Financial Accounting 2 hour time quiz at 7.30pm Singapore time. - Accounting
4 Structured Question; Calculator & textbook.  2 hours to complete. Discount Factor – refer to the end of the textbook Annuity Factor – refer to the end of the textbook Present Value of Future Cashflows to obtain Value in Use Topics; Chapter 13 Share Capital Chapter 6 and Chapter 8 --- PPE, Intangibles, Impairment and Revaluation Chapter 18 TaxesREVISION QUESTIONS - Solution Question 1.a) Sport’s Field Ltd General Journal Date Account name (narration) Debit $ Credit $ 2019 Jan 10 No entry Mar 1 Cash Trust 21,000 Application 21,000 (Being application monies received (35,000 X $0.60)) Mar 2 Application 21,000 Share Capital 21,000 (Being allotment of shares (35,000 X $0.60)) Mar 2 Cash at bank 21,000 Cash Trust 21,000 (Being the transfer of funds from trust a/c to coy bank a/c) Mar 2 Allotment 10,500 Share Capital 10,500 (Being allotment monies due (35,000 X $0.30)) Mar 31 Cash at Bank 10,500 Allotment 10,500 (Being receipt of allotment monies) Nov 1 Call 3,500 Share Capital 3,500 (Being call monies due (35,000 X $0.10)) Nov 30 Cash at Bank 3,500 Call 3,500 (Being receipt of call monies (35,000 X $0.10)) (b) Sport’s Field Ltd Share capital: $35,000 Question 2 GENERAL JOURNAL Details Dr Cr Impairment loss Account 100,000 Accumulated impairment loss Account – goodwill 100,000 Recognition of impairment loss for Blue Ltd CGU Impairment loss Account 150,000 Accumulated impairment loss Account - goodwill 50,000 Goodwill Account 200,000 Write-off of goodwill for Box CGU Impairment loss Account – CGU Box PPE 20,000 Property, plant and equipment Account 20,000 (to recognise the impairment of PPE) IF the CGU Box provides the following – Property, plant and equipment includes these assets Carrying amount Buildings 360,000 Equipment 225,000 Land 180,000 Fitting 135,000 900,000 Then the following allocation process has to be performed before the journal entries. Allocate any balance of impairment to the other assets Carrying amount Proportion Allocation of impairment loss Net carrying amount Buildings 360,000 360/900 8,000 352,000 Equipment 225,000 225/900 5,000 220,000 Land 180,000 180/900 4,000 176,000 Fitting 135,000 135/900 3,000 132,000 900,000 20,000 880,000 GENERAL JOURNAL Date Details Dr $ Cr $ Impairment loss Account 20,000 Accumulated impairment losses Account - Buildings 8,000 Accumulated impairment losses Account - Equipment 5,000 Accumulated impairment losses Account - Land 4,000 Accumulated impairment losses Account – Fittings 3,000 Being impairment loss on goodwill allocated to other assets Question 3 Machinery Carrying amount + Future amount deductible - Future taxable = Tax base for tax purposes economic benefits $110,000 + $90,000 - $110,000 = $90,000 Interest receivable Carrying amount + Future amount deductible - Future taxable = Tax base for tax purposes economic benefits $15,000 + $0 - $15,000 = $0 Provision for warranty CarryCRAIG DEEGAN ACCOUNNG NANCIAL 9TH EDITION dee67382_fm_i-xxvi.indd i 10/24/19 04:13 PM CRAIG DEEGAN ACCOUNNG NANCIAL dee67382_fm_i-xxvi.indd ii 10/24/19 04:13 PM To my beautiful daughter Cassie for being the best daughter a dad could ever have dee67382_fm_i-xxvi.indd iii 10/24/19 04:13 PMdee67382_fm_i-xxvi.indd iii 10/24/19 04:13 PM CRAIG DEEGAN ACCOUNNG NANCIAL 9TH EDITION dee67382_fm_i-xxvi.indd iv 10/24/19 04:13 PM Copyright © 2020 McGraw-Hill Education (Australia) Pty Ltd Additional owners of copyright are acknowledged in on-page credits. Every effort has been made to trace and acknowledge copyrighted material. The authors and publishers tender their apologies should any infringement have occurred. Reproduction and communication for educational purposes The Australian Copyright Act 1968 (the Act) allows a maximum of one chapter or 10\% of the pages of this work, whichever is the greater, to be reproduced and/or communicated by any educational institution for its educational purposes provided that the institution (or the body that administers it) has sent a Statutory Educational notice to Copyright Agency (CA) and been granted a licence. For details of statutory educational and other copyright licences contact: Copyright Agency, 11/66 Goulburn Street, Sydney NSW 2000. Telephone: (02) 9394 7600. Website: www.copyright.com.au Reproduction and communication for other purposes Apart from any fair dealing for the purposes of study, research, criticism or review, as permitted under the Act, no part of this publication may be reproduced, distributed or transmitted in any form or by any means, or stored in a database or retrieval system, without the written permission of McGraw-Hill Education (Australia) Pty Ltd, including, but not limited to, any network or other electronic storage. Enquiries should be made to the publisher via www.mheducation.com.au or marked for the attention of the permissions editor at the address below. National Library of Australia Author: Deegan, Craig Michael Title: Financial accounting Edition: 9th edition. ISBN: 9781743767382 Copyright © Commonwealth of Australia 2019 All legislation herein is reproduced by permission but does not purport to be the official or authorised version. It is subject to Commonwealth of Australia copyright. The Copyright Act 1968 permits certain reproduction and publication of Commonwealth legislation. In particular, s.182A of the Act enables a complete copy to be made by or on behalf of a particular person. For reproduction or publication beyond that permitted by the Act, permission should be sought in writing from the Australian Accounting Standards Board. Requests in the first instance should be addressed to the National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007. This publication contains copyright material of the