Write my essay on Assessment Task 1Part ARefer  to the consolidated financial  statements and notes in the 2013 …

Assessment Task 1
Part A
Refer  to the consolidated financial  statements and notes in the 2013  financial report of JB Hi-Fi Limited on  its website, jbhifi, and answer  the following questions:
1. Have  the current liabilities of JB  Hi-Fi Limited increased or decreased  over the year? By how much? What  classes of liabilities are recorded  under the classification “Current  Liabilities”?
2. What are the major liabilities of JB Hi-Fi Limited at the end of the financial year?
3. What  items are included under the  heading ‘Provisions’ in the ‘Current  Liabilities’ section of the  statement of financial position (balance  sheet)? Explain the nature of  these items. Do these satisfy the  definition of provisions as contained  in IAS37/AASB137? By how much  have liabilitiesfor employee benefits  increased over the year?
4. How  much cash has been raised by  interest-bearing loans in the most recent  financial year? How much of  such loans has been repaid? How do these  amounts compare with the  previous year?
5. Determine whether any of the non-current liabilities are secured.
6. How much of the non-current borrowings are due to be repaid within 2 years? Between 2 years and 5 years? Beyond 5 years?
7. Are there any non-current provisions? If so, what, in very general terms, do these represent?
Part B
Refer  to the 2013 annual report of  Country Road Limited on its website,  countryroad (or google ‘annual  report 2013 country road’), and answer  the following questions using the  consolidated income statement and  balance sheet/ statement of financial  position and notes to the  consolidated financial statements.
1. The  Country Road Limited income  statement shows a deduction (in brackets)  for income tax expense. Would  this expense item be seen in the income  statement of a partnership?  Explain your answer.
2. In  the statement of changes in equity  regarding retained earnings, how is  the total profit available  appropriated? How does the allocation of  the total profit available for  appropriation in a partnership differ  from that shown for Country Road  Limited? Explain the reasons for any  differences.
3.  Refer to the balance sheet (statement  of financial position) of Country  Road Limited and the note titled  ‘issued capital’. How do these differ  from that of a typical  partnership? Explain.
4.  Country Road Limited is required to  produce a statement of cash flows  (cash flow statement) and include this  in its annual financial  statements. Would the typical partnership be  required to prepare such a  statement? Why or why not? Would a typical  partnership prepare such a  statement? Explain.
Assessment Task 2 
Question 1
Richard  has an extensive olive grove in the Hunter Valley region of NSW. He has  around 12,000 trees established and has recently purchased his  neighbour’s adjoining property with a view to expansion.
His  business is flourishing and his two sons, David and Liam, have recently  moved from Sydney to help him expand the business. They see  opportunities opening up in new markets and would like to become further  involved in the business. They want the family business to be in a form  that would allow it to expand as necessary and also make it easier to  raise the capital required for this expansion. They have also heard that  there are tax benefits in operating a business through a company  structure rather than as a sole trader or partnership. They persuade  their father to take advice on turning the family business into a  family-run company. There is some contention regarding the naming of the  company. Richard prefers to name the company after themselves –  “Ridali” – whereas David and Liam prefer the name “Rich’s Guaranteed  Olives”, in honour of their father.
Advise Richard and his sons of the steps that need to be taken to incorporate and register a company.
Question 2
Terry  was an employee of Cosmo Mining Services Pty Ltd (CMS). CMS is a  subsidiary of Cosmo Mine Ltd (CM) as CM owns 120 of the 200 issued  shares in CMS. CMS owns and operates a lead, zinc and copper mine at  Gunbarrel, Western Queensland. CM has an arrangement with the New Vision  Bank Ltd whereby it leases all of the mining equipment and then  subleases the equipment to CMS which pays CM a leasing charge per annum  equal to the bank’s leasing costs plus 10 per cent.
Recently,  CMS has attracted considerable media attention as scientists have  discovered that CMS’s mining activities have contaminated a nearby river  which supplies the water to the mine and Gunbarrel. A number of  Gunbarrel residents and former employees, including Terry, have  contracted cancer because they drank the contaminated water. The CMS  shareholders call a general meeting for the purpose of addressing CMS’s  potential liability to its employees (current and former) as well as the  residents of Gunbarrel. The CMS shareholders unanimously vote in favour  of selling CMS’s business to a newly formed company, Lazarus Pty Ltd,  and winding up of CMS.
Advise Terry if he can take action against Lazarus Pty Ltd, CMS and/or CM.
Assessment Task 1Part ARefer  to the consolidated financial  statements and notes in the 2013  financial report of JB Hi-Fi Limited on  its appeared first on WriteDen.
Source: my posts
Place a similar order