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Cost-volume-profit (CVP) analysis examines the behavior of total revenues, total costs, and…

Cost-volume-profit (CVP) analysis examines the behavior of total revenues, total costs, and operating income as
changes occur in the units sold, selling price, variable cost per unit, or fixed costs of a product.
3-2 Describe the assumptions underlying CVP analysis.
The assumptions underlying the CVP analysis outlined in Chapter 3 are
1. Changes in the level of revenues and costs arise only because of changes in the number of product (or
service) units sold.
2. Total costs can be separated into a fixed component that does not vary with the units sold and a variable
component that changes with the number of units sold.
3. When represented graphically, the behaviors of total revenues and total costs are linear (represented as a
straight line) in relation to number of units sold within a relevant range and time period.
4. The selling price, variable cost per unit, and fixed costs are known and constant

Following is a list of information for Robert and Amy Pax for the tax year 2019. Robert and Amy…

Following is a list of information for Robert and Amy Pax for the tax year 2019. Robert and Amy are married and have three children, Alice, Bryson, and Carl. They live at 500 Main Street, Phoenix, AZ 85021. Robert is a counselor working for a company called Healthy U. Amy works part-time as a pharmacy tech at Walgreens. Here are their social security numbers and birthdates:

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Name	Social Security Number	Birthdate
Robert	123-56-3214	1/15/1988
Amy	564-52-6363	2/23/1990
Alice	558-99-3336	5/5/2013
Bryson	120-33-4566

Sampras Ltd issued $20 million of convertible notes on 1 July 2020. The notes have a life of 6…

Task One
It is stated under AASB 2 ‘Share based payment’ that companies must value and record as an expense
any options granted to employees in exchange for their services. Previously Australian companies
recorded share-based payments in the notes to the financial statements, arguing that share-based
payments did not cost the company anything.
Required
a) Explain the reasoning that led to the development of AASB 2 ‘Share based payment’.
b) Discuss briefly the possible economic implications of AASB 2.
(10 marks)
Task Two
Sampras Ltd issued $20 million of convertible notes on 1 July 2020. The notes have a life of 6 years
and a face value of $20 each. Annual interest of 5% is payable at the end of each year. The notes
were issued at their face value and each note can be converted into one ordinary share in Sampras
Ltd at any time over their lives. Organisations with a similar risk profile to Sampras Ltd have issued
debt with similar terms but without the option to convert at the rate of 7% per annum.

You have been engaged by the ABC Pte Ltd (‘ABC’ or ‘the company’) to determine the fair market…

You have been engaged by the ABC Pte Ltd (‘ABC’ or ‘the company’) to determine the fair
market value of 100% issued shares of the company as at 31 December 2018 (‘valuation
date’). The purpose of the valuation is to assist the company in its deliberation of the
prospective sale of the equity stakes to new strategic investor. The deliverable for this
valuation engagement will be in the form of a valuation report, documenting the entire
valuation process, to be issued to the company.

Provide one example where information is relevant but not faithfully represented…

Week 1 The fundamental qualitative characteristics that financial information must possess to be useful to the primary users of general purpose financial reports—identified in the Conceptual Framework are ‘relevance’ and ‘faithful representation’.
Required: a) Provide one example where information is relevant but not faithfully represented. (3 marks, maximum 100 words) b) Provide one example where information is not relevant but is faithfully represented. (3 marks, maximum 100 words) c) Provide one example where information is relevant and faithfully represented. (4 marks, maximum 150 words)
Week 2 a) What is a social contract and how does it relate to organisational legitimacy? (6 marks, maximum 300 words) b) Explain two ways organisations can use corporate disclosure policy to maintain or regain organisational legitimacy? (4 marks, maximum 200 words)
Week 3 Diamond Ltd acquired an item of polishing equipment on 1 July 2015 for $440,000. The equipment is expected to have a useful life of 10 years and the straight-line method of depreciation is to be used. It has salvage value of $40,000. On 1 July 2017, the equipment is deemed to have a fair value of $424,000 and revaluation is undertaken in accordance with the Diamond Ltd policy of measuring property, plant and equipment at fair value. The asset is still usable for next 8 years but the salvage value is determined to be zero. The asset is sold for $356,000 on 1 July 2019.
Required: Provide the journal entries necessary at the following dates to account for the above transactions and events. (Ignore narrations). Show your working. (10 marks) • 01/07/2015 • 01/07/2017 • 01/07/2019
Week 4 Snowy Ltd acquires Pax Ltd on 1 July 2018 for $5,000,000 being the fair value of the consideration transferred. At that date, Pax Ltd’s net identifiable assets have a fair value of $4,400,000. Goodwill of $600,000 is therefore the difference between the aggregate of the consideration transferred and the net identifiable assets acquired.
The fair value of the net identifiable assets of Pax Limited are determined as follows: ($000) Patent rights 200 Machinery 1,000 Buildings 1,500 Land 2,300 5,000 Less: Bank loan 600 Net assets 4,400 At the end of the reporting period of 30 June 2019, the management of Snowy Ltd determines that the recoverable amount of the cash-generating unit, which is considered to be Pax Ltd, totals $4,500,000. The carrying amount of the net identifiable assets of Pax Ltd, excluding goodwill, is unchanged and remains at $4,400,000.
Required: a) Prepare the journal entry to account for any impairment of goodwill. (6 marks) b) Assume instead that at the end of the reporting period the management of Snowy Ltd determines that the recoverable amount of the cash-generating unit, which is considered to be Pax Ltd, totals $4,200,000. Determine the impairment of goodwill amount. (No journal entries required) (4 marks)
Week 5 On 1 July 2019, Fisher Ltd decides to lease a cargo ship from XFinance Ltd. The term of the lease is 20 years. The implicit interest rate in the lease is 10 per cent. The fair value of the cargo ship at the commencement of the lease is $2,215,560. The lease is non-cancellable, and requires a lease payment of $300,000 on inception of the lease (on 1 July 2019) and lease payments of $250,000 on 30 June each year (starting 30 June 2020). Included within the $250,000 lease payments is an amount of $25,000 representing payment to the lessor for the insurance and maintenance of the cargo ship. There is no residual payment required. Annuity factor, n=20; r = 10% is 8.5136.
Required: a) Prove that the interest rate implicit in the lease is 10 per cent. (2 marks) b) Provide the entries for the lease in the books of Fisher Ltd as at 1 July 2019, and 30 June 2020. (4 marks) c) Provide the entries for the lease in the books of XFinance Ltd as at 1 July 2019, and 30 June 2020.

