Corporate Accounting Assignment Sample Online Answers


Corporate accounting primarily deals with the management of companies’ accounts. It deals with a wide spectrum of activities ranging from preparation of statements like, income and cash flow, to keeping track of the firm’s taxes. To ensure that students develop a deep understanding of the real-world applications of corporate accounting, universities have been handing out complex corporate accounting assignments. These assignments include tedious tasks which might involve going through a firm’s annual reports, describing its items of equity and assessing its income tax expenses. Owing to the complexity of these assignments, students sometimes struggle to make a submission on time.

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Few Areas of Corporate Accounting That We Assist With

Corporate Accounting is wide field of study and various types of assignments can be allotted to students as part of their university curriculum. Even students who are proficient with the theoretical knowledge of Corporate Accounting find themselves struggling when it comes to writing assignments. Coming up with insightful explanations by going over a company’s annual reports and assessing tax expenses is an error prone task. Our accounting assignment services provide help with all sorts of Corporate Accounting assignments.

Our experts are well-versed with all areas of Corporate Accounting. Some of the services that we have provided in the past are:

  • Corporate Accounting Assignment Help
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  • Business Economics Assignment Help
  • Accounting Fundamentals Assignment Help
  • Income Taxation Assignment Help
  • Auditing Assignment Help
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  • The below corporate accounting assignment sample will give you an idea on how our accounting subject matter experts approach your assignments;

    Assignment Question:

    200109 Corporate Accounting Systems

    Autumn 2017

    Practical Project

    Due Date:

    Friday 5 May 2017 (week 11). Submit electronically to vUWS prior to 5:00pm and submit hard copy at start of tutorial.

    Assessment Value:

    40%

    Topic:

    Acquisition of a subsidiary and consolidation entries

    Length:

    1,500 words maximum (comprising calculations and working papers in Part A equivalent to 750 words and a written component of 750 words in Part B)

    The practical project involves two parts:

  • Part A is the preparation of a selection of consolidation elimination journals for year ending 30 June 2019, for an economic entity comprising a parent and subsidiaries plus working papers of a professional standard.
  • Part B is an explanation of the outcome of the consolidation process undertaken in Part A.
  • Part A (50%)

    The World Retailing Ltd acquires 80 per cent of the shares of Mark Construction Ltd on 30 June 2019 for a consideration of $584 000. The share capital and reserves of Mark Construction Ltd at the date of acquisition are:

    Share capital

    $200 000

    Retained earnings

    $100 000

    Revaluation surplus

    $150 000

    There are no transactions between World Retailing Ltd and Mark Construction Ltd at the date of acquisition. All assets of Mark Construction Ltd are fairly valued at the date of acquisition, except for a major plant that had a fair value $25 000 greater than its carrying amount. The cost of the plant was $125 000 and it had accumulated depreciation of $90 000.

    In addition, the World Retailing Ltd acquired 100 per cent of the shares of Adelaide Retailing Ltd on 1 July 2017-that is two years earlier. The cost of investment was $500 000. At that date the capital and reserves of Adelaide Retailing Ltd were:

    Share capital

    $255 000

    Retained earnings

    $205 000

    At the date of acquisition all assets of Adelaide Retailing Ltd were considered to be fairly valued. Adelaide Retailing Ltd declared and paid dividend $120 000 on 30 June 2019. World Retailing Ltd incurred the following transactions with Adelaide Retailing Ltd during financial year 2018-2019:

  • During the year World Retailing made total sales to Adelaide Retailing of $71 000, while Adelaide Retailing sold $56 000 in inventory to World Retailing.
  • The closing inventory in World Retailing includes inventory acquired from Adelaide Retailing at a cost of $45 000. This cost Adelaide Retailing $38 000 to purchase.
  • The opening inventory in World Retailing as at 1 July 2018 included inventory acquired from Adelaide Retailing for $62 500 that cost Adelaide Retailing $53 750.
  •  Adelaide Retailing paid $55 000 in management fees to World Retailing.
  • On 1 July 2018 World Retailing sold an item of plant to Adelaide Retailing for $145 000 when its carrying amount in World Retailing’s accounts was $100 000 (initial cost $168650, accumulated depreciation $68 650). This plant is assessed as having a remaining useful life of nine years.
  • Part B (50%)

    The financial statements for year ending 30 June 2019 for the economic entity have been prepared on the basis of your journals from Part A. These statements have been presented to the Board of Directors.

    One of the Board members pointed out that the new business acquired by World Retailing is a construction company. Its financial statements should not be consolidated because it is involved in construction, whereas all of the other companies in the economic entity are involved in retailing industry.

    The Board is also alarmed that the economic entity’s balance sheet shows a deferred tax balance, when the accounts for World Retailing Ltd had no deferred tax asset or deferred tax liability.

    As the financial accountant you are requested to prepare a response to the following questions:

    (a) Should the financial statements of new acquired business, Mark Construction Ltd, be consolidated into the economic entity and why? (250 words maximum)

    (b) Why does the economic entity have a deferred tax balance? (500 words maximum) You must make reference to relevant paragraphs of the Accounting Standard and/or AASB Framework and to other sources of material. Harvard Style referencing is expected. For details on the Harvard referencing system go to:

    http://library.westernsydney.edu.au/uws_library/guides/referencing-citation (and click on ‘Harvard’ link).


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