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Assessment 2 Information
Subject Code:
ACCM4200
Subject Name:
Advanced Financial Accounting
Assessment Title:
Assessment 2
Assessment Type:
In-Class Group Case Study
Weighting:
30%
Total Marks:
30
Submission:
In class, group submission via Turnitin on MyKBS. No word limit
Due Date:
This assessment is conducted in class during Week 6
Group Case Study Question – Part A (32 Marks)
On 15 January 2024, Apple Ltd. placed an order for a machine from a company in the USA. The machinery was delivered on 31 January 2024. The list price is $600,000, and Apple Ltd successfully negotiated a trade discount of 2%. The invoice was paid on 1 February. Import duties amounted to 8% of the purchase price. The following costs are also additionally incurred. Details $ Delivery and transport costs from Melbourne port to the factory 11,800 Installation and commissioning costs 50,000 Administrative costs incurred in processing and inspection 10,500 Start-up and pre-production costs 19,000 Employees training Cost 10,000 Exchange translation gain of payable 1,885 General administrative costs allocated 8,000 Apple Ltd depreciates machinery using a straight-line method over 8 years based on historical cost with no residual value. After the 8th year, the machinery must be dismantled at the cost of $85,000. As of 30 June 2025, management decided to adopt the fair valuation model, and an independent professional valuer valued the machinery at $690,000 and a 6-year economic life. The machinery was revalued in June 2026. Based on the revised estimates, its new fair value is $560,000. On 1 January 2027, Apple Ltd sold the machine for $500,000
1
Required:
(a)
Calculate the cost of the machinery. Explain whether or not each item should be capitalised
with reference to AASB. (b)
Show all journal entries in relation to the machinery purchase, depreciation, revaluation and
disposal for the years ended 30 June 2024 to 30 June 2027. Indicate any revaluation gain or
loss with P+L or OCI and show closing entries of gain or loss to the asset revaluation surplus
account. All workings must be clearly shown.
Do not submit an Excel workbook. You must submit a Word or PDF file. Group Case Study Question – Part B (8 Marks)
Please refer to the 2023 Annual Report of BHP, which can be accessed via this link
. Answer the following.
(a) According to accounting standards, when should a company recognise an impairment loss?
(b) If an impairment loss is recognised, what assets have been impaired during 2023? Identify at
least three types of assets and provide screenshots to support your answers. (c) What disclosures are typically required in financial statements related to impairment?
2
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Exercise 9-12 a-b (Part Level Submission)
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at
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Nov. 1
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16
Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable.
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Accrued interest revenue on all notes receivable.
(a)
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Question 1
What is the Payback Period for the following investment?
Year
1
2
3
4
5
O a. 3.77
Ob. 3.73
Oc. 3.89
Od. 3.96
Cash Out
$ (1,600,000)
(710,000)
Cash In
550,000
580,000
610,000
640,000
670,000
A Moving to the next question prevents changes to this answer.
000
900
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ACC200 PRINCIPLES OF ACCOUNTING III
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EA1.
LO 6.1Steeler Towel Company estimates its overhead to be $250,000. It expects to
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Exercise 9-04 a-f (Part Level Submission)
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(a - d)
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Quick ratio
Adieu Company reported the following current assets and current liabilities for two recent years:
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$1,090
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1,200
1,500
Accounts receivable
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910
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2,100
2,500
Accounts payable
1,900
2,500
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20Υ4
20Υ3
Quick Ratio
b. Is the quick ratio improving or declining?
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350,000
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100,000
250,000
300,000
360,000
210,000
120,000
60,000
150,000
180,000
10,000
25,000
30,000
36,000
April
May
June
216,000
Relevant data for the Good Times Inc. operations:
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100 points
Add class comment
Assume that you are a personnel officer in a
manufacturing company and that one of
your employees is a young engineering manager
called Joseph Sykes. Joseph has been
chosen to attend the local university' s Business
School to study for a diploma in management. Joseph
is reluctant to attend the course because he will have
to study accounting; as
an engineer, he thinks that it will be a waste of time for
him to study such a subject.
Required:
Draft an internal memorandum addressed to Joseph
explaining why it would be of benefit to him to study
accounting.
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(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Hawkins and Harris, a CPAfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $104,000■ Allowance for Uncollectible Accounts, $12,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $695,000, all on accountb. Collections on account, $720,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $15,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Hawkins and Harris will report accounts receivable on its balance sheet atDecember 31, 2018.