James Burden is considering buying shares in a company, Saturday Night Live Ltd (SNL)….

James Burden is considering buying shares in a company, Saturday Night Live Ltd (SNL).
After purchasing 1,000 shares of SNL, James received a letter (via email) from the company
secretary advising him of a forthcoming annual general meeting (AGM). As a new
shareholder of SNL, James has plenty of questions to SNL’s company secretary.
James rings and asks SNL’s company secretary to explain to him what is meant by the terms
‘member’ and ‘shareholder’, and the different ways in which a person may become a member.
He also asks to explain who may be eligible to become a member, and how many members
a company is permitted to have. Finally, James asks: how does a person cease to be a
member of a company?
1. Pretend that you are the company secretary and provide advice to James
regarding his questions above. Use relevant sections of the Corporations Act
2001 and/or case laws to support your answer (5 marks)
At the company’s annual general meeting, James bumps into the company secretary. James
had observed that the notice he had received advising him of his company’s annual general
meeting had stated that it would commence ‘at 1 pm’. Yet, on the day, the annual general
meeting had not commenced until 1.10 pm because the chair had been delayed in traffic
while trying to reach the meeting’s venue. James surmised that this delay in starting the
meeting could constitute a procedural irregularity that could only be rectified by his company
conducting the whole annual general meeting again.
2. Pretend that you are the company secretary and provide advice to James
regarding his question on procedural irregularity. Use relevant sections of the
Corporations Act 2001 and/or case laws to support your answer (3 marks)

Australia Food Ltd is a company with several branches across Victoria and NSW. The Company…

Australia Food Ltd is a company with several branches across Victoria and NSW. The Company
produces various food products including meats and milks. You work as a management accountant in
this company.
Your manager has asked one of your colleagues in the management accounting department to
prepare a comparative profit or loss report for the current and previous month. The manager wants
the report to cover only meat production in Victoria’s branches. Your colleague suggests that since
the company has different branches and products, financial statements should cover all of the
company’s activities. He also suggested that the report should be prepared for a financial year in
accordance with accounting standards.
Using your knowledge of financial and managerial accounting, general and specific purpose financial
reports and various users of accounting information, advise your colleague as to the approach they
should adopt to meet the manager’s requirements and ensure the information correctly reflects the
department’s operations.
Your answer needs to be in your own words and correctly referenced to receive full marks.

Use of Budgeting as a management technique for managing resources….

You are required to conduct a literature search and discussion in this assignment.
You are to choose a peer reviewed journal article (from any country) on the:
-Use of Budgeting as a management technique for managing resources.
The article should be published between 2010 – 2020. Choose your article only after you have accessed
several relevant articles, and then choose the best articles that will answer the assignment question below.
Required: Critically evaluate the relevance and challenges of budgeting systems by answering the 5 questions
below:
Questions:
1. Briefly discuss the budgeting process. (5 marks)
2. Based on your selected journal article, discuss citing examples whether the budgeting process satisfies
the purpose of planning, controlling and evaluating performance. (5 marks)
3. The two widely used practices in preparing budgets are ‘top down’ budgeting and ‘bottom up’
budgeting. Identify and explain the practice adopted by the organisation discussed in your selected journal article and further explain the behavioural implications of adopted practice. (5 marks)
4. Based on your literature findings (above), critically evaluate the comment that ‘traditional budgeting
practices are constraint on creativity, and the time and energy spent on budget formulation is better spent elsewhere’.
5. Based on your literature findings (above), would you recommend budgeting for contemporary organisations for planning and control purpose? Explain (5 marks)

Examine conceptual issues and the sources of authority for the accounting requirements which…

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 by
Australian 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.

