代写Company Accounting 6391

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代写Company Accounting 6391
Company Accounting 6391 Semester 2 2016 Assignment

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Assignment requirements

Parts 1-3 are a team requirement. Part 4 is an individual requirement.

Part 1 - 4 marks

From the trial balance and transaction data below, prepare an income statement and balance sheet for the year ended 30th June 2015. Notes to the financial statements are not required.

Part 2 - 4 marks

From the trial balance and transaction data below, prepare an income statement and balance sheet for the year ended 30th June 2020. Notes to the financial statements are not required.

Parts 1 and 2 will be assessed based on the accuracy of the financial statements. Working papers, journal entries and explanations of why you have recorded something the way you have are not required. However, you may include them for both parts 1 and 2 if you wish and they will be considered and used to award partial marks if a section of your answer is incorrect.

Part 3 - 22 Marks

Write an essay addressing one of the following two topics:

 The new requirements for leases in AASB 16 will make financial reports more useful for users of financial reports than would the old requirements for leases under AASB 117.

 The new requirements for leases in AASB 16 will make financial reports less useful for users of financial reports than would the old requirements for leases under AASB 117.

You should use evidence from your answers to parts 1 and 2 to support your argument.

The essay will be assessed on the quality of the argument in the essay (18 marks) which includes the evidence used to support the argument and on the effectiveness of the communication (4 marks).

Company Accounting 6391 Semester 2 2016 Assignment

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Quality of argument (18 marks)

Effectiveness of communication (4 marks)

Well-reasoned and convincing argument with extensive theoretical and research support demonstrating detailed understanding of the issues and extensive reading on the topic

Well organised and structured essay, clear and concise written expression with no spelling or grammatical errors, and complete and accurate referencing

Good argument with good theoretical and research support demonstrating understanding of the issues and reading on the topic

Well organised and structured essay, clear written expression with few spelling or grammatical errors, and complete and mostly accurate referencing

Argument presented with some theoretical and research support demonstrating some understanding of the issues and reading on the topic

Mostly well organised and structured, mostly clear written expression with some spelling or grammatical errors, and few referencing errors

Limited support for the argument and failure to demonstrate sufficient understanding of the issues and little reading beyond the textbook and AASB pronouncements

Attempts at organisation and structure, mostly clear written expression with some spelling or grammatical errors, and few referencing errors

Fail

Argument is unclear or non-existent, inadequate support for the argument, failure to distinguish between theory, research and opinion, little understanding of issues or inadequate reading on the topic. Not addressing the question.

Poor organisation and/or structure, unclear written expression or many spelling, grammatical or referencing errors

Team requirements

Parts 1 - 3 of the assignment are to be undertaken in teams of three or four students. You are to form teams by yourself; you will not be allocated to teams. Students who do not form teams or form teams that do not meet the requirements for the assignment will be penalised. Teams are to be formed so that no more than 50% of members of the team are from the same country1.

Each team is to prepare a team contract and a copy of the contract is to be given to each team member. A copy of the team contract is to be forwarded by email to the unit convener if the unit convener requests it. There is a sample team contract on Moodle that you can use or modify if you want.

Other information

Your essay is to be properly referenced use the University’s version of the Harvard referencing method. Students are encouraged to use referencing software such as Endnote or Refworks to

1 Students at the Chadstone (Holmsglen) campus in Melbourne have slightly different team rules. Students at Chadstone are to apply the rules specified in their unit outline. If in doubt, please ask Andrew Read or Paula DeLange.

Company Accounting 6391 Semester 2 2016 Assignment

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manage their references. Details of the Harvard referencing method are available from the University Library’s website. Your argument is to be supported by appropriate theory and research.

Your essay is to be written for someone who has an undergraduate degree in accounting and you may assume that the reader has the background knowledge and comprehension level typical for that type of reader. The maximum length of the essay is 1,500 words.

Assignments are to be submitted through Moodle. Each part is to be in a separate file. Permitted file types are Microsoft Word (either .doc or .docx) and Microsoft Excel (either .xls or .xlsx). Only one member of the team is to submit parts 1-3.

The title page of your submissions is to include:

 Student number of ALL members of the team

 Country from which each team member is from

 Name of the assessment item (Company Accounting 6391 Semester 2 2016 Assignment Part 1, 2 or 3)

Part 4

Each student is to submit 3 reflections on the assignment process. The topics of the reflections are:

1. What I have learned about cross-cultural communication during this assignment and why this is important to my studies and career (300 words – 4 marks).

2. What I have learned about working in teams during this assignment and why this is important to my studies and career (250 words – 3 marks).

3. What I have learned about research during this assignment and why this is important to my studies and career (250 words – 3 marks).

It is permitted to give a negative response in the reflections. That is you can state that you did not learn anything about cross-cultural communication, working in teams or research or that what you have learned is not important to your studies or career but you have to reflect on why this is the case.

Company Accounting 6391 Semester 2 2016 Assignment

A penalty of a maximum of 1 mark will be applied for poor written expression.

