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STUDENT ASSESSMENT
PREPARE FINANCIAL REPORTS FOR
CORPORATE ENTITIES - FNSACC504
Prepare financial reports for corporate entities - FNSACC504
Issue Date: 15/04/2019
Page 1
of 8
ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office):
Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 2, 213-215 Lonsdale Street, Melbourne VIC 3000 T: 03 9077 0758
Instructions
You are advised to commence work on your assessment from week 1 and all tasks must be submitted by the due dates provided.
1.
All assessments must be completed and delivered individually. Where an assessment involves group discussions, you should consider the input of your group but submit an individual assessment to your trainer.
2.
Please read all instructions on completing each assessment. Instructions for completion are provided at the beginning of each assessment.
3.
All written answers must be typed in a word document using Arial font, 12 size and single
spacing if similar instructions are not provided in the assessment. 4.
Your trainer will not be able to assist you in answering questions. However, your trainer will address any issues concerning questions requiring further explanation. 5.
You may refer to your student learning resources or any other relevant resources when completing your assessment.
6.
Assessments are due for submission as specified in the assessment schedule. Any variations to this arrangement must be approved by your trainer prior to the due date for submission. 7.
You have access to computers which are equipped with Microsoft suite of products or any other relevant software and printing facility.
8.
Use assessment templates if provided, to complete relevant sections of the assessment. You can also create your known templates for assessment evidence.
9.
You must achieve a satisfactory result for all tasks to achieve competency in this unit.
10.All assessment answers should be submitted to the trainer in required format (soft or hard copy) as per trainer instructions with completed assessment cover sheet (if required).
Assessment Schedule
Task
Due Date
Task 1
Week 1
Task 2
Week 2
These materials were originally developed by Enhance Your Future Pty Ltd but may now be altered from the original form. Enhance Your Future Pty Ltd does not accept any liability for the Materials, the content and/or any reliance thereon.’
Task 1: Theory Assessment
Student Instructions
Prepare financial reports for corporate entities - FNSACC504
Issue Date: 15/04/2019
Page 2
of 8
ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office):
Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 2, 213-215 Lonsdale Street, Melbourne VIC 3000 T: 03 9077 0758
1.
Type all the answers in a word document if required.
2.
You can conduct internet research to answer these questions.
3.
Provide explanation of 2-3 lines when answering ‘Describe’ questions.
4.
Provide detailed workings for calculations questions.
5.
Provide answers in table format wherever possible.
Question 1 – Research Task
Your task is to undertake research and obtain an organisations annual report. You can locate one on the internet or obtain one from the ASIC website. Once you have obtained this document you are to answer the following questions. Provide answers in 1-2 paragraphs.
a)
How is the report disseminated and who is it given to?
b)
What reason would each of these people have for needing a copy of the report?
c)
What information is contained in the report?
d)
What format does the report use?
e)
Is there evidence of consolidation or conversion procedures being used?
f)
Are there any asset or liability valuations? If so, what are they?
g)
Were there any discrepancies identified?
h)
Is the organisations total income and expenditure enclosed, give details?
i)
Is the report clear and concise?
j)
What effects of taxation are noted?
k)
What charts and/or diagrams are enclosed and what are they highlighting?
l)
Did the report meet statutory requirements?
m) What is the overall position of the organisation?
n)
Does the organisation use double-entry bookkeeping or accrual accounting?
Prepare financial reports for corporate entities - FNSACC504
Issue Date: 15/04/2019
Page 3
of 8
ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office):
Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 2, 213-215 Lonsdale Street, Melbourne VIC 3000 T: 03 9077 0758
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Expressive Youths is a non-profit youth club in the Corporate Area that engages its members in
the buying and selling of paintings that are sold to public to provide income for the club. For the
financial year ending December 31, 2020 the clerical officer of the club provided the following
information in relation to the club's activities:
Payments
Electricity
Purchase of television
Purchase of paintings
Refreshments, etc.
Stipend for clerk
Stationery
2$
120,000 subscription
60,000 Sale of paintings
320,000 Refreshment, etc. sale
Receipts
300,000
800,000
600,000
280,000
Donations
250,000
200,000
96,000 Other activities
50,000
I.