Strategic alliance and cooperative partnerships provide one way to gain some of the benefits…

Strategic alliance and cooperative partnerships provide one way to gain some of the benefits
offered by vertical integration, outsourcing and horizontal mergers and acquisitions while
minimizing the associated problems, it is a formal agreement between two or more separate
companies in which they agree to work collaboratively towards some strategically relevant
objectives. E.g.
? The Delta Airlines/Northwest Airlines merger
? Shell oil company and Pemex (Mexico’s state-owned petroleum company)
? Renault-Nissan-Mitsubishi Alliance
1. Determine how to capture the benefits and minimize the drawbacks of strategic
alliances and partnership to extend the scope of operations via international expansion
and diversification strategies.
2. Discuss the role of centralized and decentralized decision making in striking the right
balance between rewards and punishment in an ethical and unethical strategic alliance?
3. Identify the key features of a company’s corporate culture that can influence the
merger and acquisition?

Electro Company manufactures an innovative automobile transmission for electric cars….

Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished goods inventory for the first quarter will be 71,400 units. The following unit sales of the transmissions are expected during the rest of the year: second quarter, 357,000 units; third quarter, 347,000 units; and fourth quarter, 260,500 units. Company policy calls for the ending finished goods inventory of a quarter to equal 20% of the next quarter’s budgeted sales.
Propare a production budget for both the second and third quarters that shows the number of transmissions to manufacture.

Journalize each transaction in a two-column journal, referring to the following chartof accounts… 1 answer below »

Journalize each transaction in a two-column journal, referring to the following chartof accounts in selecting the accounts to be debited and credited. (Do not insert theaccount numbers in the journal at this time.) 11 Cash 31 Emily Page, Capital 12 Accounts Receivable 32 Emily Page, Drawing 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of June, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during June is $200. b. Supplies on hand on June 30 are $650. c. Depreciation of office equipment for June is $250. d. Accrued receptionist salary on June 30 is $220. e. Rent expired during June is $2,000. f. Unearned fees on June 30 are $1,875. 5. Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet. 6. Journalize and post the adjusting entries. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owner’s equity, and a balance sheet. 9. Prepare and post the closing entries. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.

On 1st July 2017 Utensilite Ltd acquired a 3rd Motor Vehicle for $45,000 paying cash of $12,500…

On 1st July 2017 Utensilite Ltd acquired a 3rd Motor Vehicle for $45,000 paying cash of
$12,500 and negotiating a loan for the balance. The estimated life of the vehicle was
12 years and residual value $3,000. The vehicle was to be depreciated at the rate of
30% using the declining balance method.
Depreciation is recorded on 30th June each year.
On 30th September, 2017 and 30th September, 2018 all three vehicles were serviced
at a cost of $5,400.
On 31st March, 2019 Vehicle No 1 is sold to Extratta Traders because for $8,000.
You are required to:
a. Prepare an extract from the Balance Sheet dated 30th June, 2017 to show the
Motor Vehicles account; 3 marks
b. Record all the journal entries that took place from 1st July 2017 to 30th June
2019 (ignore GST and show all calculations). 17 marks
c. If revenue for the financial year 2018 was $61,500, prepare an extract from the
Profit and Loss Statement at 30th June 2018 indicating associated
expenses for motor vehicles for the year. 3 marks
d. Prepare an extract from the Balance Sheet dated 30th June, 2019 to show the
Motor Vehicles account. 3 marks
B. Why would Utensilite choose the two methods of depreciation it has? What is
the impact of each method on Profit figures over the life of the asset? Describe
two other depreciation methods that could have been used to depreciate the
motor vehicles. Which of the four methods do you believe is most appropriate
for motor vehicles and why?

Using the information presented below, prepare an income statement, owner’s equity and balance…

Using the information presented below, prepare an income statement, owner’s equity and balance sheet from the adjusted trial balance of Hanson Storage. Ms. Hanson’s capital account balance of $40,340 consists of a $30,340 beginning-year balance plus a $10,000 investment during the current year.

