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business
accounting 28th edition
Accounting Business Reporting For Decision Making 6th Edition Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver - Solutions
Discuss the importance of showing profit or loss from continued operations separately from the profit or loss from discontinued operations.
Describe the items that are likely to be present in a statement of changes in equity.
Explain the difference between income and revenue.
A list of account balances for Mr Zheng’s business (Futronics) at the end of the 30 June 2017 reporting period is shown below. Prepare the statement of profit or loss for the reporting period, and the equity balance at the end of the year. Cash Receivables Office supplies Prepaid insurance Plant
Explain the difference between profit or loss, gross profit and EBIT.
You are the assistant accountant at Coconut Plantations Pty Ltd, and you have prepared the following statement of profit or loss for the year ended 31 December 2018.Additional information• The other income comprises $1200 of interest income.• Administrative expenses include $30000 for the
a. Classify the following as either accounting policy choices or accounting estimations.i. Impairment of assetsii. Employee benefits (long service leave)iii. FIFO method of costing inventoryiv. Depreciation method of motor vehicles used for businessv. Useful life of motor vehicles used for
Racey has prepared a statement of profit or loss for the 12 month reporting period ended 30 June on a cash basis, showing a $43200 profit. The cash-based statement shows the following.Additional information• The accounts receivable and accounts payable balances at the start of the reporting
a. Compare the adjustments necessary on the accounts (income or expense only) of Julie Durkin to reflect (1) a cash-based and (2) an accrual-based accounting system (assume the accounting period is for 12 months ending on 31 December 2015):i. Accrued wages and salaries of $800 are due to be paid on
The accountant at AppsGalore, a technology business, has determined that the following adjustments should be made in the entity’s accounts for the year ended 30 June using an accrual based system:1. Income earned but not invoiced totalling $210002. Unpaid wages and salaries of $11503. equipment
Jessica Windmere had prepared the financial statements for her business, a sole proprietorship, to take to her accountant. Unfortunately, she has misplaced the statement of profit or loss. Her accountant assures her that the profit or loss for the period can be determined so long as she has her
Myer shares slumped when the department store posted a 23.1 per cent slide in profit for the first half of the 2014/2015 year. Myer’s profit was mostly hit by a 24-basis-point fall in gross profit margin and a 6.2 per cent increase in the cash cost of doing business. Myer’s capital expenditure
Joe Phum operates a wholesale clothing operation called Phum’s Designs. All the sales and purchases of the business are made on credit. The opening and closing balances for accounts receivable, accounts payable and inventory are shown below.During the reporting period, Joe Phum received $58 000
The following are the revenue recognition policies of Flight Centre Ltd as detailed in the company’s 2014 annual report.Accounting policyThe group recognises revenue when:• The amount of revenue can be reliably measured• It is probable that future economic benefits will flow to the entity;
The cash flows below were extracted from the accounts of Ryan Smith, a music shop owner.RequiredPrepare a statement of cash flows using the direct method. Repayment of loan Sale of property Interest received Payments to employees Receipts from customers Expenses paid Computer equipment purchase GST
Samsung Group upholds a belief in shared responsibility — to its people, the planet and the society. Samsung Electronics produces a sustainability report that includes the company’s profiles as well as its economic, environmental, and social performance indicators to ensure the full sharing of
Groupon is a US company with a deal-of-the-day website that features discounted gift certificates usable at local or national companies. Since its formation, it has faced a number of questions relating to its accounting practices. The following is a compilation of statements extracted from articles
House designs Ltd had a $54000 net loss for 2017. A dividend of $18000 was paid during the year and depreciation expense was $13000. An inspection of the balance sheet showed the following working capital accounts.RequiredCalculate whether House Designs Ltd generated any cash from its operations
Investors assessing the recent reporting season of publicly listed companies will base their opinions of corporate performance largely on a handful of key numbers, all expressed in dollar terms and all dealing with the most recent financial year. This fixation with the bottom line and the profit
The financial information below has been extracted from the accounts of Coconut Plantations Pty Ltd. Jo Geter, the sole shareholder, wants to evaluate the cash position of her company and understands she will need to calculate some cash-based ratios to do this. She has asked for your assistance as
Outline how a creditor, investor and employee would interpret the statement of cash flows of Coconut Plantations Pty Ltd. Coconut Plantations Pty Ltd Statement of cash flows Cash flows from operating activities Receipts from customers Receipts from other income Payments to suppliers and
Which of the following are not disclosed in a statement of cash flows?a. Cash outflows from operating activitiesb. The cash on hand at the beginning of the reporting periodc. The amount of depreciation for a reporting periodd. The payment of a long-term debt
Fill in the blanks in the following statement by choosing the words from those in the brackets that best complete the statement. Changes in non-current liabilities and equity would usually be classified as cash flows from (operating, financing or investing) activities, and changes in non-current
‘We made a profit of $66000, so why is there only $6000 in the bank?’, exclaimed Mr Beattie, the owner of the local fish takeaway store. Explain to Mr Beattie the relationship between profit and cash flow, to help him understand the reason why there is such a big difference between profit and
On inspection of the financial statements, you note that sales are $67500, and the beginning and closing accounts receivable balances are $49500 and $63000 respectively. What were the cash receipts from customers?