Additional Information:
()
On January 1, 2020 the club had paintings valued at $350,000., while subscription in
arrears at that date was $15,000
On December 31, 2020 the club owed $25,000 for electricity, while $10,000 was paid
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Assignment Details
ATG-110-20A01: Financial Accounting (Session II Summer 2021)
7474 unread replies.7575 replies.
Please read and respond to TIF 12-2 on page 623. Review
the rubric to ensure you receive full points for this
discussion.
Discussion Rubric- 25 points(1)_(3).docx
*After you have posted your answers, please reply to three
other students' posts. This discussion board was set up so
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TIF 12-2
Issuing Stock
1.
ETHICS Lou Hoskins and Shirley Crothers are
organizing Red Lodge Metals Unlimited Inc. to
undertake a high-risk gold mining venture in Canada.
Lou and Shirley tentatively plan to request
authorization for 400,000,000 shares of common
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Quiz nav
Question 18
Which of the deposits are used by business people in majority?
Answer saved
1
Marked out of 2
Select one:
10 11
Flag question
O a. None
O b. Recurring Deposits
20
19
O c. Savings Deposits
Finish atte
O d. Current Deposits
O e. Time Deposits
Clear my choice
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<
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..
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Sheet1
FINA310 IP TEMPLATE FOR STUDENTS
Student name:
Date:
ACTUAL
FORECAST
Current Year
Next Year
Total Revenue
71,879
Cost of Revenue
(51,125)
Gross Profit
20,754
Operating Expenses:
Selling, General, and Administrative
(14,248)
Research and Development
Special Income/Other Charges
S
(2,194)
Total Operating Expenses
(16,442)
Operating Income
S
4,312
Net Interest Income
(666)
edite
Pre-Tax Income
3,646
Provision for Income Tax (19.5%)
(711)
Net Income
2,935
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Required
Income Statement: The income statement of Fairoz store Inc. is given for the
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2019
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21,600
24,000
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1,500
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11,660
12,720
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$1,023.0
5,230
Income taxes
99,000
95,000
COGS
770
450
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The following information relates tD Cullumber Weigel Co, for the year 2020.
Retained earnings, January 1.2020
147,000
Advertsing
pense
$6.300
Dividends paid during 2020
21.000
Rentepensd
36,400
Service revenue
222,600
Ualities expense
10,850
Salaries and wages expense
105.700
Other conpréhensive income
1610
After analyzing the data, prepare an income staterment for the year 2020,
CULLUMBER WEIGEL CO.
Income Statement
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Below is the complete set of Financial Statements of Take-Home University (THU), a PublicUniversity of Ghana, issued on 1st May 2020.Statement of Financial Performance for the Year Ended 31 December, 2018Revenue NotesGOG grant 1,540,000,000Internally Generated Funds 2 14,427,492,000Donations and other income 9,278,258,00025,245,750,000ExpenditureCompensation for employees 3 8,385,270,000Goods and services 4 2,238,083,000Social benefit 1,720,000Interest 1,720,000Capital expenditure (CAPEX) 5 25,542,515,000Other expenses 6 79,100,00036,248,408,000Net Operating Result – Deficit (11,002,658,000)Statement of Financial Position as at 31 December 2018NotesCurrent AssetsCash and cash equivalent 294,233,000Receivable (468,050 -10,000) 458,050,000Inventory 155,254,000907,537,000Liabilities and FundPayable 7 696,325,00020% Loan 8,600,000704,925,000Accumulated fund 8 202,612,000907,537,0004Cash Flow Statement for the Year ended 31st December 2018Cash InflowsGOG grant 1,540,000,000Internally…
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Required B
Complete this question by entering your answers in the tabs below.
Required C
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b. As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments?
c. Prepare a journal entry at January 4, year 2, to record the cash sale of these investments at $220,000.
d. What effect will the sale recorded in part c have on Wharton's tax obligation for year 2?
Required D
Wharton, Inc., pays income taxes on capital gains (including gains on marketable securities) at a rate of 30 percent. At December
31, year 1, the company owns marketable securities that cost $180,000 but have a current market value of $220,000.
Required B
Prev
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As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments?