Extensions will be granted for students who meet the criteria specified in the University’s deferred exam policy.

All students are to submit part 4 as a Microsoft Word file (either .doc or ,docx) through Moodle. The title page of your submission is to include:

 Student number

 Name of the assessment item (Company Accounting 6391 Semester 2 2016 Assignment Part 4)

Feedback

Feedback on parts 1 & 2 will be provided by posting a worked solution with marking scale to Moodle. Feedback on part 3 will comprise a mark for each component, general comments on the essay made in lectures and written comments on the essay or an audio file with oral comments. The written comments and/or audio file will be sent to the member of the team who submitted the essay. That person should forward those comments to the others in the team. Feedback on part 4 will comprise a mark only. Students may request a meeting with the academic staff if they wish more detailed feedback on part 4. Under normal conditions it will take between 2 and 3 weeks to mark the assignment.

Penalties

Plagiarism or other academic misconduct – the assignment will get a mark of zero and further action will be taken under the University rules.

Company Accounting 6391 Semester 2 2016 Assignment

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 Not forming a team – 50%

 Team of two people only – 25%

 Team of five or more people – 50%

 Team with more than 50% of members from one country – 25%

Where a team is in breach of the rules due to the withdrawal of a student from the team, the dismissal of a student from the team or for some other reason beyond the team members’ control then the penalty may be reduced or abolished. Teams seeking to have this penalty reduced or abolished are to apply to the unit convener by email explaining their reasons and attaching relevant documentary evidence such as team contracts, meeting agenda and minutes, and any written communication among team members.

 Late assignments – 5% per day or part thereof

 Exceeding word limits – 10% and the words over the limit will be ignored when marking

 Incorrect referencing method – 10%

 Incorrect submission – 10%

Data for assignment

Williams Delivery Ltd is a transport business operating a local franchise for one of the large international transport companies. It is an Australian reporting entity and, hence, is required to follow all Australian accounting standards. For simplicity, you may ignore all taxes in this assignment.

Williams depreciates all depreciable assets using the straight-line method.

Williams has elected to separate non-lease components from lease components for all classes of assets (see AASB 16 para 15 & 16).

Williams’ incremental borrowing rate is 10%. Williams uses this rate for discounting all future obligations where there is insufficient data to determine a more accurate discount rate. Where there is sufficient data to enable the calculation of the interest rate implicit in a lease, the interest rate implicit is used for discounting the lease cash flows.

Williams has not elected to apply the revaluation model for the measurement of lease right-of-use assets.

The bookkeeper for Williams has not known how to account for leases and has recorded all payments associated with leases using the following pro-forma journal entry:

Dr Lease payment expense xxx Cr Cash xxx

Company Accounting 6391 Semester 2 2016 Assignment

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The bookkeeper has not recorded any other journal entries for things associated with the lease or leased assets. If this recording of lease payments has caused errors in prior period financial statements you do not need to amend those prior period statements but you do need to amend opening retained earnings.

The details of the leases are provided below.

Data relevant for part 1

Trucks

Williams leased a fleet of trucks of from a company that specialises in leasing trucks. The trucks have no special features and there are thousands of similar trucks sold each year in Australia. The lease is for 5 years and commenced on 1st July 2014. The annual rentals are $62,000 and are made on 1st July each year with the first rental being paid on 1st July 2014. The lessor is responsible for all maintenance, insurance, and registration for the trucks and Williams estimates that the value of those services is $16,000 per year. At the end of the lease term the trucks will be returned to the lessor. The trucks would have cost $279,000 if Williams had purchased the trucks. Williams estimates that the fair value of the trucks at the end of the lease term will be $160,000. Trucks similar to the ones that Williams has leased have a useful of 20 years. Williams incurred direct initial costs of $1,000 in arranging the lease contract which it paid on 1st July 2014. Either party can cancel the lease at any time by providing 3 months written notice but Williams is reasonably certain that it will not cancel the lease.

Cars

Williams Ltd leased a fleet of cars from a finance company. The lease is for 4 years, is non-cancellable and commenced on 1st January 2015. The annual rentals are $21,000 and are made on 1st January each year with the first rental being paid on 1st January 2015. The lessor is responsible for all maintenance, insurance, and registration for the cars and Williams estimates that the value of those services is $6,000 per year. Williams expects to purchase the fleet of cars at the end of the lease as it has an option to do so at $10,000 which is substantially below its expected fair value of $30,000 at that date. Williams plans to use the fleet for 5 years and the current market price of a similar 5-year-old fleet is $20,000. The fleet would have cost Williams $70,000 if it had purchased the fleet on 1st January 2015.

Tablet computer

Williams Ltd leased an iPad from a finance company. The lease is for 3 years, is non-cancellable and commenced on 1st July 2014. The annual rentals are $380 and are made on 1st July each year with the first rental being paid on 1st July 2014. Williams is responsible for maintaining and insuring the iPad. Williams expects to return the iPad to the leasing company at the end of the lease which is also the end of the iPad’s useful life. The current market price of 3-year-old iPad’s is $0. The iPad would have cost Williams $1,000 if it had purchased it on 1st July 2014.