The sole trader of Pentland Store has approached you for a loan. You note that the closing cash balances for the last two years were $10920 and $13650 respectively. Pentland Store also took out a loan of $22750 for the current year, and sold plant worth $54600 over the past two years. The cash from
Camellia Blooms Ltd has cash from operating activities of $59746. It has incurred capital expenditure of $49896, of which $36300 was for additional equipment. Calculate the entity’s free cash flow. Comment on what the figure indicates.
Corporate Catering Ltd’s capital expenditure for the current year of new equipment was $146900. Current liabilities and non-current liabilities were $48590 and $682800 respectively. Sales for the current year were $281650, and cash flows from operating activities totalled $58760. Compute the cash
Presented below is information for Jill Winter, a sole trader, for the year ended 31 December 2017. Use the information to prepare a statement of cash flows. Cash balance, 31 December 2017 Cash paid to employees and suppliers Cash received from sale of land Cash paid as GST Cash received from money
Presented below is information for the Hale Partnership for the year ended 31 December 2016. Use the information to prepare a statement of cash flows. Cash balance, 31 December 2016 Cash paid to employees and suppliers Cash received from sale of land Cash paid as GST Cash received from
Information for Frank and Merle’s Bowling Goods Pty Ltd has been extracted from their financial statements and is presented below.Information relating to the year ended 30 June 2017 is as follows.Requireda. Calculate the net cash flows from operating activities.b. Compute the cash adequacy ratio,
Centro Property Group was a company operating in the property development area. Its cash flows from operations and investment are outlined below.Requireda. Examine each line item. Outline what the cash flow data is communicating to you about the operations of Centro Property Group.b. The GFC, which
Jac and Kev are sole traders who run their own separate businesses providing accounting and bookkeeping services. On 31 December 2016, their individual balance sheets show the following accounts.Starting in 2017, Jac and Kev have agreed to form a partnership trading as Jac and Kev Financial
Presented below are financial statement items for Vegas City (a sole trader) for the period ended 30 September 2017. Determine which items should appear in the statement of profit or loss and which items should appear in the balance sheet. a. Cash b. Accounts receivable c. Service revenue d.
John and Marylynne agree to form a partnership on 16 September 2017 to supply first-aid kits to motor vehicle dealers. They agree on the following market values given to them by an independent valuer:• John’s contribution–– Cash $10 000–– Inventory $18 000–– Accounts receivable
Shannon, a sole trader operating a small landscaping business, asks you to prepare his balance sheet (showing his equity) for the year ended 30 June 2017; contributed capital $26440; profit $5600; drawings $3600; cash $36000; fixtures and fittings $10800; accounts receivable $9000; accounts payable
Provide an example of a company that would produce a general purpose financial statement and a company that would produce a special purpose financial statement. Who are the likely stakeholders of both types of entities?
Refer to the reality check ‘Job prospects’. What are the projections for the accounting profession in the next five years?