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Changes in Current Operating Assets and Liabilities
Paneous Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, Year 2 Dec. 31, Year 1
Accounts receivable
$39,490
$31,590
Inventory
76,340
65,150
Accounts payable
60,750
45,410
Dividends payable
18,000
24,000
Adjust net income of $351,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
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Changes in Current Operating Assets and Liabilities
Jasneet Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, Year 2 Dec. 31, Year 1
Accounts receivable
$20,200
$22,900
Inventory
13,000
10,700
Accounts payable
10,900
9,400
Dividends payable
25,100
30,700
Adjust net income of $185,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
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Once you have calculated the changes in the current operating assets and liabilities determine what impact those changes would
For example if accounts receivable has increased from last year to this year does that mean the company has collected more cas
If accounts payable has decreased does that mean the company has more cash or less cash?
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Prince Albert Roman Catholic Separate School Division No. 6Statement of Operations and Accumulated Surplus from Operationsfor the year ended August 31, 2019
2019 2019 2018Budget Actual Actual$ $ $REVENUES(Note 13)Property Taxes and Other Related 2,831,005 2,882,539 1,216,168Grants 26,723,613 26,687,615 28,529,827Tuition and Related Fees 166,707 180,917 210,457School Generated Funds 350,000 1,120,806 987,387Complementary Services (Note 11) 785,980 775,933 776,320Other 71,800 700,358 114,979Total Revenues (Schedule A) 30,929,105 32,348,168 31,835,138EXPENSESGovernance 144,802 163,558 131,686Administration 1,628,935 1,503,201 1,642,800Instruction 22,910,432 23,066,736 23,059,888Plant 4,956,098 5,154,355 4,486,792Transportation 1,789,440 1,994,623 1,981,976School Generated Funds 350,000 1,055,276 883,152Complementary Services (Note 11) 725,479 822,509 762,074Other 84,125 83,765 296,461Total Expenses (Schedule B) 32,589,311 33,844,023 33,244,829Operating Deficit for the Year (1,660,206)…
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Section 1 of 1
Section #1 v
15
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Question # 22
Revisit
Choose the best option
Suppose that an entity has paid one of its liabilities twice during the year, in error The effects of this
O Assets, liabilities, and equity are understated.
mistake would be
O Assets, net income, and equity are unaffected.
O Assets and liabilities are understated.
O Assets and net profit and equity are understated, and liabilities are overstated.
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Changes in Current Operating Assets and Liabilities-Indirect Method
Covington Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 20Y2
Dec. 31, 20Y1
Accounts receivable
$15,300
Inventory
66,500
67,200
Accounts payable
20,100
0098
Dividends payable
000'
Adjust net income of $84,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
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- Paragraph Styles keep using Word without interruption, activate before Monday, 17 May 2021. Activate Expressive Youths is a non-profit youth club in the Corporate Area that engages its members in the buying and selling of paintings that are sold to public to provide income for the club. For the financial year ending December 31, 2020 the clerical officer of the club provided the following information in relation to the club's activities: Payments Electricity Purchase of television Purchase of paintings Refreshments, etc. Stipend for clerk Stationery 2$ 120,000 subscription 60,000 Sale of paintings 320,000 Refreshment, etc. sale Receipts 300,000 800,000 600,000 280,000 Donations 250,000 200,000 96,000 Other activities 50,000 I. Additional Information: () On January 1, 2020 the club had paintings valued at $350,000., while subscription in arrears at that date was $15,000 On December 31, 2020 the club owed $25,000 for electricity, while $10,000 was paid for stationery that was to be…arrow_forward10:04 Assignment Details ATG-110-20A01: Financial Accounting (Session II Summer 2021) 7474 unread replies.7575 replies. Please read and respond to TIF 12-2 on page 623. Review the rubric to ensure you receive full points for this discussion. Discussion Rubric- 25 points(1)_(3).docx *After you have posted your answers, please reply to three other students' posts. This discussion board was set up so that you will not be able to see others replies until you post your own. Search entries or author Filter replies by unreadUnread Collapse replies TIF 12-2 Issuing Stock 1. ETHICS Lou Hoskins and Shirley Crothers are organizing Red Lodge Metals Unlimited Inc. to undertake a high-risk gold mining venture in Canada. Lou and Shirley tentatively plan to request authorization for 400,000,000 shares of common stock to be sold to the general public. Lou and Shirley have decided to establish par of $0.03 per share in order to appeal to a wide variety of potential investors. Lou and Shirley believe…arrow_forwardattached in ss below thanks for hlp appareicated it apizaepigjwr hwhp 5whjipw5hw ihw 5arrow_forward