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Exercise 1-14 (Part Level Submission)
g 2021
Cheyenne Corp., a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2019.
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$190,400
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$81,600
1-4
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3,400
Cash on hand
27,200
Common stock
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1-8
e1-9
e 1-11
w14
v 1-5
Fair value of equipment
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v (a)
Your answer is correct.
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11
14 (Part
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Cheyenne Corp.'s net income
50320
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Determine the following measures for 2018.
Round ratio values to one decimal place and dollar amounts to the nearest cent. For number of days' sales in receivables and number of
days' sales in inventory, round intermediate calculations to the nearest whole dollar and final amounts to one decimal place. Assume
there are 365 days in the year.
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Г
2,790,000
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16
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22.8
days
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10.
Ratio of fixed assets to long-term liabilities
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times
times
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Times preferred dividends earned
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G
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Ann Simpson started her practice as a design consultant on September 1,
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30
Received $48,000 cash and issued common stock to Simpson.
Purchased office supplies, $1,200, and furniture, $1,300, on account.
Performed services for a law firm and received $1,900 cash.
X
Paid $18,000 cash to acquire land to be used in operations.
Performed services for a hotel and received its promise to pay the $1,200
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(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Andrews and Johnson, a lawfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $100,000■ Allowance for Uncollectible Accounts, $14,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $697,000, all on accountb. Collections on account, $714,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $11,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Andrews and Johnson will report accounts receivable on its balance sheet atDecember 31, 2018.
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6-Dyson Manufacturing Company had the following financial statement results for last year. Net
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Bond B: 10 years to maturity, 10 percent coupon, market interest rate is 10…
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Accounts Receivable Analysis
A company reports the following:
Sales
$1,460,000
Average accounts receivable (net)
100,000
Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar
and final answers to one decimal place. Assume a 365-day year.
a. Accounts receivable turnover
b. Number of days' sales in receivables
days
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Makeup Test (06-05-2021 from 11:00 to 12: Noon) (page 1 of 10)
moodle1.du.edu.om
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P TEST on 6th May 2021 FROM 11 TO 12 NOON (course all Chapters of test 1 and test 2)
Test (06-05-2021 from 11:00 to 12: Noon)
Increase in notes receivable is reported as cash flow from "operating" activities?
Select one:
f
O a. False
O b. True
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Exercise 11-11 a-b (Part Level Submission)
Ramirez Company has the following data for the weekly payroll ending January 31.
Hours
Hourly
Rate
Federal Income
Health
Insurance
Employee
M
T.
F
Tax Withholding
L. Helton
8
8.
10
3
$12
$34
$10
R. Kenseth
8
8.
8
8
8
2
14
37
25
8 9
D. Tavaras
10
8.
15
58
25
Employees are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Company is subject to 5.4% state unemployment
taxes and 0.8% federal unemployment taxes on the first $7,000 of gross earnings.
v (a)
Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.)
RAMIREZ COMPANY
Payroll Register
For the Week Ending January 31
Earnings…
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els B: Lesson 1 - Salary
Target due: 1/14/21 58.33%
$344.75
$700
2) Choose the best answer.
Caleb has a job that pays $11.15 per hour for a 40-hour work week. He is paid time
and a half for every hour over 40 that he works in a week. What will his gross pay be
for a week in which he works 46 hours?
NTT
$546.35
$446
$512.90
$256.45
$769.35
O O O
O O
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Sheffield Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become
uncollectible. Accounts receivable are $430,800 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,864.
(a) Prepare the adjusting journal entry to record bad debt expense for the year.
(b) If the allowance for doubtful accounts had a debit balance of $887 instead of a credit balance of $2,864, prepare the adjusting journal entry for
bad debt expense.
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Percent of Sales Method
At the end of the current year, Accounts Receivable has a balance of $555,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for
the year total $2,500,000. Bad debt expense is estimated at 1/4 of 1% of sales.
a. Determine the amount of the adjusting entry for uncollectible accounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
24
Allowance for Doubtful Accounts
Bad Debt Expense
%24
c. Determine the net realizable value of accounts receivable.
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a. Remember that since accounts receivable are created by credit sales, uncollectible accounts çan be estimated as a percent of credit sales. If the
portion of credit sales to sales id relatively constant, the…
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