HI5020 Corporate Accounting:Stock Exchange Requirements

HI5020 Corporate Accounting:Stock Exchange Requirements

$20 Bonus + 25% OFF

Securing Higher Grades Costing Your Pocket?
Book Your Assignment at The Lowest Price
Now!

Students Who Viewed This Also Studied

HI5020 Corporate Accounting

Question:

Learning Outcomes

1. Examine conceptual issues and the sources of authority for the accounting requirements which apply to reporting by Australian companies and corporate groups, including Company Law, International and Australian Accounting Standards, and Stock Exchange requirements; 

2. Critically analyse and interpret the financial statements and other disclosures produced by Australian companies and corporate groups; 

3. Apply Australian Accounting Standards and Corporate Legislation to the financial reporting processes of a range of corporate forms including companies and joint ventures;

4. Evaluate financial accounting problems and select appropriate accounting strategies for the accounting entity; 

5. Prepare accounting reports for companies and other corporate forms that meet 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 and communicate these outcomes to a diverse range of stakeholders.

Question 1

At 30 June 2019, Beta Ltd had the following deferred tax balances:

Deferred tax liability $18,000

Deferred tax asset 15,000

Beta Ltd recorded a profit before tax of $80,000 for the year to 30 June 2020, which included the following items:

Depreciation expense – plant $7,000

Doubtful debts expense 3,000

Long-service leave expense 4,000

For taxation purposes the following amounts are allowable deductions for the year to 30 June 2020:

Tax depreciation – plant $8,000

Bad debts written off 2,000

Depreciation ratesfor taxation purposes are higher than for accounting purposes. A corporate tax rate of 30% applies.

Required:

a) Determine the taxable income and income tax payable for the year to 30 June 2020. (2.5 Marks)

b) Determine by what amount the balances of the deferred liability and deferred tax asset will increase or decrease for the year to 30 June 2020 because of depreciation, doubtful debts and long-service leave. (3 marks)

c) Prepare the necessary journal entries to account for income tax assuming recognition criteria are satisfied. (2.5 marks)

d) What are the balances of the deferred tax liability and deferred tax asset at 30 June 2020? (2 marks)

Question 2

a) Liala Ltd acquired all the issued shares of Jordan Ltd on 1 January 2015. The following transactions occurred between the two entities:

On 1 June 2016, Liala Ltd sold inventory to Jordan Ltd for $12,000, this inventory previously costed Liala Ltd $10,000. By 30 June 2016, Jordan Ltd had sold 20% of this inventory to other entities for $3,000. The other 80% was all sold to external entities by 30 June 2017 for $13,000.

During the 2016–17 period, Jordan Ltd sold inventory to Liala Ltd for $6,000, this being at cost plus 20% mark-up. Of this inventory, 20 % remained on hand in Liala Ltd at 30 June 2017. The tax rate is 30%.

Required:

(i) Prepare the consolidation worksheet entries for Liala Ltd at 30 June 2017 in relation to the intragroup transfers of inventory. (4 marks)

(ii) Compute the amount of cost of goods sold to be reported in the consolidated income statement for 2017 relating to the relevant intra-group sales. (2 marks)

b) On 1 July 2016, Liala ltd sold an item of plant to Jordan Ltd Ltd for $150,000 when its carrying value in Liala Ltd book was $200,000 (costs $300,000, accumulated depreciation $100,000). This plant has a remaining useful life of five (5) years form the date of sale. The group measures its property plants and equipment using a costs model. Tax rate is 30 percent.

Required: 

Prepare the necessary journal entries in 30 June 2017 to eliminate the intra-group transfer of equipment. (4 marks)

Question 3

Giant Ltd acquired 80 percent share capital of Expert Ltd. On 1 July 2018 for a cost of $1,600,000. As at the date of acquisition, all assets and liabilities of Expert Ltd were fairly valued except a land that has a carrying value $150,000 less than the fair value. The recorded balance of equity of Expert Ltd as at 1 July 2018 were as:

Share capital $800,000

Retained earnings $200,000

General Reserve $400,000

Total $1,400,000

Additional information: 

The management of Giant Ltd values non-controlling interest at the proportionate share of Expert Ltd identifiable net assets.

Expert Ltd has a profit after tax of $200,000 for the year ended 30 June 2019.

During the financial year to 30 June 2019, Expert Ltd sold inventory to Giant Ltd for a price of $120,000. The inventory costs Expert Ltd $60,000 to produce. 25 percent of the inventory are still on the hand of Giant Ltd as at 30 June 2019.

During the year Expert Ltd paid $60,000 in consultancy fees to Giant Ltd.

On 1 July 2018, Expert Ltd sold an item of plant to Giant Ltd $80000. The equipment had a carrying value of $60,000 (Cost $100,000, accumulated depreciation $40,000). At the date of sale, it was expected that the equipment had a remaining life of 4 years and no residual value. 

The tax rate is 30 percent.

