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SUPP ASSESSMENT Student Number: (enter on the line below) Student Name: (enter on the line below) HA2032 Corporate and Financial Accounting Online Supplementary Assessment Trimester 1, 2021 TIME ALLOWED: 4.5 hours All answers must be submitted within this time frame. Late submissions are not accepted. Assessment Weight: 50 total marks Instructions: · All questions must be answered by using the answer boxes provided in this paper. · Completed answers must be submitted to Blackboard by the published due date and time. Submission instructions are at the end of this paper. Purpose: This assessment consists of six (6) questions and is designed to assess your level of knowledge of the key topics covered in this unit HA2032 Online Supp T1 2021 Question 1(7 marks) PMP Ltd was registered on 30 June 2020. The next day, the directors issued a prospectus inviting applicants for 500,000 ordinary shares with an issue price of $3. The shares were payable in full on application. By 31 July, the company had received 1,000,000 applications, together with the application monies. The directors allotted 500,000 shares on 1 August and returned the money for additional applications. a) Prepare general journal entries to record the above data. (3.5 marks) ANSWER: ** Answer box will enlarge as you type b)Record the above data using the ledgers below. (3.5 marks) Debit $ Credit $ Balance $ Trust account 2020 Application 2020 Paid-up capital 2020 Bank 2020 Question 2(7 marks) Required: (a) Explain the usefulness of Earnings Per share (EPS) to the users of general purpose financial reports. (4 marks) ANSWER: (b) Explain why the usefulness of the Earning per share (EPS) figure is limited. (3 marks) ANSWER: Question 3(7 marks) Required: a) Define ‘Business combination’. Which Australian accounting standard governs this area of accounting? (1 mark) ANSWER: b) Under Australian accounting standards, does an acquirer have to report any goodwill or bargain purchase on acquisition? If so, in which financial statement is the goodwill / bargain purchase amount reported where – (1) assets are acquired directly from the vendor and (2) in a controlling share acquisition? (3 marks) ANSWER: c) Parma Ltd purchased a parcel of assets and liabilities comprising a business directly from Pauls Pty Ltd. The parcel, measured at net fair values, consisted of: Balance of Accounts: Plant 500,000 Land 200,000 Vehicles 150,000 Accounts receivable 300,000 Accounts payable (128,000) Total 1,022,000 Required: Prepare journal entries to record the acquisition by Parma Ltd, if the cost of acquisition was $1,500,000 cash. (3 marks) ANSWER: Question 4(7 marks) On 1 July 2019, Canola Ltd acquired 100% of the share capital to gain control of Palm Ltd. The following intra-group transactions occurred during the financial year ending 30 June 2020. (i)During the 2019 - 2010 financial year, Canola Ltd sold inventory to Palm Ltd for $2,000,000. Canola Ltd purchased this inventory at $1,500,000. By 30 June 2020, Palm Ltd has sold 70% of that inventory to an outside third party. (ii)Palm Ltd sold a vehicle to Canola Ltd for $200000. The vehicle had been fully depreciated by Palm Ltd at 30 June 2020 and valued at $0 on Palm’s books. Required: (a) Prepare the journal entries required to eliminate the intra-group transactions above. (6 marks) ANSWER: (b) When are consolidated profits realised in relation to inventory transfers within the group? (1 mark) ANSWER: Question 5(11 marks) On 1st July, 2018 Murray Ltd acquired 70% of the share capital of Darling Ltd for $150,000,000. Equity of Darling Ltd at acquisition date was: Share Capital$ 100,000,000 General Reserve$ 50,000,000 Retained Earnings$ 30,000,000 All assets and liabilities of Darling Ltd were recorded at fair value on acquisition. Ignore Tax effects. Required: (a) Complete the worksheet below using the partial goodwill method with the NCI measured at the proportionate share of the acquiree’s identifiable net assets. (4.5 marks) Elimination of Investment in Darling Ltd Darling Ltd (S) $,000 Murray Ltd (70% of Darling) (P) $,000 30% NCI $,000 Fair Value of consideration transferred Less: FV of identifiable assets acquired & liabilities assumed Share capital on acquisition date 100,000 General reserve-acquisition date 50,000 Retained earnings-acquisition date 30,000 Fair value adjustment Goodwill on acquisition Non-controlling interest (b) Prepare the consolidation adjustments and eliminations journal entries and recognise the NCI in the pre-acquisition equity of Darling Ltd, using the partial goodwill method with the NCI measured at the proportionate share of the acquiree’s identifiable net assets. (6.5 marks) ANSWER: Question 6(11 marks) The following information relates to Sonata Ltd. (a)At the beginning of the