Accounting Homework Help Instructions: UNIT CODE: ACT503 UNIT NAME: CORPORATE ACCOUNTING Assignment One Information Semester one 2017 Assessment 30% Maximum Marks: 90 If you create your… page1image536 Instructions: UNIT CODE: ACT503 UNIT NAME: CORPORATE ACCOUNTING Assignment One Information Semester one 2017 Assessment 30% Maximum Marks: 90 page1image3192 If you create your worksheets in excel, please copy and paste them into MSWord. Points are given for the quality of your calculation formats even if your final calculations are not correct. Once you have completed the assignment, it needs to be lodged through Safe Assign in the Assessments section of Learnline with an appropriate CDU cover sheet. Your assessments must be lodged using MSWord. Note: PDF, Excel or paper copies will not be accepted. Required: 1) Make sure your entire assignment can be readily printed on A-4 paper in portrait (preferred) or landscape format with appropriate page breaks. Do not have a portion of a â€œwideâ€ worksheet expand beyond 1 page. 2) Make sure your name and student number are on every page of your submission. ACT 503 Corporate Accounting Assignment 1 Due Date: 11.59 pm Friday 12th May in Study Week 10 Page | 1 Question 1: (Marks 15) MyOwnWork Ltd commences operations on 1 July 2018 and presents its first statement of profit and loss and other comprehensive income and first statement of financial position on 30 June 2019. The statements are prepared before considering taxation. The following information is available: Statement of profit or loss and other comprehensive income for the year ended 30 June 2019 page2image4600page2image5024 Gross Profit Expenses Administration expenses Salaries Long-service Leave Warranty expenses Depreciation expense – plant Insurance 20,000 Accounting profit before tax Other comprehensive income 730,000 430,000 300,000 Nil 80,000 200,000 20,000 30,000 80,000 page2image10192page2image10616page2image11040page2image11200 Assets and liabilities as disclosed in the statemet of financial positions as at 30 June 2019 page2image12672 Assets Cash Inventory Accounts receivable Prepaid Insurance Plant – cost Less: Accumulated depreciation Total assets Liabilities Accounts payable Provision for warranty expenses Loan payable Provision for long service leave expenses Total liabilities Net assets Other information 400,000 80,000 20,000 100,000 100,000 10,000 320,000 550,000 80,000 20,000 200,000 20,000 320,000 230,000 page2image19832page2image20256page2image20680page2image21104page2image21528page2image21952 ï‚· All administration and salaries expenses incurred have been paid as at year end. ï‚· None of the long service leave expense has actually been paid. ï‚· Warranty expenses were accrued, and at year end, actual payments of $10 000 have been made (leaving an accrued balance of $20 000). ACT 503 Corporate Accounting Assignment 1 Due Date: 11.59 pm Friday 12th May in Study Week 10 Page | 2 ï‚· Insurance was initially prepaid to the amount of $30 000. At year end, the unused component of the prepaid insurance amounted to $10 000. ï‚· Amounts received from sales, including those on credit terms, are taxed at the time of sale is made. ï‚· The plant is depreciated over five years for accounting purposes, but over four years for taxation purposes. ï‚· The tax rate is 30 per cent Required: Prepare Deferred Tax worksheet for MyOwnWork Ltd as at 30 June 2019 and provide the Journal entries to account for tax in accordance with AASB 112 Question 2: (Marks 10) MyNextProblem Ltd has acquired a new building called Next In Line Building for $2 000 000. It has incurred incidental costs of $30 000 in the acquisition process for legal fees, real estate agentâ€™s fees and stamp duties. At the quarterly Board meeting, the management believes that these costs should be expensed becau
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