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HI5020 Corporate Accounting
Question:
Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions for weeks 1 to 5 inclusive and submit these answers in a single document.
Week 1
1.Examine conceptual issues and the sources of authority for the accounting requirements which apply to reporting by Australian companies and corporate groups, including Company Law, International and Australian Accounting Standards, and Stock Exchange requirements;
2.Critically analyse and interpret the financial statements and other disclosures produced byAustralian companies and corporate groups;
3.Apply Australian Accounting Standards and Corporate Legislation to the financial reporting processes of a range of corporate forms including companies and joint ventures;
4.Evaluate financial accounting problems and select appropriate accounting strategies for the accounting entity;
5.Prepare accounting reports for companies and other corporate forms that meet the compliance requirements of the professional and legal bodies in Australia;
6.Make judgments about appropriate use of accounting standards and accurately apply appropriate treatments and communicate these outcomes to a diverse range of stakeholders.
Required:
- Calculate the acquisition cost of the Gizmo Machine that will be used as the base for future depreciation charge. (3 marks)
- Provide the journal entries that would appear in Tea Tree Bay Ltd’s books to account for the acquisition of the Gizmo Machine. (5 marks)
- Will the maintenance cost be included in the acquisition cost of the machine? Justify your answer. (2 marks, maximum 100 words)
Week 2
- What factors should be considered in determining the issue price of a debenture. (2 marks)
- On 1 July 2018 Bombo Ltd issues $2 million in six-year debentures that pay interest each six months at a coupon rate of 8 per cent. At the time of issuing the securities, the market requires a rate of return of 6 per cent. Interest expense is determined using the effective-interest method.
(i) Determine the issue price of the debenture. (2 marks)
(ii) Provide the journal entries at: (6 marks) 1 July 2018, 30 June 2019, & 30 June 2020.
Week 3
RCK Ltd issues a prospectus inviting the public to subscribe for 90 million ordinary shares of $2.00 each. The terms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month of allotment.
Applications are received for 108 million shares during July 2018. The directors allot 90 million shares on 15 August 2018. All applicants receive shares on a pro rata basis. The amounts payable on allotment are due by 20 September 2018. By 20 September 2018 the holders of 18 million shares have failed to pay the amounts due on allotment. The directors forfeit the shares on 30 September 2018.
The shares are resold on 15 October 2018 as fully paid. An amount of $2.00 per share is received. The balance of forfeited shares is refunded on 20 October 2018.
Required:
Provide the journal entries necessary to account for the above transactions and events.
Week 4
Provide some examples of items that would be adjusted directly against equity, rather than being included as part of profit or loss. (10 marks, maximum 650 words)
Week 5
Fool’s Paradise Ltd had cash and cash equivalents at 1 January 2019 of $400,000. The transactions of Fool’s Paradise Ltd for the year to 31 December 2019 are as follows:
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Academic honesty is highly valued at Holmes Institute. Students must always submit work that represents their original words or ideas. If any words or ideas used in a class posting or assignment submission do not represent the student’s original words or ideas, the student must cite all relevant sources and make clear the extent to which such sources were used. Written assignments that include material similar to course reading materials or other sources should include a citation including source, author, and page number.
In addition, written assignments that are similar or identical to those of another student in the class is also a violation of the Holmes Institute’s Academic Conduct and Integrity Policy. The consequence for a violation of this policy can incur a range of penalties varying from a 50% penalty through to suspension of enrolment. The penalty would be dependent on the extent of academic misconduct and the student’s history of academic misconduct issues. All assessments will be automatically submitted to SafeAssign to assess their originality.
HI5020 Corporate Accounting
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