Darby Davis is considering purchasing a sushi bar in the inner Brisbane suburb of Paddington. Outline the importance of a business plan for Darby and the type of accounting information she will require to assist her in making the decision.
The reality check, ‘Why adopt IFRS’, outlines the advantages of adopting IFRS. In your own words, explain the advantage of comparability and transparency of financial information.
How do accounting standards assist large companies?
What is an IFRS and how does it impact on standard setting in Australia?
There are at least 50 Australian Accounting Standards. Go to the AASB website at www.aasb.gov.au and choose one. One of the recent accounting standards is the standard on fair value measurement. Briefly describe the meaning of ‘fair value’ accounting. What is the purpose of this standard?
Go to the IFRS Foundation website at www.ifrs.org. Click on the IFRS tab and click on ‘Use around the world’. Comment on the jurisdictions that have adopted IFRS. Which countries are yet to adopt IFRS? Can you think of reasons why certain countries have not adopted IFRS?
Go to the CSR website (www.csr.com.au) and locate the segment report in the latest financial statements.a. What do you think is the purpose of the segment report?b. What operating segments does CSR have?c. How do you think this information would benefit stakeholders of financial statements?d. Can
What is the relationship between the AASB and international standard-setting bodies such as the IASB?
Suggest ways in which suppliers and customers could work together to reduce their overall impact on the environment.
Outline the benefits for organisations in considering business sustainability.
Outline some ways that accountants could contribute to the sustainability efforts of organisations.
List the qualities needed in providing external audit and assurance services to organisations in relation to CSR reports.
What is meant by the term ‘shareholder value’?
Discuss the relevance of legitimacy theory to corporations.
Outline the possible consequences for an entity that breaches its ‘social contract'.
Consider your personal environmental impact by accessing one of the many websites that has a personal ecological footprint calculator. One such website is www.epa.vic.gov.au/ecologicalfootprint/ calculators. Compare your ecological footprint with those of your classmates. List some strategies
A survey conducted by CPA Australia shows that at least one in four small businesses are affected by fraud. Employee fraud was the most common type reported, with 10 per cent of small entities indicating they had suffered as a result of employee fraud. Other fraud incidences suffered by small
Choose a local business in your area and make a list of its stakeholders. Are some more important than others? List them in order of priority.
I put it to you that the directors are responsible to the shareholders for profit in perpetuity; and that this general expression of a principle permits, indeed requires, directors to pay full regard to their employees, to labour relations generally, to the community, to the country, in all their
Outline some of the legal constraints in legislating for the consideration of stakeholder interests.
Your client MJM Ltd consults with you in relation to the new financial information system that it wishes to have installed. You are technically competent in this area, and so accept the engagement. You carry out an analysis of software available, and make a recommendation that the client accepts.
You are a CFO in an organisation that is considering reporting on CSR using the GRI framework.The CEO has asked you to prepare a report for the board supporting such a proposal. In this report you should outline:1. The benefits of CSR reporting2. The likely costs of CSR reporting3. To whom the
Underlying the professional code of ethics is an obligation to act in the public interest. Utilitarianism espouses the need to act and make decisions with consequences in mind. Practically, business decisions are often made based on a consideration of the decision’s effect on the business. How
Corporate governance relates only to large public enterprises and is therefore irrelevant for small business. Discuss this statement.
Erle Smith is a financial controller with Practical Solutions Ltd, an entity that sells software products to accounting firms and small businesses. At present, Mr Smith is analysing a number of software packages that focus on job costing. He needs to pick one package that he can recommend to his
Download the report Triple bottom line reporting in Australia at www.environment.gov.au/archive/settlements/industry/finance/publications/indicators/pubs/indicators.pdf.This guide puts forward a methodology to help entities report on their environmental impact.The environment is one of the three
Greenspan is that one-in-a-billion [expletive deleted] who made America the dissembling mess it is today . . . laying the intellectual foundations for a generation of orgiastic greed and overconsumption and turning the Federal Reserve into a permanent bailout mechanism for the super rich. (His)
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