Get 20% Off + $20 Signup Bonus ! Limited Time, Hurry !
Get 20% Off + $20 Signup Bonus ! Limited Time, Hurry !
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
loader
Add File

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Stuck on Your Question?

Get 24x7 live help from our Top Tutors. All subjects covered.

loader
250 words

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Students Who Viewed This Also Studied

19 Pages
ACCT 601 Managerial Accounting

Question: Last January, Abby started a new business named Abby’s Blinds, Curtains, & Dining Essentials, or ABC&DE for short. In her business, Abby, who has always loved arts and craft ...

Course

ACCT601

Type

Essay

Subject

Accounting

University

University of Southern Indiana

4 Pages
Management

You are required to: (a) Select and justify at least 10 financial ratios and calculate 2 non-financial ratios to analysethe performance and financial position of the three companies. You are expected ...

Type

Course Work

Subject

Accounting

30 Pages
Accounting Information for Resource Management

You are required to finish each of these questions, total 40 marks. Please give the solutions in detail, show calculations and submit the solutions to Moodle using a single file, it can be Excel forma ...

Type

Course Work

Subject

Accounting

5 Pages
Management

Question 1: (Approximately 400 words) Queenslander Ltd operates a café and gift shop at Montville in the Sunshine Coast hinterland. You are the accountant for the company and the following item ...

Type

Assignment

Subject

Accounting

Financial Accounting

Question

Answered

Task

At your first meeting, decide within your team which student will complete which question. It is a 

good idea that before your first meeting that each team member reads the task so that they are able 

to present their point of view about the task. It is recommended that each group member is allocated 

a question(s), you should then allocate a different group member to provide feedback on the answer 

given for each question. This is a suggestion only and you can allocate the work differently but keep 

in mind that every student in your team must participate and answer questions as well as provide 

feedback to others. Students should be allocated a question based on their strengths. Please record 

details of your first meeting using the document titled ‘Action Plan Template.’ You should also

document who is answering which question and who is providing feedback on that question. Set 

deadlines that group members agree to have their questions and feedback finished and record these 

details. Provide a copy to each team member to ensure they all agree on what was said.

Group Task 1,500 words (10 marks)

The case data (Dragon’s Fire Pty Ltd) is given in a separate file.

You and your team have recently been employed as graduate accountants for a new company who 

is yet to start trading. The company, Dragon’s Fire Pty Ltd will begin operation on 1 July 2019. The 

owners of the company are young and wanted to employ accountants straight out of University, as a 

result there is no other experienced accountants working for the company. As this is a new business 

they have asked your team to help determine suitable accounting policies in relation to recording,

expensing and reporting of non-current assets and to provide advice regarding the company’s non￾current asset treatment and revenue recognition.

The owners of the company Spike and Kate would like you to work with the other three graduates to 

get the financial records of the business ready in preparation forDragon’s Fire Pty Ltd to start trading. 

Spike and Kate has provided you with some background information regarding the company’s non￾current assets and revenue from customers. The group is required to prepare a brief report outlining 

to the owners which accounting policies have been selected and how certain elements will be 

treated. Your group is encouraged to refer to AASB 116 Property, Plant and Equipment, AASB 136

Impairment of Assets and AASB 15 Revenue from Contracts with Customers to justify your answer. 

When referring to the accounting standards to justify your answer, you may reference the 

paragraph number within the text. See the following example below:

In this scenario, the revaluation increase should be recognised in other comprehensive income and 

accumulated in equity under the heading of revaluation surplus (para 39, AASB 116).

 

Required

Your job is to refer to questions from the owners Dragon’s Fire Pty Ltd, and produce a report. The 

report should address the following:

1. Determine the amounts to be recorded in the balance sheet for the newly acquired land, building 

and machinery. Consider any additional amounts that need to be included in the cost of the land, 

building and machinery and justify why or why not they should be included. Include in your answer 

journal entry required to record the lump-sum acquisition and any other journal entries required.

Show your calculations.

2. Select the most appropriate depreciation method for the buildings and machinery using the 

information in the case data and justify why for each item the method of depreciation selected. 

Calculate the annual depreciation expense to be charged in the accounts of Dragon’s Fire Pty Ltd, 

with respect to the building and machinery for the life of each asset. Please display your results in 

a table. Students should display results for all methods of depreciation not just the for the method 

selected.

3. Discuss the advantages and disadvantages of both the cost model and the revaluation model in 

relation to revaluing the land and building. In your answer also briefly explain whether the method

of revaluation can be altered if the owners are not happy with the original model chosen. Using 

the revaluation model calculate the revised amount that the building and land should be recorded 

at in the balance sheet for 30 June 2021. Include in your answer the general journal entries that 

need to be recorded to recognise the revised value of the building and land. Show your 

calculations.

4. Prepared journal entries to account for additional costs incurred on 30 June 2022 and the disposal 

of old parts. What will be the updated annual depreciation expense after the overhaul of the 

machinery? Please show your calculations. 

5. The owners of Dragon’s Fire, Spike and Kate approach the team about changing the method of 

depreciation for the building as at 30 June 2021. Briefly explain why and whether the method of 

depreciation for the building can be changed. Identify and discuss which qualitative characteristics 

of financial reporting would be violated if method of depreciation is altered.

6. With reference to AASB 15 Revenue from Contracts with Customers, apply the five-step process 

for revenue recognition in regards to the contract with Red Hot Equipment Pty Ltd. Discuss how 

Dragon’s Fire shall recongise the revenue from the contract. Please list each of the five steps and 

show any calculations.

 

The answers are to be

Financial 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.

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

MyAssignmenthelp.com is the perfect solution for all academic problems. We have hired full time professionals to assist students from different fields of study. We boast separate wings of experts for handling assignment writing tasks in different subjects. Hence, we successfully provide highest quality nursing assignment help, programming language assignment help, finance assignment help, hr assignment help, IT assignment help and much more.

More MAA261 Financial Accounting: Questions & Answers

Q
icon

We aren't endorsed by this University

ACCT 601 Managerial Accounting

Question: Last January, Abby started a new business named Abby’s Blinds, Curtains, & Dining Essentials, or ABC&DE for short. In her business, Abby, who has always loved arts and crafts, designs unique items which are eye-catching highlights around her customers’ homes. She sta ...

View Answer
Q

Management

You are required to: (a) Select and justify at least 10 financial ratios and calculate 2 non-financial ratios to analysethe performance and financial position of the three companies. You are expected to usecharts to compare performance of the three companies.  You will need to look at the audit ...

View Answer
Q

Accounting Information for Resource Management

You are required to finish each of these questions, total 40 marks. Please give the solutions in detail, show calculations and submit the solutions to Moodle using a single file, it can be Excel format, Word format or PDF format, no requirement on word limits, if use any references, please refer to ...

View Answer
Q

Management

Question 1: (Approximately 400 words) Queenslander Ltd operates a café and gift shop at Montville in the Sunshine Coast hinterland. You are the accountant for the company and the following items relate to the year ended 30 June 2016: (a) Queenslander Ltd is the guarantor for an employee's ban ...

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

5% Cashback

On APP - grab it while it lasts!

Download app now (or) Scan the QR code

*Offer eligible for first 3 orders ordered through app!

screener
ribbon
callback request mobile
Have any Query?