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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  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, 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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    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   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 (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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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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  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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  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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