What is internal control? Why is internal control important in organization?…

QUESTIONS1. What is internal control? Why is internal control important in organization?2. What are the four basic purposes of internal control? Give an example of each one? B. EXERCISE1. The California State University (CSU) system is the largest four-year higher education system in the United States. In 2004, all twenty-three CSU campuses adopted People Soft, an enterprise resource planning system, for managing finances, personnel records and other important functions. The project was referred to as the Common Management System (CMS). Considering Brown’s taxonomy of risk, identify five risks the CSU and its management took by making the PeopleSoft decision.2. The following is a question in which one is expected to evaluate internal controls. The Art Appreciation Society operates a museum for the benefit and enjoyment of the community. During hours when the museum is open to the public, two clerks who are positioned at the entrance collect a $5 admission fee from each nonmember patron. Members of the Art Appreciation Society are permitted to enter free of charge upon presentation of their members hip cards. At the end of each day one of the clerks delivers the proceeds to the treasurer. The treasurer counts the cash in the presence of the clerk and places it in a safe. Each Friday afternoon the treasurer and one of the clerks deliver all cash held in the safe to the bank, and receive an authenticated deposit slip which provides the basis for the weekly entry in the cash receipts journal. The Board of Directors of the Art Appreciation Society has identified a need to improve their system of internal control over cash admission fees. The Board had determined that the cost of installing turnstiles, sales booths, or otherwise altering the physical layout of the museum will greatly exceed any benefits that may be derived. However, the Board has agreed that the sale of admission tickets must be an integral part of its improvement efforts. Smith has been asked by the Board of Directors of the Art Appreciation Society to review the internal control over cash admission fees and provide suggestions for improvement. Required Indicate weaknesses in the existing system of internal control over cash admission fees, which Smith should identify, and recommend one improvement for each of the weaknesses identified.

Calculate the acquisition cost of the Gizmo Machine that will be used as the base for future…

Required:
a) Calculate the acquisition cost of the Gizmo Machine that will be used as the base for future
depreciation charge. (3 marks)
b) 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)
c) Will the maintenance cost be included in the acquisition cost of the machine? Justify your answer.
(2 marks, maximum 100 words)
Week 2
a) What factors should be considered in determining the issue price of a debenture. (2 marks)
b) 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.
Required:
(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.

Alex Kingsford is a mechanical engineer working for ABC Engineering in Melbourne….

Alex Kingsford is a mechanical engineer working for ABC Engineering in Melbourne. Alex owns a property in Dandenong, Victorian where he and his family are residing. He also runs a home-based food catering business, preparing food for local residents and school canteens. Catering business is well-structured. Alex works 15 days a month and earns a substantial income from the catering services business. He is travelling from ABC Engineering workshop to his home-based business by car or sometimes Uber. When he lodged his tax return in July 2019, he has requested a deduction for a substantial amount of travelling expenses between the ABC Engineering workshop and home-based food business.
Alex is now seeking your advice. With reference to relevant legislation and case law discuss whether Alex’s travelling expenses between the ABC Engineering workshop and his home-based catering business is an allowable deduction.
Assignment Structure should be as the following (students’ responses involves calculations, and students must refer to the relevant legislation and/or cases whenever required according to the questions).

Calculate the acquisition cost of the Gizmo Machine that will be used as the base for future…

Alex Kingsford is a mechanical engineer working for ABC Engineering in Melbourne….

Using the variables listed in the table above, Describe each variable. -State for each variable…

Task 1: Variable List 1. Using the variables listed in the table above, Describe each variable. 2. State for each variable whether it is qualitative or quantitative; if it is qualitative, state whether it is nominal or ordinal, and if it is quantitative, state whether it is discrete or continuous. Task 2: Histogram 3. Create a histogram showing the distribution of salaries. Find the 5-number summary of the distribution of salaries. Comment upon the shape of the distribution: is it symmetric? If it is not, is it positively or negatively skewed? Are there any outliers present? If so, are they of particular interest? State which central measure would be best to use to describe the centre of this distribution, and the reason(s) why.

Attachments:

Collect the latest annual report of an ASX listed company for the last 2 financial years….

Collect the latest annual report of an ASX listed company for the last 2 financial years. Please read the financial
statements (balance sheet, income statement, cash flow statement) and notes attached to financial
statements on income tax issues very carefully. Please remember some aspects of your firm’s treatment of its
tax – can be a very complicated area, particularly for some firms. Based on your understanding of the topic
“accounting for income tax” and based on your reading of the collected annual reports, do the following tasks.
i Briefly explain the concepts of accounting profit, taxable profit, temporary difference, taxable temporary
difference, deductible temporary difference, deferred tax assets and deferred tax liability.
ii Briefly explain the recognition criteria of deferred tax assets and deferred tax liability.
iii What is your firm’s tax expense in its latest financial statements?
iv Is this figure the same as the company tax rate times your firm’s accounting income? Explain why this is,
or is not, the case for your firm highlighting the reasons for differences.
v Identify the deferred tax assets/liabilities that is reported in the balance sheet articulating the possible
reasons why they have been recorded.
vi Is there any current tax assets or income tax payable recorded by your company? Why is the income tax
payable not the same as income tax expense?
vii Is the income tax expense shown in the income statement same as the income tax paid shown in the cash
flow statement? If not, why is the difference?
viii Briefly explain the concepts of temporary difference and permanent difference. Identify any permanent
differences that your company may have.
ix What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax
in your firm’s financial statements? What new insights, if any, have you gained about how companies
account for income tax as a result of examining your firm’s tax expense in its accounts?

