………………………….. 10,000 cases per month   Required: Use any of the methods explained in the chapter to compute the following variances. Indicate whether each variance is favorable or unfavorable, where appropriate. Variable-overhead spending variance. Variable-overhead efficiency variance. Fixed-overhead budget variance. Fixed-overhead volume variance.   Build…

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Jazza Ltd produces clocks at its Shenzhen factory. Each clock is put together in the Assembly Department

QUESTION 1 (14 marks) Jazza Ltd produces clocks at its Shenzhen factory. Each clock is put together in the Assembly Department and then tested in the Testing Department. In the Assembly Department, the process-costing system at Jazza Ltd has a single direct cost category (direct materials) and a single indirect cost category (conversion costs). Direct materials are added at the beginning of the process. Conversion costs are added evenly during the process. When the Assembly Department finishes work on each clock, it is immediately transferred to Testing. Jazza Ltd uses the weighted-average method of process costing. Data for the Assembly Department for August 2017 are: Physical Units Direct Materials Conversion costs Work in process, 1 August 6,000 $2,950,000 $925,500 Started during…

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Excel – In Australia, permanent employees get given 20 days holiday pay

Background   The assignment of a payroll calculator demonstrates Excels ability to automate and present financial calculation information clearly.  The ability to build and professionally present a workbook is an important skill.  Please note: that where the assignment states that you must use an expression, we mean a function.   Please Note:   In Australia, permanent employees get given 20 days holiday pay (they get paid at their normal rate while on holiday) and ten days sick pay (they get paid at their normal rate while sick) in each year that they are employed.  This means that they get paid even though they are away from work.  Superannuation is calculated as a percentage of the Gross pay and taxed at 15%. …

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