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STUDENT ASSESSMENT
PREPARE FINANCIAL REPORTS FOR
CORPORATE ENTITIES - FNSACC504
Prepare financial reports for corporate entities - FNSACC504
Issue Date: 15/04/2019
Page 1
of 8
ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office):
Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 2, 213-215 Lonsdale Street, Melbourne VIC 3000 T: 03 9077 0758
Instructions
You are advised to commence work on your assessment from week 1 and all tasks must be submitted by the due dates provided.
1.
All assessments must be completed and delivered individually. Where an assessment involves group discussions, you should consider the input of your group but submit an individual assessment to your trainer.
2.
Please read all instructions on completing each assessment. Instructions for completion are provided at the beginning of each assessment.
3.
All written answers must be typed in a word document using Arial font, 12 size and single
spacing if similar instructions are not provided in the assessment. 4.
Your trainer will not be able to assist you in answering questions. However, your trainer will address any issues concerning questions requiring further explanation. 5.
You may refer to your student learning resources or any other relevant resources when completing your assessment.
6.
Assessments are due for submission as specified in the assessment schedule. Any variations to this arrangement must be approved by your trainer prior to the due date for submission. 7.
You have access to computers which are equipped with Microsoft suite of products or any other relevant software and printing facility.
8.
Use assessment templates if provided, to complete relevant sections of the assessment. You can also create your known templates for assessment evidence.
9.
You must achieve a satisfactory result for all tasks to achieve competency in this unit.
10.All assessment answers should be submitted to the trainer in required format (soft or hard copy) as per trainer instructions with completed assessment cover sheet (if required).
Assessment Schedule
Task
Due Date
Task 1
Week 1
Task 2
Week 2
These materials were originally developed by Enhance Your Future Pty Ltd but may now be altered from the original form. Enhance Your Future Pty Ltd does not accept any liability for the Materials, the content and/or any reliance thereon.’
Task 1: Theory Assessment
Student Instructions
Prepare financial reports for corporate entities - FNSACC504
Issue Date: 15/04/2019
Page 2
of 8
ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office):
Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 2, 213-215 Lonsdale Street, Melbourne VIC 3000 T: 03 9077 0758
1.
Type all the answers in a word document if required.
2.
You can conduct internet research to answer these questions.
3.
Provide explanation of 2-3 lines when answering ‘Describe’ questions.
4.
Provide detailed workings for calculations questions.
5.
Provide answers in table format wherever possible.
Question 1 – Research Task
Your task is to undertake research and obtain an organisations annual report. You can locate one on the internet or obtain one from the ASIC website. Once you have obtained this document you are to answer the following questions. Provide answers in 1-2 paragraphs.
a)
How is the report disseminated and who is it given to?
b)
What reason would each of these people have for needing a copy of the report?
c)
What information is contained in the report?
d)
What format does the report use?
e)
Is there evidence of consolidation or conversion procedures being used?
f)
Are there any asset or liability valuations? If so, what are they?
g)
Were there any discrepancies identified?
h)
Is the organisations total income and expenditure enclosed, give details?
i)
Is the report clear and concise?
j)
What effects of taxation are noted?
k)
What charts and/or diagrams are enclosed and what are they highlighting?
l)
Did the report meet statutory requirements?
m) What is the overall position of the organisation?
n)
Does the organisation use double-entry bookkeeping or accrual accounting?
Prepare financial reports for corporate entities - FNSACC504
Issue Date: 15/04/2019
Page 3
of 8
ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office):
Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 2, 213-215 Lonsdale Street, Melbourne VIC 3000 T: 03 9077 0758
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KINGDOM OF SAUDI ARABLA
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Say z= 8678.4556 When you round it to the nearest hundredth digit. you get z 8678.46
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Compute for profits (TLE_ICTAN11/12EM-la-2)
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Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total
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O $17.52.
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Quantitative Problem 1: You plan to deposit $2,200 per year for 6 years into a money market account with an annual return of 2%. You plan
to make your first deposit one year from today.
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4
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Round your answer to the nearest cent.
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A process with no beginning work in process, completed and transferred out 85200 units during a period and had 50100 units in the
ending work in process inventory that were 20% complete. The equivalent units of production for the period for conversion costs were:
O 95220 equivalent units.
O 135300 equivalent units.
O 70200 equivalent units.
O 85200 equivalent units.
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A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 247
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Wharton, Inc., pays income taxes on capital gains (including gains on marketable securities) at a rate of 30 percent. At December
31, year 1, the company owns marketable securities that cost $180,000 but have a current market value of $220,000.
Required B
Prev
‒‒‒‒‒‒‒‒‒‒‒
As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments?
Income taxes paid on the increase in the…
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Chapter: Recording Business TraNSACTIONS
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Proble X
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2024. During the first month of operations, the business completed the
following transactions:
3. Prepare the trial balance of Vince York, M.D., as of July 31, 2024.
30
Received $48,000 cash and issued common stock to Simpson.
Purchased office supplies, $1,200, and furniture, $1,300, on account.
Performed services for a law firm and received $1,900 cash.
X
Paid $18,000 cash to acquire land to be used in operations.
Performed services for a hotel and received its promise to pay the $1,200
within one week.
Paid for the furniture purchased on September 4 on account.
Paid assistant's semimonthly salary, $1,500.
Received cash on…
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M Federal Financial Aid Program X
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Ch. 7 Hmwk: Invoices, Trade &X
A Ch. 7 Hmwk Invoices, Trade & X
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Calculate the net price factor (as a %) and net price (in $) by using the complement method. Round your answer to the nearest cent.
