Contract Accounting, Debentures entries and Revaluation of Assets
You are required to finish each of these questions, each worth 10 marks, total 40 marks. Please give the solutions in detail, show calculations and submit the solutions to Moodle using a single file, it can be Excel format, Word format or PDF format, no requirement on word limits, if use any references, please refer to APA style. Question 1 (20 marks), Question 2 (10 Marks), Question 3 (10 Marks). Anderson Pty Ltd is an Australian diversified industrial company with its major business activity being to manufacture flotation devices for babies and toddlers. Over the past decade, the business has been very profitable and the directors, Simon Anderson and Lisa Anderson, have kept payment of dividends to a minimum to allow…
Manual Accounting
ACC110 201660 Additional Assessment Value: 100% Due date: 14 January 2017 Submission method options: via Turnitin (you will be added to ACC110 AA special class) BACKGROUND TO THE ASSIGNMENT Company information You have just been appointed as Accountant for Sandgate Electronics, a small electronics store that operates in inner city Brisbane, owned by Benny Wang, and you start work on 1 February 2016. Sandgate Electronics was set up as a company based in Brisbane and derives its main source of revenue from retail sales of electronic goods. Benny Wang (the sole shareholder) is heavily involved in the running of the business. He has also appointed a sales consultant (Jenny Zhang) and an accountant (you) to work at the store on a…
It is argued by some researchers that even in the absence of regulation
Question 1 It is argued by some researchers that even in the absence of regulation, organisations will have an incentive to provide credible information about their operations and performance to certain parties outside the organisation; otherwise, the costs of the organisation's operations will rise. What is the basis of this belief? Question 2 On 1 July 2013, Bells Beach Tourist Operations acquired an aircraft that can be used for taking wealthy surfers to remote surfing destinations with lovely waves and limited crowds. The aircraft cost $12 000 000. An engineer's analysis commissioned by the company determined that the aircraft could be broken down into the following components: airframe, engines and fittings. The airframe comprised 55 per cent of the cost,…
A hospital is expecting to have $25,000 cash in hand on 1st April 2015 and
Question 1 (8 marks) A hospital is expecting to have $25,000 cash in hand on 1st April 2015 and it requires you to prepare an estimate of cash position in respect of three months from April to June 2015, from the information given below: Patient services Purchases Wages Expenses February 70,000 40,000 8,000 6,000 March 80,000 50,000 8,000 7,000 April 92,000 52,000 9,000 7,000 May 100,000 60,000 10,000 8,000 June 120,000 55,000 12,000 9,000 Additional Information: (a) The hospital pays for purchases two months after the purchase. (b) 25% of patients pay in cash in…
MYOB Manual Accounting
DRUMMERS’ CHOICE LTD 17 TIPPERS STREET ST ABLANS 3021 Damian Drickers is a semi-retired music teacher and is starting a wholesale drum set sales business on the 1st September 2016, he is contributing the following assets and liabilities to commence the business: Cash at Bank $2,000, Motor Vehicles $30,000, Office Supplies $300, Motor Vehicles Financing Loan $10,000. The terms of the Loan are: interest rate of 12% per annum payable at the end of each month and repayment of principle of $90 at the end of each month. He has employed your accounting firm to design and set up the accounting journals and ledgers, and to complete the financial statements for the month ended 30th September 2016. Damian supplies two types…
Consolidation of Companies
CONSOLIDATION (20 MARKS) On 1 July 2011, Amy Ltd acquired all the issued ordinary shares (cum div.) and gained control of Zara Ltd for a consideration of $528,000. At that date the shareholders’ equity of Zara Ltd was: Share Capital $310,000 General Reserve 38,000 Retained Earnings 68,000 At acquisition date, all the identifiable assets and liabilities of Zara Ltd were recorded at amounts equal to fair value except for: Carrying Fair Amount Value Goodwill 40,000 82,000 Inventory $100,000 $120,000 Land 80,000 120,000 Machinery (cost $30,000) 23,000 25,000 Plant & Equipment (cost $460,000) 280,000 286,000 Trademark (cost $225,000) 150,000 180,000 In addition at the date of acquisition, Zara Ltd had a provision for dividend of $20,000 and…
Financial Management – NPV and Project Selection
Preet Gupta is a Project Manager for ABC consultants. She has been asked to help choose one of the four potential project candidates. The management used Payback period technique for project selection. Which of the following projects should Preet recommend to the management and why? Building an apartment. Project involves making an investment of $200,000. After six months, there will be monthly rental returns of $5000. Building a bridge. Project involves making an investment of $1,000,000. After two years, there will be monthly returns via toll for the bridge of $50,000. Building a house. Project involves making an investment of $500,000. After one year, there will be monthly rental returns of $10,000. Building a school. Project involves making an investment of…
Bond Valuation and Financial Management
1. (Bond valuation) The 8-year $1,000 par bonds of Vail Inc. pay 11 percent interest. The market's required yield to maturity on a comparable-risk bond is 7 percent. The current market price for the bond is $1,130. What is your yield to maturity on the Vail bonds given the current market price of the bonds? (Round to two decimal places.) What should be the value of the Vail bonds given the yield to maturity on a comparable risk bond? (Round to the nearest cent.) Should you purchase the bond at the current market price? 2. (Annuity interest rate) Your parents just called and would like some advice from you. An insurance agent just called them and offered them the opportunity…
Manual Accounting MYOB
HOME GYM LTD 17 HALL STREET MOONEE PONDS 3039 Max Matters is a semi-retired physical education teacher and is starting a wholesale home gym sales business on the 1st September 2016, he is contributing the following assets and liabilities to commence the business: Cash at Bank $4,000, Motor Vehicles $60,000, Office Supplies $600, Motor Vehicles Financing Loan $20,000. The terms of the Loan are: interest rate of 12% per annum payable at the end of each month and repayment of principle of $180 at the end of each month. He has employed your accounting firm to design and set up the accounting journals and ledgers, and to complete the financial statements for the month ended 30th September 2016. Max supplies two…