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ACFI2011: Financial Accounting For Reporting Entities - Apple - New Cat Ltd - Valuation Easy Pty Ltd - Accounting And Finance Assignment Help
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Subject Code: ACFI2011
The following additional information was noted during the preparation of financial statements for the year ended 30 June 2019:
• Additional 35 000 $2.00 fully paid shares have been issued and fully paid on 1 March 2019.
• A cash dividend of $10 000 (10 cents per share) was declared and paid during the 2019 financial year and a final dividend for 2019 of $15 000 was proposed but not recognised in the financial statements.
• Inventory was measured at the lower of cost and net realizable value.
• Buildings, plant and equipment were measured at cost. The benefits were expected to be received evenly over the useful life of the asset.
• Land was revalued upward by $20 000 (assume zero income tax for this transaction). The valuation was conducted by the registered valuer, Valuation Easy Pty Ltd.-ACFI2011
• Financial assets held for trading are equity investments that are held for the purpose of selling and short-term profit taking.
• $200 000 of other loans are repayable within 1 year. The remaining amount is payable in full at the end of 2022.
• The provision for employee benefits includes $22 000 payable within 1 year.
• The warranty provision is in respect of a 12-month warranty given on certain goods sold.
• NewCat Ltd transferred $10 000 out of retained earnings into the general reserve. ACFI2011
• The bank loan is for 5 years and repayable in full at the end of the term. The interest rate is 9% and it is secured over the land.
• NewCat Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and classifies expenses by function within the statement.
• The following assets were purchased on 1 July 2018:
New Cat Ltd - Accounting And Finance Assignment Help
Assignment Task: ACFI2011 PART A Apple heads to lows not seen since Steve Jobs died The last time Apple ran into serious trouble, its founder Steve Jobs was there to save it. But now, the stock is crashing back to levels not seen since the company's visionary leader died. Shares of Apple (AAPL) continued their vicious slide Friday, falling another $1.52 to close at $390.53, after dropping $10.75 on Thursday. If the decline continues, shares of the stock are less than 4% away from cutting through Apple's $378.25 price on Oct. 5, 2011, the day former CEO Jobs died. The Apple stock crash is starting to reach a historic order of magnitude, shaking the faith of the individual investors who piled on in large part on Jobs' showmanship. Shares are down 44% from the closing high of $702.10 on Sept.19, 2012. This crash has obliterated more than $291 billion in shareholder wealth, which exceeds the market value of Google and Microsoft individually and is nearly five times the market value of Facebook. 1. The fact that the share prices fell following the death of Jobs is consistent with the view that Jobs is an asset (i.e., human capital) to the company. According to the AASB Conceptual Framework, how should this human capital be reported in the financial statements of Apple Inc.? 2. Discuss at least two major limitations of a statement of financial position as a source of information for users of general purpose financial statements PART B - ACFI2011 NewCat Ltd, a manufacturer and retailer for pet products, commenced operations on 1 July, 2018 by issuing 100 000 $2.00 shares, payable in full on application. There were no share issue costs. For the year ending 30 June 2019, the company recorded the following aggregate transactions:
The following additional information was noted during the preparation of financial statements for the year ended 30 June 2019:
• Additional 35 000 $2.00 fully paid shares have been issued and fully paid on 1 March 2019.
• A cash dividend of $10 000 (10 cents per share) was declared and paid during the 2019 financial year and a final dividend for 2019 of $15 000 was proposed but not recognised in the financial statements.
• Inventory was measured at the lower of cost and net realizable value.
• Buildings, plant and equipment were measured at cost. The benefits were expected to be received evenly over the useful life of the asset.
• Land was revalued upward by $20 000 (assume zero income tax for this transaction). The valuation was conducted by the registered valuer, Valuation Easy Pty Ltd.-ACFI2011
• Financial assets held for trading are equity investments that are held for the purpose of selling and short-term profit taking.
• $200 000 of other loans are repayable within 1 year. The remaining amount is payable in full at the end of 2022.
• The provision for employee benefits includes $22 000 payable within 1 year.
• The warranty provision is in respect of a 12-month warranty given on certain goods sold.
• NewCat Ltd transferred $10 000 out of retained earnings into the general reserve. ACFI2011
• The bank loan is for 5 years and repayable in full at the end of the term. The interest rate is 9% and it is secured over the land.
• NewCat Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and classifies expenses by function within the statement.
• The following assets were purchased on 1 July 2018:
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