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HI6026 Accounting Theory Tutorial Solution

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Assessment Task – Tutorial Questions

HI6025 Accounting Theory and Current Issues

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Assignment: Tutorial Questions Due: 15 October, 2020 at 11.59pm Weighting: 50%

Total Assignment Marks: 50 marks

Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unit

Unit Learning Outcomes Assessed:

1.    Examine conceptual issues and the sources of authority for the accounting requirements which apply to reporting by Australian companies, including Company Law, International and Australian Accounting Standards, and Stock Exchange requirements;

2.    Understand and evaluate different theories of accounting such as positive accounting theory, normative accounting theory, stakeholders’ theory, legitimacy theory, institutional theory, and different initiatives of relevant global organisations such as GRI, IR;

3.    Apply Australian Accounting Standards and Corporate Legislation to the financial reporting processes;

4.    Evaluate advanced level financial accounting problems and select appropriate accounting strategies for the accounting entity;

5.    Understand different provisions of accounting standards and 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 for different advanced level accounting issues;

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 and submit these answers in a single document.

The questions to be answered are:

Question 3 – Week 3 (11 marks)

TAKULAH Traders Ltd purchased a machine for $650 000 and there was an accumulated depreciation balance of $110 000 at 30 June 2022. Its fair value is assessed at this time, with its first revaluation as

$450 000. The machine’s useful life is expected to be 5 more years and the residual value to be $50

000. On 1 July 2023 the asset’s fair value is $460 000 and the residual value and useful life are expected

to be unchanged (that is, there is 4 years of remaining life).

Required:

Provide the journal entries necessary to account for all the above transactions and events up to 1 July

2023, in accordance with AASB 116 if the revaluation is undertaken. (11 marks)

Question 2 – Week 5 (7 marks)

Fitbit Ltd has leased a machine on the following terms:

Date of entering lease                                                              1 July 2019

Duration of lease                                                                       5 years Life of asset                                                                                6 years Unguaranteed residual value                                                  $40,000

Lease payments inception (at the start)                               $60,000

Annual payments (5)                                                                $65,000

Implied rate 11.0 %

Required:

Determine the Fair Value (rounded off) of the leased asset. (7 marks)

Question 2 – Week 6 (7 marks)

Dainty Ltd has an average weekly payroll of $200 000. The employees are entitled to 2 weeks’, non- vesting sick  leave  per annum. Past experience suggests that 56% of employees will take the full 2 weeks’ sick leave and 22% will take 1 week’s leave each year. The rest of the employees take no sick leave.

Required:

a) Calculate the expected annual sick-leave expense for Dainty Ltd (on the basis of average salaries). (2 marks)

b) Provide the journal entry necessary to recognise the sick-leave entitlement expense as it accrues each week. (2 marks)

c) In the current week an employee with a weekly salary of $600 has been off sick for the first time

this year. The employee took 2 days off out of her normal 5-day working week. Assuming that PAYG tax  is  deducted  at  30%,  what  would  the  entry  be  to  record  the  employee’s  weekly  salary  (round amounts to the nearest dollar)? (3 marks)

Question 3 – Week 9 (11 marks)

Compaq Ltd has a net income after tax of $2 000 000 for the year ended 30 June 2018. At the beginning of  the  period  Compaq  Ltd has  900  000  fully  paid-up  ordinary  shares on  issue. On  1  January  2018

Compaq Ltd had issued a further 300 000 fully paid-up ordinary shares at an issue price of $2.00. On

1 March 2018 Compaq Ltd made a one-for-five bonus issue of ordinary shares out of retained earnings. The last sale price of an ordinary share before the bonus issue was $2.50. At the beginning of the current period Compaq Ltd also had 500 000, $1.00, 5% cumulative preference shares on issue. The dividends on the preference shares are not treated as expenses in the statement of comprehensive income. The basic earnings per share for the period ended 30 June 2017 was $1.50 per share.

Required:

a) Calculate the basic EPS amount for 2018. (8 marks)

b) Explain what is diluted EPS. Give one example of a security that can dilute the basic EPS. (3 marks)

Question – To be advised.

Question – To be advised.

Submission Directions:

The  assignment  has  to  be  submitted  via  Blackboard.    Each  student  will  be  permitted  one submission to Blackboard only.  Each student needs to ensure that the document submitted is the correct one.

Academic Integrity

Holmes   Institute   is   committed   to   ensuring   and   upholding   Academic   Integrity,   as Academic  Integrity  is  integral  to  maintaining  academic  quality  and  the  reputation  of Holmes’  graduates.  Accordingly,  all  assessment  tasks  need  to  comply  with  academic integrity guidelines.  Table 1 identifies the six categories of Academic Integrity breaches. If you have  any questions  about  Academic  Integrity issues  related to your assessment tasks,  please  consult  your  lecturer  or  tutor  for  relevant  referencing  guidelines  and support resources.   Many of these resources can also be found through the Study Skills link on Blackboard.

Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.

Table 1: Six categories of Academic Integrity breaches

Plagiarism                                Reproducing the work of someone else without attribution. When a student submits their own work on multiple occasions this is known as self-plagiarism.

Collusion                                  Working with one or more other individuals to complete an assignment, in a way that is not authorised.

Copying                                    Reproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work from being copied, this may also be considered an offence.

Impersonation                       Falsely presenting oneself, or engaging someone else to present as oneself, in an in-person examination.

Contract cheating                  Contracting a third party to complete an assessment task, generally in exchange for money or other manner of payment.

Data fabrication and falsification

Source: INQAAHE, 2020

Manipulating or inventing data with the intent of supporting false conclusions, including manipulating images.

If any words or ideas used the assignment submission do not represent your original words or ideas, you must cite all relevant sources and make clear the extent to which such sources were used.

In addition, written assignments that are similar or identical to those of another student 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 suspension of enrolment.  The penalty would be dependent on the extent of academic misconduct and your history of academic misconduct issues.

All assessments will be automatically submitted to Self Assign to assess their originality.

Further Information:

For further information and additional learning resources please refer to your Discussion Board for the unit.

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