In accordance with the Australian government’s Budget Paper No. 2 Budget Measures 2015-2016,…

Part A (70 marks)
In accordance with the Australian government’s Budget Paper No. 2 Budget Measures
2015-2016, the Income Tax Rates Amendment (Working Holiday Maker Reform) Act 2017
(the ‘WHMR Act’) was passed. The WHMR Act proposed changes to tax rules for working
holiday makers on 417 and 462 visas (‘backpackers’) as a means of raising revenue. This,
with other proposed legislative amendments concerning working holiday makers, has been
referred to in the media as the ‘Backpacker Tax’.
Choose and read ONE of the following cases.
Clemens and Commissioner of Taxation [2015] AATA 124 (6 March 2015); or
Jaczenko and Commissioner of Taxation [2015] AATA 125 (6 March 2015);or
Koustrup and Commissioner of Taxation [2015] AATA 126 (6 March 2015)
Task
Answer the following questions
1. What issues are being considered in your chosen case, and what decision
(conclusion) is reached? (20 marks)
2. Would the decision in your chosen case support the need for a change to the
residency rules for backpackers in Australia? Give reasons (20 marks)
3. How does the WHMR Act treat income earned by ‘backpackers’ in Australia? (10
marks)
4. Is this different to the way income earned by ‘backpackers’ was treated prior to the
introduction of the WHMR Act? If so, how? (20 marks)

Hill and Hult (2019) include a set of 20 cases to fill strategically aligned objectives for the…

Hill and Hult (2019) include a set of 20 cases to fill strategically aligned objectives for the core features of
international business strategy. They argue that: “(s)everal of these cases focus on company and country
scenarios related to China, Germany, Mexico, Myanmar, Russia, Venezuela, and prominent other markets.”
(p609) These cases cover a range of international companies including Apple, Dominos, Ford, General Motors,
Microsoft, Philips Siemens, Skype and Volkswagen. As well, these cases in general relates to several unit learning
outcomes including differing elements of international business – related theories, national differences, the
global trade and investment environment, the strategy and structure of international business, and international
business functions.
Required:
This Group Assignment is comprised of two parts.
Part A: Written Report on Two Cases (15%) [this part must be submitted via Turnitin by 5:00pm Friday 24
January 2020] – Expected length – Total 2000 words (i.e., 1000 words for each case)
First, you, as a group, are required to select two out of twenty cases as included at the end of the text by Hill
and Hult (2019 – pp608 – 634). The selection of these two cases will be determined by the coordinator of the
unit and will be allocated in Week 4 during Semester 3, 2019.
Second, you are required to:
a. Summarise and elaborate the respective case scenarios;
b. Answer and critically evaluate the set questions in each case; and
c. Demonstrate applicable theories and issues of international business relates to the selected case.
Third, as well, you are required to provide your reflections and conclusions using contemporary aspects of
international business relating to the case.
The expectation is that you are required to use academic and professional authentic references in analysing
the case and writing the report. Please go through unit outline for guidelines about Turnitin submission and
referencing style.
The Group Assignment develops students’ theoretical and technical skills in international business theory and
strategy as well as their written communication skills. You are required to form a group by Week 4 with no
more than THREE members of your class. Each member is fully responsible for the discussion, preparation,
composition and submission of the integrated case analysis in group. Failure by a student to attend,
contribute, and submit the assignment will result in the said student receiving a zero (0) mark weighting for
this assessment task. You must attach a completed, signed coversheet and a self and peer contribution
evaluation form with your written assignment.

Attachments:

Michael operates his own business selling pool equipment and materials as well as servicing…

Michael operates his own business selling pool equipment and materials as well as servicing swimming pools. During the year
ended 30 June 2019 Michael received $915,000 in cash for sales of equipment andmaterials and for pool services. Wages of
$275,000 were paid to his staff. This included an amount of $50,000 paid to his brother. The work of the brother could have been
done by an unrelated person for $10,000. On 1 June 2019, Michael paid $4,530 to his lawyer to complete the winding up of a
business he had operated at a loss in earlier years. One of Michael’s customers bought some pool materials for $600 on credit
on 21 June 2018 but could not pay the account which was issued on the same day because he went bankrupt in November 2018.
Michael wrote off the debt on 1 July 2019. During the year ended 30 June 2019 Michael paid rates and taxes of $5,270 on a
vacant block of land. Michael was thinking of putting a holiday house on the block of land.
Michael made an interest free loan of $500,000 on 1 January 2019 to one of his employees. The employee used the loan for two
purposes: 30% for the purchase of an investment property and 70% to pay off his home mortgage. On 1 March 2019 Michael
paid the life Insurance premium for one of his employees in the amount of $25,000.
Michael bought a rental property on 4 July 2018 for $1,000,000. He borrowed $750,000 of this money on the same day from
the bank to buy the property. The term of the loan was 4 years. The property was leased on 4 July 2018. He received rent in
cash from his tenants during the year ended 30 June 2019 in the amount of $95,000. On 1 July 2018 Michael paid the bank a loan
application fee of $1,570

Wayland Custom Woodworking is a firm that manufactures custom cabinets and woodwork for business…

