2103AFE Company Accounting Group Assignment T1 2018 This assignment requires students to prepare the consolidated financial statements in accordance with AASB 10 Consolidated Financial Statements. DUE DATES: Assignment: 18 May, 2018 SPARK ratings: 25 May, 2018 TOTAL WEIGHTING: 20% This piece of assessment task will consist of Part A- Group work (10%) and Part B- Self & Peer assessment (10%). Part A (10%). The aim of Part A is to apply the knowledge and understanding of Consolidation from lectures and workshops in a practical and detailed manner. The assignment is to be completed in groups of three or four. Students will sign up in a group on Learning@Griffith from Week 4. Part B (10%). This assignment involves the completion of Self and Peer Assessment Ratings and feedbacks using SPARKplus. All information pertaining to SPARKplus is located in the Learning@Griffith course site under Assessment>>SPARKplus Student Resources. Please see the attached rubric for Part B that shows you how the ratings Document Preview:

2103AFE Company Accounting Group Assignment T1 2018 Solutions: Acquisition analysis at 1st July 2012. At 1st July 2012: Net Fair Value of identifiable assets, liabilities and contingent liabilities of River Ltd (80%) NFVINA Share Capital$210,000 General Reserve$6,100 Retained Earnings$75,000 Total$291,100 Land ($79,500-$61,500) x (1-30%) = $12,600 Machinery ($120,000-$105,000) x (1- 30%) = $10,500 Receivable ($34,000 – $40,000) x (1 – 30%) = -$4,200 Total Fair Value Adjustments$18,900 Total NFVINA$310,000 Consideration Transferred $270,000 NCI in Subsidiary$66,000 Aggregate of (i) & (ii)$336,000 Total Goodwill on acquisition $336,000 – $310,000 = $26,000 Goodwill of River Ltd FV of River Ltd $66,000.00/20%=$330,000 NFVINA of River Ltd$310,000 Goodwill of River Ltd$20,000 Goodwill of Sky Ltd Total Goodwill Acquired$26,000 Goodwill of River Ltd$20,000 Goodwill of Sky Ltd – Control Premium$6,000 B. Prepare the consolidation journal entries, including: The Business combination valuation entries: DescriptionDRCRAccumulated Depreciation – Machinery (135,000 – 105,000) $30,000 Machinery (135,000 – 120,000) $15,000 Differed Tax Liability ($120,000 – $105,000) x 30% $4,500 BCVR$10,500Depreciation expense ($15,000/10years)$1,500Retained Earnings $12,000 Accumulated Depreciation – Machinery $13,500Deferred Tax Liability (13,500 x 30%)$4,050 Income Tax Expense ($1,500 x 30%)$450 Retained Earnings$3,600Goodwill$20,000 BCVR$20,000Land$18,000 Deferred Tax Liability $5,400 BCVR$12,600Receivable$6,000Deferred Tax Assets$1,800BCVR$4,200 Pre-Acquisition Journal…

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Group9.docxConsolidation….xlsxASSisgement-N….pdf

 

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217 What does it mean to say that a government is taking action to support, ts currency? Do you agree with the conclusion that these actions are not effective in the long run if they run counter to the judgment of financial markets? Briefly explain

 

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21. Demand which is not affected by price ranges is classified as A.inelastic demand B.elastic demand C.inelastic price D.elastic price 22. New task buying process passes through stages such as A.awareness B.evaluation C.trial and adoption D.all of the above 23. Technical personnel of Company is classified as A.initiators B.users C.influencers D.providers 24. Group or individuals who decide supplier?s and product requirements are classified as A.deciders B.selectors C.evaluators D.providers 25. Markets in which participants directly exchange goods or services are classified as A.public markets B.barter markets C.buying markets D.private alliances

 

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21) (Recognition of Profit, Percentage-of-Completion)In 2014, Gurney Construction Company agreed to construct an apartment building at a price of $1,200,000. The information relating to the costs and billings for this contract is shown below.

Instructions

(a) Assuming that the percentage-of-completion method is used, (1) compute the amount of gross profit to be recognized in 2014 and 2015, and (2) prepare journal entries for 2015.?

(b) For 2015, show how the details related to this construction contract would be disclosed on the balance sheet and on the income statement.?

 

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A Cypress Video Store (CVS) runs a series of fairly standard video stores. Before a video can be put on the shelf, it must be catalogued and entered into the video database. To rent a video, every customer must have a valid CVS customer card. Customers rent videos for three days at a time. Every time a customer rents a video, the system must ensure that he or she does not have any overdue videos. If so, the overdue videos must be returned and the customer must pay a fine before renting more videos. Likewise, if the customer has returned overdue videos, but has not paid the fine, the fine must be paid before new videos can be rented. Every morning, the store manager prints a report that lists the overdue videos.
Based on the readings and your research, select one program design technique of your choice (structure chart, Use Cases, ERD, and DFD). Using MS Visio software, create a diagram for the CVS system to process video renting activities. Copy and paste your diagrams into a Word document. Explain in a short paragraph why you chose this technique? Make sure you cite your sources with APA guidelines.

 

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