AASB. © (2019) Australian Accounting Standards Board (AASB).BUS356 CONTEMPORARY FINANCIAL ACCOUNTING Mid-Term Revision Questions Question 1 Sport’s Field Ltd was registered on 31 January 2019. It invited the public to subscribe to the issue of 35,000 ordinary shares for $1 per share with $0.60 due on application, $0.30 due on allotment and the balance due on call. Jan 10 Mar 1 Mar 2 Mar 31 Nov 1 Nov 30 Prospectus is issued Received applications for 35,000 shares Allotted 35,000 ordinary shares All allotment money received Remaining capital called All money due on call is received Required: a) Journalise the transactions in the general journal b) What is the share capital of Sport’s Field at 1 December? Question 2 Gift Ltd has two cash generating units: Blue and Box. A comparison of these CGUs and their recoverable amounts are shown below: CGU - Blue CGU - Box Property, plant and equipment $1,000,000 $900,000 Goodwill 300,000 200,000 Accumulated impairment - goodwill (100,000) (50,000) Carrying amount 1,200,000 1,050,000 Recoverable amount 1,100,000 880,000 Impairment loss 100,000 170,000 Required: Prepare the general journal entries to write down the goodwill. Question 3 Wombat Ltd’s balance sheet and statement of financial position shows an item of machinery that cost $150,000 and that has accumulated depreciation of $40,000. For taxation purposes the asset has a net value of $90,000. Wombat Ltd also has interest receivable of $15,000 which will not be taxed by the ATO until it is received. Wombat has a provision for warranty expenses with a balance of $100,000. All of the provision was created in the current financial year, and no amounts have been paid. The warranty expense is not deductible until such time as the costs associated with the warranty are actually paid. The tax rate is 30 percent. Required: Calculate any deferred tax assets and liabilities for Wombat Ltd and provide the relevant journal entries. Question 4 Pinot Ltd acquired some machinery at a cost of $1 million, which it accounts for using the cost method. As at 30 June 2020 the machinery had accumulated depreciation of $200,000. On 30 June 2020 it was determined that the machinery could be sold at a price of $650,000 and the costs to sell would be $20,000. Alternatively, the machinery is expected to have a useful life of 5 years and the net cash flows expected to be generated from the machine would be $180,000 over each year. At 40 June 2020 it is expected that the market would require a rate of return of 7 per cent on this type of asset. Required: Determine whether an impairment loss needs to be recognised for this asset and also provide the journal entry.Question 1 [13 Marks] 1. On 1 August 2020 Apple Ltd issues 50,000 shares at $1.00. The terms of the issue requiring the shareholders to pay $0.60 immediately with the balance due in one year’s time. In one year’s time, the company makes a call on the shareholders for the remaining $0.40 per share, with payments to be made by 31 August 2021. Holders of 49,000 shares pay the required call by 31 August 2021. On 5 September, the company forfeits the shares on which the call was not paid. Required 1.Prepare the journal entries required to record the above transactions (ignore narrations). 2. The forfeited shares were reissued on 5 November 2021 as fully paid to $1.00 on payment of $0.80 per share, with the forfeited shares account being used to fund the difference as well as any costs of reissue. Assuming all the shares were reissued, incurring costs of $150, and any balance of the forfeited shares account being returned to the former shareholders, Prepare the necessary journal entries to reflect these events (ignore narrations). 3. If a company used a direct private placement for issuing shares rather than a public placement, briefly explain how this would change the accounting for the share issue. ANSWER CLEARLY LABEL YOUR ANSWER – 1, 2, 3 1. & 2. GENERAL JOURNAL Date Details Dr Cr 3. Question 2 [ 15 Marks] Banana Ltd acquired all of the net assets of Orange Ltd on 1 July 2020. The consideration paid totalled $350,000. On the date of acquisition, Orange Ltd had the following assets and liabilities on their balance sheet: Accounts receivable $2,500; Equipment $100,000, Buildings $100,000; Land at cost $100,000; Long-term loan payable 1 July 2020 $10,000; Accumulated depreciation – Equipment $27,500; Accumulated depreciation – Building $25,000; Revalued land on acquisition date amounted to $150,000; Share capital $200,000. Required: a) List the assets and liabilities (include totals) that will be included in the acquisition analysis and calculate goodwill. b) At the end of 2020, the CEO advised the CFO that the cash generating unit had a recoverable amount of $240,000. Prepare the general journal entry to reflect this event. Show all workings. c) Assume that the carrying amount of the net identifiable assets is $290,000. Goodwill was impaired during the first year of acquisition by $10,000 and at the end of the acquisition year, the cash generating unit had a recoverable amount of $310,000. Prepare the gene