Required:

a) Based on the above information, calculate the non-controlling interest as at 30 June 2019. (6.5  marks)

b) Prepare the necessary journal entries to recognise the non-controlling interest as at 30 June 2019.  (3.5 marks)

HI5020 Corporate Accounting

Answer in Detail


Solved by qualified expert

Get Access to This Answer

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

24 More Pages to Come in This Document. Get access to the complete answer.

Your search who can do my dissertation paper ends her because MyAssignmenthelp.com is the perfect solution for all dissertation writing problems. We are most popular dissertation help online provider in Australia that offers top-quality dissertation help at an affordable price. Students can buy dissertation papers from us without worrying because we always provide the combination of quality and affordability.

More HI5020 HI5020 Corporate Accounting: Questions & Answers

Operating leverage

A. Operating leverage (15 marks) (i) Given the fixed overheads are reported as $106,730,000 for the year 2015 and using the data in Exhibit 1, calculate the pre-tax cash flow operating leverage for 2015. (5 marks) (ii) In what circumstance, will it be preferable to have low pre-tax cash flow operati …

View Answer

HA2042 Accounting Information Systems

Task:
Background
You are working in an accounting/management consultancy firm. Your firm is focusing on different aspects of the accounting information systems. One of your firm’s clients is currently evaluating its accounting system, and the Chief Financial Officer (CFO) of your client thin …

View Answer

Accounting and Consultancy Firm

Task You work in an accounting firm as a business advisor. The partners of the firm are conservative and advise their clients to use traditional server based accounting information systems (AIS). The firm’s clients are small to medium sized businesses, in a variety of industries including retail and …

View Answer

MNGT6210 Accounting and Financial Management

Question:
For U.S. public corporations, SFAS 123R required expensing of ESOs (i.e., executive stock option compensation). However, the exposure draft of this standard met considerable opposition, mostly from large technology companies. These companies formed an anti-expense lobby group, the Inter …

View Answer

Content Removal Request

If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.com then please raise the
content removal request.

Choose Our Best Expert to Help You

Still in Two Minds? The Proof is in Numbers!

38983 Genuine Reviews With a Rating of 4.9/5.

Assignment

Home Work: 1 Page, Deadline:
5 days

This service is an exquisite one. Answers came out early, accurate work was done and all

User ID: 8***17 Accra, Ghana

Assignment

Home Work: 1.2 Pages, Deadline:
7 hours

So far the papers were before time. The is not graded yet but overall i like the personal opinion. I did do little amend. I like the paper.

User ID: 7***0 Castro Valley, United States

Assignment

Home Work: 1.2 Pages, Deadline:
7 hours

So far there was 2 places where it was note quotes correctly with critiques, but i fixed it. overall the paper was very good

User ID: 7***0 Castro Valley, United States

Psychology

Essay: 2 Pages, Deadline:
1 day

Great job on working on this paper that allowed me to get a good mark. Would recommend this service

User ID: 6***81 Castro Valley, Canada

Nursing

Essay: 5 Pages, Deadline:
26 days

I am satisfied with the assignment. Prof. commented excellent job and i got good grades. Thank you.

User ID: 7***90 Castro Valley, Canada

Civil Law

Assignment: 10 Pages, Deadline:
15 days

My marks 15/20 thank you very much. and well done! My lecturer is veteran person he loves long essay 😉

User ID: 1***1 Bintulu, Malaysia

Business Law

Home Work: 12 Pages, Deadline:
7 days

OMG my marks 18/20 luckily im so worry at first but at the end it’s coming out nicely, thank you very much and well done! 😉

User ID: 1***1 Bintulu, Malaysia

Business Law

Assignment: 18 Pages, Deadline:
8 days

OMG just received marks today 28/30 thank you so much 😉 the way writing follow as what i need, well done!

User ID: 1***1 Bintulu, Malaysia

Management

Essay: 15 Pages, Deadline:
10 days

All learning outcomes achieved.Fair discussion of PESTLE/SWOT/Porter forces. But can evaluate by prioritizing the factors in the order of its impact a …

User ID: 6***76 Bintulu, Hong Kong

Management

Assignment: 8 Pages, Deadline:
6 days

Thank you MyAssignmentHelp for providing me quality assignment solution within deadline.

User ID: 8***13 Canberra, Australia

Management

Programming: 12 Pages, Deadline:
7 days

Received a good quality work for my assignment. Great service and support from the team.

User ID: 8***13 Canberra, Australia

Nursing

Home Work: 1.6 Pages, Deadline:
1 day

Very professionally done. Received my work in a timely. Written at the required level. Got a compliment from the professor.

User ID: 3***92 Canberra, Canada

Management

Home Work: 4 Pages, Deadline:
1 day

Thanks for the quick resolution of my assignment issue i really appreciate that 🙂

User ID: 2***00 Canberra, Saudi Arabia

Biology

Assignment: 11 Pages, Deadline:
6 days

Great assignment, i asked to add few more things after I received the first draft and it was done very well

User ID: 8***83 United Kingdom, Great Britain

HRM

Assignment: 8 Pages, Deadline:
14 days

I have got what was described and very happy with the overall service and result!!!!!!!!!!!!!!