List Price
Trade Discount Rate
Net Price Factor
Net Price
$3,499.00
35%
$4
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BRECMBC9 7.J1.014.
MY NOTES
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PRACTICE ANOTHER
Calculate the trade discount (in $) and trade discount rate (as a %). Round your answer to the nearest tenth of a percent.
List Price
Trade Discount Rate
Trade Discount
Net Price
$4,500.00
$3,515.00
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Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of
the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No
Entry" for the account titles and enter O for the amounts.)
connect
Owner invested $66,500 in exchange for common stock of the corporation.
Hired an employee to be paid $500 per week, starting tomorrow.
Paid two years' rent in advance, $7,100.
Paid the worker's weekly wage.
Recorded service revenue…
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TVM-Self Assessment Assignment
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1. Today Zack purchased an investment grade gold coin for $50,000. He expects the coin to increase in value at a
rate of 12% compounded annually for the next 5 years. How much will the coin be worth at the end of the fifth
year if his expectations are correct?
2. Jason purchased $60,000 worth of silver coins 8 years ago. The coins have appreciated 7.5% compounded
annually over the last 8 years. How much are the coins worth today?
3. Kasey wants to give her daughter $25,000 in 8 years to start her own business. How much should she invest
today at an annual interest rate of 8% compounded…
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Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets,
Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item
typically would best appear. If an item does not appear on the balance, indicate that instead.
Account Title
1. Long-term investment in stock
2. Depreciation expense-Building
3. Prepaid rent (2 months of rent)
4. Interest receivable
S
5. Taxes payable (due in 5 weeks)
6. Automobiles
7. Notes payable (due in 3 years)
8. Accounts payable
9. Cash
10. Patents
Classification
Account Title
11. Unearned services revenue
12. Accumulated…
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Exercise 1-14 (Part Level Submission)
g 2021
Cheyenne Corp., a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2019.
Revenues during 2019-camping fees
$190,400
Notes payable
$81,600
1-4
Revenues during 2019-general store
63,920
Expenses during 2019
204,000
1-5
1-6
Accounts payable
14,960
Supplies on hand
3,400
Cash on hand
27,200
Common stock
27,200
Original cost of equipment
143,480
Retained earnings
?
1-8
e1-9
e 1-11
w14
v 1-5
Fair value of equipment
190,400
v (a)
Your answer is correct.
Determine Cheyenne Corp.'s net income for 2019.
11
14 (Part
mission)
Cheyenne Corp.'s net income
50320
-4A (Part
mission)
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Q12
You are required to compute the sum of Net social income to staff, community and general public as a whole, if:
Net social income to General public is OMR 900
Net social income to staff is OMR 600 and
Net social income to community is OMR 400.
a.
None of them is correct
b.
OMR 1,000
c.
OMR 1,900
d.
OMR 1,500
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Prince Albert Roman Catholic Separate School Division No. 6Statement of Operations and Accumulated Surplus from Operationsfor the year ended August 31, 2019
2019 2019 2018Budget Actual Actual$ $ $REVENUES(Note 13)Property Taxes and Other Related 2,831,005 2,882,539 1,216,168Grants 26,723,613 26,687,615 28,529,827Tuition and Related Fees 166,707 180,917 210,457School Generated Funds 350,000 1,120,806 987,387Complementary Services (Note 11) 785,980 775,933 776,320Other 71,800 700,358 114,979Total Revenues (Schedule A) 30,929,105 32,348,168 31,835,138EXPENSESGovernance 144,802 163,558 131,686Administration 1,628,935 1,503,201 1,642,800Instruction 22,910,432 23,066,736 23,059,888Plant 4,956,098 5,154,355 4,486,792Transportation 1,789,440 1,994,623 1,981,976School Generated Funds 350,000 1,055,276 883,152Complementary Services (Note 11) 725,479 822,509 762,074Other 84,125 83,765 296,461Total Expenses (Schedule B) 32,589,311 33,844,023 33,244,829Operating Deficit for the Year (1,660,206)…
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Class Kapoor, Personal Finance
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Restaurant spending, $130
Page 110
4. Computing Balance Sheet Amounts. For each of the following situations, compute the missing amount.
a. Assets $48,000; liabilities $12,800; net worth $
b. Assets $78,780; liabilities $
; net worth $13,700.
C. Assets $44,280; liabilities $12,265; net worth $
d. Assets $
: liabilities $38,374; net worth $53,795.
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Journalizing Installment Notes
On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note
payment consists of $5,720 of interest and $8,350 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.
b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.
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uestion : 1 a
A distinguishing feature of managerial accounting is
external users.
general-purpose reports
very detailed reports.
quarterly and annual reports.
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Question # 22
Revisit
Choose the best option
Suppose that an entity has paid one of its liabilities twice during the year, in error The effects of this
O Assets, liabilities, and equity are understated.
mistake would be
O Assets, net income, and equity are unaffected.
O Assets and liabilities are understated.
O Assets and net profit and equity are understated, and liabilities are overstated.
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Entries for notes payable
Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory.
Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank.
a. Journalize Bennett Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
2
b. Journalize Spectrum Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
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Organization Costs
S&W Plumbing decided to incorporate and has incurred the following costs of organizing:
Incorporation fees
$ 400
Attorneys' fees
4,200
Promotion expenses
5,300
Prepare the entry for the payment of these organization costs for cash on January 31.
Page:
DOC. POST.
NO. REF.
DATE
ACCOUNT TITLE
DEBIT CREDIT
20--
1
Jan. 31
1
3
3
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