- Please assist with 3.2arrow_forwardDashboard / My courses / FINA 415-1-20201 / General / FINAL EXAM- FINA 415- FALL 2020-21 Quiz nav Question 18 Which of the deposits are used by business people in majority? Answer saved 1 Marked out of 2 Select one: 10 11 Flag question O a. None O b. Recurring Deposits 20 19 O c. Savings Deposits Finish atte O d. Current Deposits O e. Time Deposits Clear my choice Next page Previous page Unit 4 (3).pptx Unit 3 (2).pptx Unit 5 (1) (1).pptxarrow_forwardPlease Solve In 15mins I will Thumbs-uparrow_forward
- Fill in highlighted areasarrow_forward< + .. + Sheet1 FINA310 IP TEMPLATE FOR STUDENTS Student name: Date: ACTUAL FORECAST Current Year Next Year Total Revenue 71,879 Cost of Revenue (51,125) Gross Profit 20,754 Operating Expenses: Selling, General, and Administrative (14,248) Research and Development Special Income/Other Charges S (2,194) Total Operating Expenses (16,442) Operating Income S 4,312 Net Interest Income (666) edite Pre-Tax Income 3,646 Provision for Income Tax (19.5%) (711) Net Income 2,935arrow_forwardA2 Fall 2021-2022 OFIN445 Ch. 1-5 Flashcards | Quizt x google.com/forms/d/e/1FAlpQLSdhx7wkRBg-5ysLm-AeX919m2L5F4Jxzbwov4D68iWUmoFzSg/formResponse?pli=1 Required Income Statement: The income statement of Fairoz store Inc. is given for the years 2020 & 2019. 2020 2019 General and administrative expenses 21,600 24,000 Interest expense 1,500 1,500 Net sales $136,400 $138,000 11,660 12,720 Selling Expense $1,023.0 5,230 Income taxes 99,000 95,000 COGS 770 450 Gain on Sale of land 1. What is the operating profit margin for the company over the years 2020 and 2019 respectively?arrow_forward
- V Content Pearson (Assignments) - MA Ô https://www.mathxl.com/Student/PlayerTest.aspx?testld%3D225147196 3 103 Spring 2021 st: Test 2 (Finance) Online nis Question: 1 pt 5 of 19 (1 complete) ▼ How much must be deposited today into the following account in order to have a $135,000 college fund in 11 years? Assume no additional deposits are made. An account with quarterly compounding and an APR of 7.32% Sshould be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)arrow_forwardCourses =HCS380 Week 1 Terminology Matching Accounts Receivable Terminology Matching Note Payable Bonds Payable Common Stock Income Statement Balance Sheet Retained Earnings Statement Statement of Cash Flow Basic Accounting Equation multimedia.phoenix.edu Annual Report View Assessment HCS/380: Week 1 - Terminology Matching - Academic Resources Owed to a bank for the money borrowed Bill customer/patient for services HCS Debt securities sold to investors that must be repaid at a particular date in the future A AOL PASSV REQUIRED Enter your password for "kaylakı Accounts. Prepared by corporate management to present financial information, management discussion, notes, and auditor's report Used by creditors to determine if they will be paid Assets Liabilities+Stockholder's Equity Used by creditors and investors to analyze the organization's cash position Used by investors to evaluate the organization's history of paying high dividends The total amount paid in by stockholders for the share…arrow_forwardmp?attempt=1764992&cmid%3875183&page=D12 الم صيرة بلحه u io a https://alternativet 4 SQUCOFFEE - Goog. B BCOM2911-Busines.. O Sultan Caboos Univ. O Trading Platfom ACADEMIC) E-LEARNING SERVICES SQU LIBRARIES SQU PORTAL ATTENDANCE lanagerial Accounting - Spring21 e / My courses / ACCT2121 yasserg Spring21/ Midterm Exam One / Midterm Exam One stion The adjustment of overapplied manufacturing overhead cost results in all the following, EXCEPT: O a. decrease in net operating income. ed O b. increase in net operating income. out of Oc. decrease in cost of goods sold O d. none of the given answers stion XYZ Company had the following information for the year: red Direct materials used OMR 110,000 dout of Direct labor incurred (5,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 on The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventc an ending Work in Process Inventory balance of OMR 17,000. What was cost…arrow_forward
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