Wayland Custom Woodworking is a firm that manufactures custom cabinets and woodwork for business and residential customers Students will nave the opportunity to establish payroll records and to complete a month of payroll information for Wayland. Wayland Custom Woodworking is located at 1716 Nichol Street. Logan. Utah. 84321. phone number 435-555-9877. The owner is Mark Wayland. Wayland’s EN is 91-7444533. and the Utah Employer Account Number Is 999.92904 Wayland has determined it will pay their employees on a semimonthly basis. Federal income tax should be computed using the percentage method.
For Pan 2 of this project, you will complete payroll for the last month (December) of the fourth Quarter (Q4) of 2018. which consists of the final two pay periods of the year. Then file the annual tax forms for Wayland as well as prepare each employee’s Form W-2 In Part 2.
The SUTA (Ur) rate for Wayland Custom Woodworking is 2.6 percent on the first $34,300. The state withholding rate is 4.95 percent for all Income levels and marital statuses.

Amandeep born in India and migrated to Australia. He lives in Australia permanently. He still…

Amandeep born in India and migrated to Australia. He lives in Australia permanently. He still holds
Indian passport. Amandeep works with the New Zealand Princess Cruises tours and most of the
income year is in New Zealand. He signed an employment contract for this position in the company’s
Australian office in Sydney. Amandeep has two kids that are living with his wife Sandeep in Sydney.
Three years ago, Amandeep purchased a unit apartment in Sydney. Amandeep and his wife holding
dividend yielding shares in an Indian public company called Hindustan Unilever. Amandeep and
Sandeep have an Australian bank account as well. Amandeep’s employer pays his salary to this bank
account every fortnight.
Biannually Amandeep receives a holiday package from his employer, New Zealand Princess Cruises
tours and he is using this package with his family traveling in Australia interstates or moves to India to
visit his in laws.
Required:
With reference to the relevant laws, discuss whether Amandeep is an Australian resident for tax
purposes and also critically discuss whether Amandeep needs to pay income tax on his salary and
investment income explained above. (10 marks, maximum 400 words)

Lendlease is an international property and infrastructure Company. It is currently the…

Lendlease is an international property and infrastructure Company. It is currently the
fifth largest in Australia.
The 2019 integrated annual report for the Company is provided on the subject Moodle shell.
Using the 2019 Report, compare the financial results of the Company between 2018 and
2019. You should use any financial information provided in the 2019 reports (including
ratios, and narratives) to conclude on the improvements or not in financial position and
profitability. You discussion should focus on reasons for this.
What other information would you need to make an assessment of Lendlease?
Word Limit 1100 words, Marks = 45
Question 2.
The 2019 integrated annual report is the fourth for Lendlease. Explain what is an
integrated report, and how Lendlease is Managing and Measuring Value.
What is your opinion of the Sustainability achievements of Lendlease?

Consider the judgement delivered on 30 October 2019 by Justice Logan in the Federal…

Consider the judgement delivered on 30 October 2019 by Justice Logan in the Federal
Court of Australia decision Addy v Commissioner of Taxation [2019] FCA 1768.
(Hint: you may either read the decision or read at least one of the several
commentaries available online)
Task
Answer the following questions
1. What are the possible consequences of this decision for ‘backpackers’ who have
already paid tax in accordance with WHMR Act? Give reasons.(20 marks)
2. How has the Australian Tax Office (ATO) responded to the decision in Addy v
Commissioner of Taxation? (10 marks)

Santa Ana Services was formed on May 1, 2014. The following transactions took place during the…

Santa Ana Services was formed on May 1, 2014. The following transactions took place during the first month.

Transactions on May 1:

Don Humes invested $40,000 cash in the company, as its sole owner.
Hired two employees to work in the warehouse. They will each be paid a salary of $3,050 per month.
Signed a 2-year rental agreement on a warehouse; paid $24,000 cash in advance for the first year.
Purchased furniture and equipment costing $30,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months.
Paid $1,800 cash for a one-year insurance policy on the furniture and equipment.

Transactions during the remainder of the month:

Purchased basic office supplies for $500 cash.
Purchased more office supplies for $1,500 on account.
Total revenues earned were $20,000—$8,000 cash and $12,000 on account.
Paid $400 to suppliers for accounts payable due.
Received $3,000 from customers in payment of accounts receivable.
Received utility bills in the amount of $350, to be paid next month.
Paid the monthly salaries of the two employees, totalling $6,100.

Instructions

Alice J. and Bruce M. Jones are married taxpayers who file a joint return. Alice’s birthday is…

