HI6025 - Accounting Theory and Current Issues Company Law, International and Australian Standards and Stock Exchange Requirements - Accounting Assignment Help

Assignment Task    

Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unit Unit Learning Outcomes Assessed:
1. Examine conceptual issues and the sources of authority for the accounting requirements which apply to reporting by Australian companies, including Company Law, International and Australian Accounting Standards, and Stock Exchange requirements;
2. Understand and evaluate different theories of accounting such as positive accounting theory, normative accounting theory, stakeholders’ theory, legitimacy theory, institutional theory, and different initiatives of relevant global organisations such as GRI, IR;
3. Apply Australian Accounting Standards and Corporate Legislation to the financial reporting processes;
4. Evaluate advanced level financial accounting problems and select appropriate accounting strategies for the accounting entity;
5. Understand different provisions of accounting standards and 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 for different advanced level accounting issues;

Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions and submit these answers in a single document.

The questions to be answered are:

Question 3 -

TAKULAH Traders Ltd purchased a machine for $650 000 and there was an accumulated depreciation balance of $110 000 at 30 June 2022. Its fair value is assessed at this time, with its first revaluation as $450 000. The machine’s useful life is expected to be 5 more years and the residual value to be $50 000. On 1 July 2023 the asset’s fair value is $460 000 and the residual value and useful life are expected to be unchanged (that is, there is 4 years of remaining life).

Required:

Provide the journal entries necessary to account for all the above transactions and events up to 1 July 2023, in accordance with AASB 116 if the revaluation is undertaken.

Question 2 - Week 5 

Fitbit Ltd has leased a machine on the following terms: Date of entering lease 1 July 2019 Duration of lease 5 years Life of asset 6 years Unguaranteed residual value $40,000 Lease payments inception (at the start) $60,000 Annual payments (5) $65,000 Implied rate 11.0 %

Required:

Determine the Fair Value (rounded off) of the leased asset. 

Question 2 - 

Dainty Ltd has an average weekly payroll of $200 000. The employees are entitled to 2 weeks', non- vesting sick leave per annum. Past experience suggests that 56% of employees will take the full 2  weeks' sick leave and 22% will take 1 week's leave each year. The rest of the employees take no sick leave.

Required:

a) Calculate the expected annual sick-leave expense for Dainty Ltd (on the basis of average salaries).
b) Provide the journal entry necessary to recognise the sick-leave entitlement expense as it accrues each week.
c) In the current week an employee with a weekly salary of $600 has been off sick for the first time this year. The employee took 2 days off out of her normal 5 day working week. Assuming that PAYG tax is deducted at 30%, what would the entry be to record the employee's weekly salary (round amounts to the nearest dollar)? 

Question 3 - Week 9 

Compaq Ltd has a net income after tax of $2 000 000 for the year ended 30 June 2018. At the beginning of the period Compaq Ltd has 900 000 fully paid-up ordinary shares on issue. On 1 January 2018 Compaq Ltd had issued a further 300 000 fully paid-up ordinary shares at an issue price of $2.00. On 1 March 2018 Compaq Ltd made a one-for-five bonus issue of ordinary shares out of retained earnings. The last sale price of an ordinary share before the bonus issue was $2.50. At the beginning of the current period Compaq Ltd also had 500 000, $1.00, 5% cumulative preference shares on issue. The dividends on the preference shares are not treated as expenses in the statement of comprehensive income. The basic earnings per share for the period ended 30 June 2017 was $1.50 per share.

Required:

a) Calculate the basic EPS amount for 2018. 
b) Explain what is diluted EPS. Give one example of a security that can dilute the basic EPS. 

Question 3 - Week 10

On 1 March 2020 Holmes Ltd enters into a binding agreement with a New Zealand company, which requires the New Zealand Company to construct an item of machinery for Holmes Ltd. The cost of the machinery is NZ$750,000. The machinery is completed on 1 June 2021 and shipped FOB Auckland on that date. The debt is unpaid at 30 June 2020, which is also Holmes Ltd’s reporting date. The exchange rates at the relevant dates are:

1 March 2020 A$1.00 = NZ$1.20
30 June 2020 A$1.00 = NZ$1.30
1 June 2021 A$1.00 = NZ$1.25

Required:

a) Determine the amount in AUD, as at:
• 1 March 2020; 
• 30 June 2020. 
b) Prepare the journal entries for the above dates, up to 1 June 2021,showing the amount of exchange gain or loss .

Question 3 -

The following quote appeared in an article entitled ‘Business and society in the coming decades’, which was available on the website of McKinsey & Company (accessed in October 2015).

“There are compelling reasons companies should seize the initiative to drive social and business benefits. First, in an interconnected world facing unprecedented environmental and social challenges, society will demand it. Increasingly, a basic expectation among customers, governments, and communities will be that the companies they do business with provide a significant net positive return for society at large, not just for investors. This will be part of the implicit contract or license to operate”.

Required:

a) Explain the above statement in the context of corporate social responsibility. [Word limit 150-200 words] 
b) Further, do you think such a statement would impact the perceived ‘legitimacy’ of companies? Explain. [Word limit 200 – 250]

This HI6025 - Accounting  Assignment has been solved by our Accounting  experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics  referencing style.
Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.