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Your assignment may be more than 5 paragraphs but not less. INSTRUCTIONS:  To access the FNU Online Library for journals and articles you can go the FNU library link here:  https://www.fnu.edu/library/ In order to n that draws upon the theoretical reading to explain and contextualize the design choices. Be sure to directly quote or paraphrase the reading ce to the vaccine. Your campaign must educate and inform the audience on the benefits but also create for safe and open dialogue. A key metric of your campaign will be the direct increase in numbers.  Key outcomes: The approach that you take must be clear Mechanical Engineering Organic chemistry Geometry nment Topic You will need to pick one topic for your project (5 pts) Literature search You will need to perform a literature search for your topic Geophysics you been involved with a company doing a redesign of business processes Communication on Customer Relations. 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Develop a community-wide intervention to reduce elevated blood pressure and hypertension in the State of Alabama that in in body of the report Conclusions References (8 References Minimum) *** Words count = 2000 words. *** In-Text Citations and References using Harvard style. *** In Task section I’ve chose (Economic issues in overseas contracting)" Electromagnetism w or quality improvement; it was just all part of good nursing care.  The goal for quality improvement is to monitor patient outcomes using statistics for comparison to standards of care for different diseases e a 1 to 2 slide Microsoft PowerPoint presentation on the different models of case management.  Include speaker notes... .....Describe three different models of case management. visual representations of information. They can include numbers SSAY ame workbook for all 3 milestones. You do not need to download a new copy for Milestones 2 or 3. 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Throughout your nurse practitioner program Vignette Understanding Gender Fluidity Providing Inclusive Quality Care Affirming Clinical Encounters Conclusion References Nurse Practitioner Knowledge Mechanics and word limit is unit as a guide only. The assessment may be re-attempted on two further occasions (maximum three attempts in total). All assessments must be resubmitted 3 days within receiving your unsatisfactory grade. You must clearly indicate “Re-su Trigonometry Article writing Other 5. June 29 After the components sending to the manufacturing house 1. In 1972 the Furman v. Georgia case resulted in a decision that would put action into motion. Furman was originally sentenced to death because of a murder he committed in Georgia but the court debated whether or not this was a violation of his 8th amend One of the first conflicts that would need to be investigated would be whether the human service professional followed the responsibility to client ethical standard.  While developing a relationship with client it is important to clarify that if danger or Ethical behavior is a critical topic in the workplace because the impact of it can make or break a business No matter which type of health care organization With a direct sale During the pandemic Computers are being used to monitor the spread of outbreaks in different areas of the world and with this record 3. Furman v. Georgia is a U.S Supreme Court case that resolves around the Eighth Amendments ban on cruel and unsual punishment in death penalty cases. The Furman v. Georgia case was based on Furman being convicted of murder in Georgia. Furman was caught i One major ethical conflict that may arise in my investigation is the Responsibility to Client in both Standard 3 and Standard 4 of the Ethical Standards for Human Service Professionals (2015).  Making sure we do not disclose information without consent ev 4. Identify two examples of real world problems that you have observed in your personal Summary & Evaluation: Reference & 188. Academic Search Ultimate Ethics We can mention at least one example of how the violation of ethical standards can be prevented. Many organizations promote ethical self-regulation by creating moral codes to help direct their business activities *DDB is used for the first three years For example The inbound logistics for William Instrument refer to purchase components from various electronic firms. During the purchase process William need to consider the quality and price of the components. In this case 4. A U.S. Supreme Court case known as Furman v. Georgia (1972) is a landmark case that involved Eighth Amendment’s ban of unusual and cruel punishment in death penalty cases (Furman v. Georgia (1972) With covid coming into place In my opinion with Not necessarily all home buyers are the same! When you choose to work with we buy ugly houses Baltimore & nationwide USA The ability to view ourselves from an unbiased perspective allows us to critically assess our personal strengths and weaknesses. This is an important step in the process of finding the right resources for our personal learning style. Ego and pride can be · By Day 1 of this week While you must form your answers to the questions below from our assigned reading material CliftonLarsonAllen LLP (2013) 5 The family dynamic is awkward at first since the most outgoing and straight forward person in the family in Linda Urien The most important benefit of my statistical analysis would be the accuracy with which I interpret the data. 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The team is currently using an I would start off with Linda on repeating her options for the child and going over what she is feeling with each option.  I would want to find out what she is afraid of.  I would avoid asking her any “why” questions because I want her to be in the here an Summarize the advantages and disadvantages of using an Internet site as means of collecting data for psychological research (Comp 2.1) 25.0\% Summarization of the advantages and disadvantages of using an Internet site as means of collecting data for psych Identify the type of research used in a chosen study Compose a 1 Optics effect relationship becomes more difficult—as the researcher cannot enact total control of another person even in an experimental environment. Social workers serve clients in highly complex real-world environments. 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