Alice J. and Bruce M. Jones are married taxpayers who file a joint return. Alice’s birthday is September 21, 1961, and Bruce’s is June 27, 1960. Bruce is the office manager for Ames Dental Clinic. Alice is the CPA at Lehman, York & Hunter CPA, LP. The Jones provide over half of the support of their two children, Cynthia (born January 25, 1994, Social Security number (017-44-9126) and John (born February 7, 1995, Social Security number (017-27-4148), who live with them. Both children are full-time students and live with the Jones except when they are away at college. Cynthia is in her third year of college, and earned $8,750 from a summer internship in 2019, and John is in his first year of college and he earned $6,500 from a part-time job in 2019. In 2019, the Jones’ paid $4,500 for Cynthia’s college tuition and $7,500 for John’s college tuition. The Jones also provided all the support for their 26-year-old son Ryan who recently graduated from law school but cannot find employment. Ryan lives in DC. According to Mr. Jones on July 01, 2019, he and his wife exchanged their two-family house in Westchester County (378 Pinebrook Blvd, New Rochelle, NY), which they rented entirely from January 01, 2005 to July 01, 2019, for a four family rental property located at 581 Atlantic Avenue, Brooklyn, NY. At the time of the exchange, the FMV of the two-family house was $900,000, and the adjusted basis was $275,000. The four-family house had an adjusted basis of $600,000 and a FMV of $800,000. The two-family home was subject to a $100,000 mortgage, which the buyer assumed. The Jones also owned and rented a two-unit commercial retail building located at 1560 Avenue A, New York NY, which they purchased on December 01, 2018 and placed in service on January 01, 2019. Information for all three of the rental properties is listed below. In March 2019, Bruce decided to start his own business; a retail bicycle shop to be located in NYC near Central Park called “Bruce’s Bikes.” On April 20, 2019, Bruce signed a 10-year lease at a monthly rental rate of $10,000, effective May 01, 2019, for retail space on 110th Street and CPW. The lease provided that Bruce was responsible for the costs of improving the retail space for its intended use. The terms of the lease also provided that the first three months were rent-free so that Bruce could complete the construction needed to operate a retail bike shop. When Bruce executed the lease he paid the landlord $30,000 as a security deposit. On May 01, 2019, Bruce paid a contractor $225,000 to provide all construction work relating to the build-out, which included electrical, plumbing, and carpentry. On June 01, 2019, Bruce purchased the following assets for the business:

Attachments:

Pick a company and discuss how it an collaborate with key suppliers -Discuss how management…

Assignment In recent years, successful companies have begun to focus on managing cross-company processes with suppliers to reduce costs, increase speed, and improve quality. In tis print advertisement J.D. Edwards, a producer of ERP software systems notes that companies must ‘collaborate or die’. Required: a) Pick a company and discuss how it an collaborate with key suppliers b) Discuss how management accounting information can play a role in different stages of collaboration Limit: 4-6 pages Instructions: Format: A4 paper, corner stapled; no folders accepted; typewritten in 1½ spacing; pages must be numbered. A completed assignment cover sheet must be attached to the front of your assignment. Style Guide: Assignments should be closely checked for errors of typing, spelling, grammar, etc. Where you use specific material from any source, you must provide reference to the specific quotation, and all sources consulted must be included in a bibliography at the end of your assignment. Penalties for late lodgement: A maximum penalty of 10 per cent of the mark allocated to this assignment will be deducted for each day that the assignment is late

You are required to summarise, IN YOUR OWN WORDS, the requirements and the key highlights…

You are required to summarise, IN YOUR OWN WORDS, the requirements and the key highlights
of ANY ONE of the following pronouncements published by AUASB:
• Framework for Assurance Engagements
• ASQC 1: Auditing Standard ASQC 1 Quality Control for Firms that Perform Audits and
Reviews of Financial Reports and Other Financial Information, Other Assurance
Engagements and Related Services Engagements
• ASA 220: Quality Control for an Audit of a Financial Report and Other Historical
Financial Information
• ASA 315: Identifying and Assessing the Risks of Material Misstatement through
Understanding the Entity and Its Environment
The maximum length for the essay is 1,000 words. You should address all the key requirements in
the essay, followed by a Reference List.

Debates on whether the converged International Financial Reporting Standards have resulted in…

Debates on whether the converged International Financial Reporting Standards have resulted in harmonised international accounting practices across countries have been growing over the last ten years. Study based in emerging economies, such as China (He et al., 2012), Romania (Albu et al., 2014), India, Pakistan, and Bangladesh (Ali et al., 2006), South Pacific Island countries (Chand, 2005), United Arab Emeritus (Irvine, 2008), and Turkey (Misirlioglu et al., 2013), have consistently reported the challenge of effectively implementing IFRS in those countries due to country-specific contextual issues. Nobes (2015) also reported challenging issues in implanting IFRS in developed countries.
Assignment questions
1. Prepare a report critically arguing why having a single set of accounting standards (i.e. IFRS) for a world-wise use is inherently problematic.
2. Review literature explaining the contextual issues of implementing IFRS in emerging economies and in developed countries.
3. Critique whether adoption and use of IFRS will lead to improved financial reporting quality.