User ID: 2***97 Slough, Great Britain

Management

Assignment: 4.8 Pages, Deadline:
2 days

Prompt on time and did a great job with promptness and getting the assignment back on time

User ID: 7***39 Slough, United States

Management

Home Work: 5.6 Pages, Deadline:
17 hours

great turnaround time. neat writing and reasearch. still awaiting marks in a month

User ID: 6***78 Slough, South Africa

Civil Law

Assignment: 1 Page, Deadline:
11 hours

thank you for the assignment , not graded – the objectives were met foir this assignment – thank you for the assignment

User ID: 1***21 Tianjin, South Africa

Management

Thesis: 2.8 Pages, Deadline:
17 hours

Absolutely a remarkable job and great work by an outstanding agency. I was well pleased with my assignment and got a great grade!

User ID: 6***89 Tianjin, Canada

Management

Assignment: 12 Pages, Deadline:
10 days

Received a quality work on time. Completely satisfied and highly recommend for the students looking for help.

User ID: 8***13 Canberra, Australia

Assignment

Home Work: 1 Page, Deadline:
5 days

This service is an exquisite one. Answers came out early, accurate work was done and all

User ID: 8***17 Accra, Ghana

Assignment

Home Work: 1.2 Pages, Deadline:
7 hours

So far the papers were before time. The is not graded yet but overall i like the personal opinion. I did do little amend. I like the paper.

User ID: 7***0 Castro Valley, United States

Assignment

Home Work: 1.2 Pages, Deadline:
7 hours

So far there was 2 places where it was note quotes correctly with critiques, but i fixed it. overall the paper was very good

User ID: 7***0 Castro Valley, United States

Psychology

Essay: 2 Pages, Deadline:
1 day

Great job on working on this paper that allowed me to get a good mark. Would recommend this service

User ID: 6***81 Castro Valley, Canada

Nursing

Essay: 5 Pages, Deadline:
26 days

I am satisfied with the assignment. Prof. commented excellent job and i got good grades. Thank you.

User ID: 7***90 Castro Valley, Canada

Civil Law

Assignment: 10 Pages, Deadline:
15 days

My marks 15/20 thank you very much. and well done! My lecturer is veteran person he loves long essay 😉

User ID: 1***1 Bintulu, Malaysia

Business Law

Home Work: 12 Pages, Deadline:
7 days

OMG my marks 18/20 luckily im so worry at first but at the end it’s coming out nicely, thank you very much and well done! 😉

User ID: 1***1 Bintulu, Malaysia

Business Law

Assignment: 18 Pages, Deadline:
8 days

OMG just received marks today 28/30 thank you so much 😉 the way writing follow as what i need, well done!

User ID: 1***1 Bintulu, Malaysia

Management

Essay: 15 Pages, Deadline:
10 days

All learning outcomes achieved.Fair discussion of PESTLE/SWOT/Porter forces. But can evaluate by prioritizing the factors in the order of its impact a …

User ID: 6***76 Bintulu, Hong Kong

Management

Assignment: 8 Pages, Deadline:
6 days

Thank you MyAssignmentHelp for providing me quality assignment solution within deadline.

User ID: 8***13 Canberra, Australia

Management

Programming: 12 Pages, Deadline:
7 days

Received a good quality work for my assignment. Great service and support from the team.

User ID: 8***13 Canberra, Australia

Nursing

Home Work: 1.6 Pages, Deadline:
1 day

Very professionally done. Received my work in a timely. Written at the required level. Got a compliment from the professor.

User ID: 3***92 Canberra, Canada

Management

Home Work: 4 Pages, Deadline:
1 day

Thanks for the quick resolution of my assignment issue i really appreciate that 🙂

User ID: 2***00 Canberra, Saudi Arabia

Biology

Assignment: 11 Pages, Deadline:
6 days

Great assignment, i asked to add few more things after I received the first draft and it was done very well

User ID: 8***83 United Kingdom, Great Britain

HRM

Assignment: 8 Pages, Deadline:
14 days

I have got what was described and very happy with the overall service and result!!!!!!!!!!!!!!

User ID: 2***97 Slough, Great Britain

Management

Assignment: 4.8 Pages, Deadline:
2 days

Prompt on time and did a great job with promptness and getting the assignment back on time

User ID: 7***39 Slough, United States

Management

Home Work: 5.6 Pages, Deadline:
17 hours

great turnaround time. neat writing and reasearch. still awaiting marks in a month

User ID: 6***78 Slough, South Africa

Civil Law

Assignment: 1 Page, Deadline:
11 hours

thank you for the assignment , not graded – the objectives were met foir this assignment – thank you for the assignment

User ID: 1***21 Tianjin, South Africa

Management

Thesis: 2.8 Pages, Deadline:
17 hours

Absolutely a remarkable job and great work by an outstanding agency. I was well pleased with my assignment and got a great grade!

User ID: 6***89 Tianjin, Canada

Management

Assignment: 12 Pages, Deadline:
10 days

Received a quality work on time. Completely satisfied and highly recommend for the students looking for help.

User ID: 8***13 Canberra, Australia

Have any Query?

QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER