Financial statements, analysing business transactions and financial statement analysis

Sunbay Sales is a small sales consultancy business and began operation on 1 January 2017. It is owned and operated by Karin Nilson and employs one other consultant. Karin has asked her accountant, Megan Gordon to complete financial statements and write a business report on the financial health of Sunbay Sales in its first year of operation. Sunbay Sales has the following account balances as at 31 May 2017; Cash at bank $72,900 Accounts payable $17,300 Account receivable $26,150 Loan $15,000 Office equipment $10,700 Capital $100,000 Prepayments $0 Income $40,400 Sales solution software $24,500 Expenses ($38,450)   The following transaction occurred in the last month of the financial year- June 2017.   June Transaction Description 1 Paid $24,000 for a 12 month…

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Spreadsheet Project Task 2

Spreadsheet Project Task 2 Today is 1 January 2018. Sue just purchased a 10-year 4.5% p.a. Treasury bond with a face value of $100 at the yield rate of j2 = 4.3% p.a. The bond is redeemable at par. The maturity date is 1 January 2028. On receipt of each coupon, Sue deposits the coupon into a bank account earning the reinvestment rate. Sue predicts that there are three potential states for the future economy. (25 marks) State 1. Market yield is j2 = 5.05% p.a. from 2018 to 2023 and j2 = 5.2% p.a. from 2024 to 2027. Reinvestment rate is j2 = 5.15% p.a. from 2018 to 2023 and j2 = 5.3% p.a. from 2024 to 2027. State 2. Market yield is j2 = 4.55%…

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Cost Volume Profit Analysis

Question 1  Inspired Ltd manufactures spurs. Factory overhead is applied to the production of spurs using a predetermined rate based on budgeted direct labour hours. Budgeted cost of production (for 30,000 units) for the year to 30 June 2015 was:   Direct materials $ 225,000 Direct labour (6,000 hours) 75,000 Fixed factory overhead 39,000 Variable factory overhead 30,000   Actual factory overhead incurred in the year to 30 June 2015 was $72,000. Actual direct labour hours were 6,100.     Required: ( a )     Calculate the factory overhead application rate (per direct labour hour) for the year.   ( b )     Calculate the total amount of factory overhead for the year applied to the production of spurs.   (…

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Consolidation: Non-controlling interests, Investment in associates and Accounting for foreign currency transactions

Assessment item 3 Assignment 2 Value: 20% Due date: 07-May-2018 Return date: 29-May-2018 Submission method options Alternative submission method Task You are required to complete all three questions below. A total of 50 marks are allocated to these questions, which will be converted to a final mark out of 20%. All workings, when appropriate, must be shown to substantiate your answers.   Question 1 [34 marks]    Topic 3: Consolidation: Non-controlling interests On 1 July 2016, Poppy Ltd acquired 80% of the issued shares of Sunshine Ltd for $240 000 when the equity of Sunshine Ltd consisted of: share capital $160000 general reserve $10000 retained earnings $59000 At this date, all identifiable assets and liabilities of Sunshine Ltd were recorded at fair value except…

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Presentation of financial statements, accounting policies, issue of shares and impairment loss

Question 1 [20 marks]   Topic 2: Presentation of financial statements    The following balances are extracted from the trial balance of Tammy Ltd for the year ended 30 June 2018:     $ Sales revenue 3,200,000 Interest income 360,000 Rental income 40,000 Interest expense 50,000 Income tax expense 300,000 Administrative salaries 340,000 Depreciation of office equipment 140,000 Bad debt expense 220,000 Cost of sales 1,100,000 Foreign currency translation loss 100,000   Additional information:   During the period, land was revalued upwards by $160,000 (net of tax). • At 1 July 2017, the balances of foreign currency translation reserve and revaluation reserve were $110,000 and $40,000 respectively. • On 15 November 2017, a plant with a carrying amount of $130,000 was…

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200109 Corporate Accounting Systems Autumn 2018

Part A   The following represented an extract from the Statement of Financial Position of the assets and liabilities of Sunnybank Ltd for the years ending 30 June 2010 and 30 June 2011. Reporting date was 30 June.   Assets 2011 2010 Liabilities 2011 2010 Cash 110 000 87 000 Accounts payable 28 500 31 700 Accounts receivable (net) 45 000 52 000 Accrued expenses 7 200 11 600 Inventory 58 000 43 000 Deferred tax liability ? 15 150 Interest receivable 8 400 5 000 Rent revenue in advance 12 000 – Prepaid insurance 7 000 5 000 Bank loan 50 000 50 000 Deferred tax asset ? 10 470 Provision for employee benefits 21 000 17 300 Development costs…

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Booli Electronics is an electronics manufacturer located in Carlton

Booli Electronics Booli Electronics is an electronics manufacturer located in Carlton, Victoria, Australia. The Company’s Managing Director is Monica Chen, who inherited the company from her father.  The company originally repaired radios and other household items when it was founded more than fifty years ago.  Over the years, the company has expanded, and is now a reputable manufacturer of various specialty electronics items.  Richard Das, a recent MBA graduate, has been hired by the company in the finance department. One of the major revenue producing items manufactured by Booli Electronics is a ‘smart speaker and home assistant (SSHA).’ Booli Electronics currently has one SSHA model on the market and sales have been excellent.  The SSHA is a unique item in that…

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Northwind Traders, an international gourmet food distributor

Northwind Traders   Project Description: Northwind Traders, an international gourmet food distributor, is concerned about shipping delays over the last six months. Review the orders over the past six months and identify any order that was not shipped within 30 days. Each customer that falls within that time frame will be called to inquire about any problems the delay may have caused. In addition, you will create an order summary and an order summary by country. You have created a smaller version of the database, which you will use for testing purposes.   Instructions: For the purpose of grading the project you are required to perform the following tasks: Step Instructions Points Possible 1 Start Access. Open the downloaded Access file…

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Present value and net present value

Suppose that Marcia has decided that she wants to pay herself £650 each year for the next three years rather than deposit these amounts in her savings account. If she can invest a lump-sum amount in a savings account that pays 4.5 percent interest per year, how much money does Marcia need to deposit today to accomplish her goal? (6 marks).   Two projects being considered are mutually exclusive and have the following projected cash flows: Year Project A Project B 0 −$50,000 −$50,000 1 26,000 0 2 17,625 0 3 15,000 0 4 10,000 0 5 32,000 99,500 If the required rate of return on these projects is 11.25 percent, which would be chosen and why? Show your calculations/explanations. (6…

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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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