Online Educational Systems’ (Online) has developed a package to deliver integrated curriculum…

Question 1 (2 marks) ‘Online Educational Systems’ (Online) has developed a package to deliver integrated curriculum and face to face group learning, for all levels of students around the world, due to the Covid-19 pandemic. Online has asked you to research customer preferences and to recommend a pricing policy. There are limited price differences relating to the timing of classes in the Northern Hemisphere. However, for Southern Hemisphere classes running a class at or below 45 students (normal class size is 50) costs significantly more for Online to run the class. Required (200 words): a. In addition to customer preferences, what information would you like to gather before recommending a pricing policy? Explain why each item you list is relevant. b. Explain why it is important to understand customer preferences before investing in the infrastructure to run the system. c. Is the need to consider customer preferences different for this organisation than for another type of organisation? Why or why not? Question 2 (3 marks) Given you are constrained to your house due to Covid-19 you have decided to try and launch your own small business. Required (200 words): a. Design a small business and document 1 key product. Name your business and product. List a maximum of 10 costs that will be involved in selling your product and explain why they are either a variable or fixed cost. b. Estimate a reasonable selling price per unit for your product and estimate a value for each of the costs you listed in part a. c. Workout your Breakeven point, showing all calculations. d. Assume you require a profit of $25,000, calculate your new breakeven point, showing all calculations. e. Define and calculate the ‘Margin of Safety’, in both units and dollars, assuming you sell 75,000 units. Ensure you include all calculations.

Direct professional labour budget for the months of May and June:…

Direct professional labour budget for the months of May and June:
May June
Budgeted hours 6 000 8 000
One-hour visits (hrs x 0.2 x 1) 1 200 1 600
Half-hour visits (hrs x 0.8 x .5) 2 400 3 200
Total direct professional labour 3 600 4 800
Hourly wage rate for dentists $200 $200
Total direct professional labour cost $720 000 $960 000

Winnie T. P. Bear runs a small ceramic honey pot store at “The Woods” shopping precinct….

Winnie T. P. Bear runs a small ceramic honey pot store at “The Woods” shopping
precinct. The business, called the “Hunny Pots”, sells two types of pots, Large and
Small.
The Business has registered for GST and has an ABN 40 741 258 639. It pays GST
quarterly to the Australian Tax Office.
Accounting system
The company has financial year end 30 June and prepares adjusting entries at the
end of the each month. The firm uses the following journals to maintain its accounting
records
? Sales Journal: to record all credit sales of inventory
? Purchased Journal: to record credit purchases of inventory
? Cash Receipts Journal: to records all cash receipts
? Cash Payments Journal: to records all cash payment
? General Journal: to record all transactions other than the above
The company maintains a general ledger for each account. Subsidiary ledgers are
used to record separate details that Accounts Receivable and Accounts Payable.
The company uses a perpetual inventory recording system.
Goods and services tax (GST)
The company is registered for GST and therefore is required to pay GST on its
purchases and collect GST on its sales. All prices include GST unless specifically
excluded
Unadjusted Trial Balance and Chart of Accounts
The unadjusted Trial Balance as at 29 February 2020 and a Chart of Accounts is
presented on the next page.
Accounting Procedures
The transactions are recorded by you, the accountant for Hunny Pots on a daily basis
in the appropriate journal. Transactions are posted daily from the General Journal.
Transactions are also posted daily to the Accounts Receivable and Accounts Payable
subsidiary ledgers. Total of the Special Journals are posted to the appropriate
accounts at the end of the account period.

o demonstrate an in-depth understanding of, and engagement with, contemporary taxation issues…

o demonstrate an in-depth understanding of, and engagement with, contemporary taxation issues related to the materials covered in this course. In the contemporary discussion forum participation, students will be required to contribute informative responses during the specified period, demonstrating engagement and interaction with contemporary tax issues. In considering the development of your responses, you will need consider what each of the articles are concerned about and what the relevance to the tax system is. For example, is the topic about some event that has occurred to a particular taxpayer(s) or perhaps there is a particular kind of activity that needs considering? Determine what the relevant tax issues might be, in terms of the topics we have been covering in this course. There is no mandatory word limit, however a good guide is to consider a paragraph or two, per post.

Please note that weeks do not necessarily corelate perfectly with topics and therefore I do not generally reference/align content or assessments to particular weeks. Moreover, although we have provided a structure to scaffold learning by splitting the syllabus into topics, there are a lot over cross overs and interactions between topics. As such, I would ensure you are familiar with how things fit together.

For example, if you are a foreign resident (topic 2) who undertakes some kind of activities in Australia, then your tax rates will differ (topic 1) to tax residents. You will include only Australian sourced income (topic 2), and you will need to consider whether the activities are amount to assessable income (topic 3), or perhaps are captured by capital provisions (topic 4), or neither, and if so whether any expenditure may be deductible (topics 6,7), and so on.

We generally assign topics 1-9 to Assessment 1.

Marking Criteria	Short Description	Mark
1. Relevant Contribution.	Demonstrated ability to prepare and contribute relevant posts to the discussion forum topic(s).	2.5
2. Synthesis and Analysis.	Ability to synthesise material in order to raise issues or construct a persuasive and substantive response.	2.5
3. Interaction and Engagement.	Ability to engage in a reflective discourse. The extent of engagement with students, in terms of interaction, insight and direction offered.	2.5
4. Presentation and Referencing.	The extent of appropriate organisation and structure; legal terminology and writing skills.

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Santa Ana Services was formed on May 1, 2014. The following transactions took place during the…

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