Company Accounting 6391 Semester 2 2016 Assignment

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Warehouse

Williams Ltd has leased a warehouse in an industrial section of the city. The lease is for 5 years and can only be cancelled by Williams if Williams reimburses the landlord for the costs of re-letting the warehouse including any costs of finding a new tenant, any lost rent and any difference between the rent paid by the new tenant and the rent which would have been paid by Williams if the new tenant pays a lower rent than Williams did. The landlord maintains responsibility for rates and other taxes, maintenance of the building and carries the risk if the building is damaged. Williams is responsible for all utilities. The lease commenced on 1st January 2014 and requires quarterly rental payments of $15,000 to be paid on the 1st of January, April, July and October each year with the first payment on 1st January 2014. Williams fitted out the warehouse for its needs at the start of the lease and paid $10,000 for the fitout on 1st January 2014. Williams is required under the lease to pay to remove all its fittings from the warehouse at the end of the lease. Williams expects that will cost $5,000.

Shop

Williams Ltd has leased a shop in a major retail district. The lease commenced on 1st July 2014 and is for 12 months. The lease payments are quarterly payments of $3,000 paid on 1st July, October, January and April with the first payment on 1st July 2014. The landlord maintains responsibility for rates and other taxes, maintenance of the building and carries the risk if the building is damaged. Williams is responsible for all utilities. Williams expects to renew the lease for another 12 months when the lease expires at the market rental applicable at renewal date.

Company Accounting 6391 Semester 2 2016 Assignment

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Trial balance

Williams Delivery Ltd’s trial balance at 30th June 2015 is:

Account

Data relevant for part 2

Trucks

Company Accounting 6391 Semester 2 2016 Assignment

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the fair value of the trucks at the end of the lease term will be $160,000. Trucks similar to the ones that Williams has leased have a useful of 20 years. Williams incurred direct initial costs of $1,000 in arranging the lease contract which it paid on 1st July 2019. Either party can cancel the lease at any time by providing 3 months written notice but Williams is reasonably certain that it will not cancel the lease.

Cars

Williams Ltd leased a fleet of cars from a finance company. The lease is for 4 years, is non-cancellable and commenced on 1st January 2020. The annual rentals are $21,000 and are made on 1st January each year with the first rental being paid on 1st January 2020. The lessor is responsible for all maintenance, insurance, and registration for the cars and Williams estimates that the value of those services is $6,000 per year. Williams expects to purchase the fleet of cars at the end of the lease as it has an option to do so at $10,000 which is substantially below its expected fair value of $30,000 at that date. Williams plans to use the fleet for 5 years and the current market price of a similar 5-year-old fleet is $20,000. The fleet would have cost Williams $70,000 if it had purchased the fleet on 1st January 2020.

Tablet computer

Williams Ltd leased an iPad from a finance company. The lease is for 3 years, is non-cancellable and commenced on 1st July 2019. The annual rentals are $380 and are made on 1st July each year with the first rental being paid on 1st July 2019. Williams is responsible for maintaining and insuring the iPad. Williams expects to return the iPad to the leasing company at the end of the lease which is also the end of the iPad’s useful life. The current market price of 3-year-old iPad’s is $0. The iPad would have cost Williams $1,000 if it had purchased it on 1st July 2019.

Warehouse

Williams Ltd has leased a warehouse in an industrial section of the city. The lease is for 5 years and can only be cancelled by Williams if Williams reimburses the landlord for the costs of re-letting the warehouse including any costs of finding a new tenant, any lost rent and any difference between the rent paid by the new tenant and the rent which would have been paid by Williams if the new tenant pays a lower rent than Williams did. The landlord maintains responsibility for rates and other taxes, maintenance of the building and carries the risk if the building is damaged. Williams is responsible for all utilities. The lease commenced on 1st January 2019 and requires quarterly rental payments of $15,000 to be paid on the 1st of January, April, July and October each year with the first payment on 1st January 2019. Williams fitted out the warehouse for its needs at the start of the lease and paid $10,000 for the fitout on 1st January 2019. Williams is required under the lease to pay to remove all its fittings from the warehouse at the end of the lease. Williams expects that will cost $5,000.

Shop

Williams Ltd has leased a shop in a major retail district. The lease commenced on 1st July 2019 and is for 12 months. The lease payments are quarterly payments of $3,000 paid on 1st July, October,

Company Accounting 6391 Semester 2 2016 Assignment

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January and April with the first payment on 1st July 2019. The landlord maintains responsibility for rates and other taxes, maintenance of the building and carries the risk if the building is damaged. Williams is responsible for all utilities. Williams expects to renew the lease for another 12 months when the lease expires at the market rental applicable at renewal date.

Trial balance

代写Company Accounting 6391