accounting period the company has a salary payable liability of $500 and at the reporting date a salary payable of $200. During the year the salary expense shown in the income statement was $800. (b)At the beginning of the accounting period the company has property, plant and equipment (PPE) with a carrying amount of $1,200. At the end of the accounting period, the carrying amount of the PPE is $2,000. During the year depreciation charged was $120, a PPE with a carrying amount of $150 was sold for $30. (c)At the beginning of the accounting period the company has retained earnings of $2,000 and at the end of the accounting period the balance of the retained earnings is $3,500. The reported profit for the year was $4,200. (d)Sonata Ltd also provides you with the following information on its sale and collection of accounts receivable: Sales for the year$30,000 Discounts provided to customers for early payment $1,000 Doubtful debts expense for the year$300 Opening balance of accounts receivable$5,000 Closing balance of accounts receivable$2,400 Opening balance of the allowance for doubtful debts $500 Closing balance of the allowance for doubtful debts$120 Required: (a) Calculate the cash paid for salary. (2 marks) (b) Calculate the cash paid to purchase new PPE. (3 marks) (c) Calculate the dividend paid. (3 marks) (d) Calculate the cash collected from customers. (3 marks) ANSWER: END OF SUPPLEMENTARY ASSESSMENT Submission instructions: · Save submission with your STUDENT ID NUMBER and UNIT CODE e.g. EMV5489 HA2032 · Submission must be in MICROSOFT WORD FORMAT ONLY · Upload your submission to the appropriate link on Blackboard · Only one submission is accepted. Please ensure your submission is the correct document. · All submissions are automatically passed through SafeAssign to assess academic integrity. Question 1 Student Number: (enter on the line below) Student Name: (enter on the line below) HI6005 Management and Organisations in a Global Environment Supplementary Assessment (B) Trimester 1, 2021 TIME ALLOWED: 4.5 hours All answers must be submitted within this time frame. Late submissions are not accepted Assessment Weight: 50 total marks Instructions: · All questions must be answered by using the answer boxes provided in this paper. · Completed answers must be submitted to Blackboard by the published due date and time. Submission instructions are at the end of this paper. Purpose: This assessment consists of six (6) questions and is designed to assess your level of knowledge of the key topics covered in this unit HI6005 Online Supp T1 2021 B Question 1(7 marks) Scenario: East coast grocer Wegmans views diversity as more than just a legal or moral obligation or business necessity—to them it is a business opportunity. The company strives to attract and retain a workforce that reflects different backgrounds, experiences, and viewpoints and mirrors the communities in which it operates. Wegmans believes that to be a great place to shop, they must first be a great place to work. Wegmans emphasizes diversity in hiring to refresh stores with new ideas. Corporate values including respect, caring, empowerment, and high standards have helped the company repeatedly appear on Fortune’s list of the 100 Best Companies to Work For. (The company was ranked number 2 in 2017.) Based on what you have learnt in the unit during discussion on the case study, in what ways can diverse employees contribute to Wegman’s business performance? What are the downsides, if any, of building a diverse workforce? ANSWER: ** Answer box will enlarge as you type Question 2(7 marks) Scenario: With 270,000 employees in 22 countries, Aramark wanted to better motivate its employees who clean airplanes for Delta and Southwest Airlines. Turnover of the low-paid, largely immigrant staff was high while morale was low. Wallets and other valuables left on planes disappeared. After 5 years of efforts to increase motivation, revenue rose from $5 million to $14 million. a) Based on what you have learnt in the unit, if you were the manager of these enployees, what would you do to motivate them? ANSWER: b) What are some possible barriers to the effectiveness of your motivation ideas? What could you do to overcome them? ANSWER: Question 3(7 marks) Do you think that increasing the diversity in contemporary organisations’s leadership would reduce groupthink? Why or why not? Answer this question in 300 words (support your claims/arguments with key research findings, where relevant). ANSWER: Question 4(11 marks) Scenario: Technology provider Cisco Systems Inc. puts a high value on ethics and corporate social responsibility. Cisco had been cramming ethics and compliance information down employees’ throats. Because employees are tech-savvy engineers, the company’s in-person, PowerPoint-based training was not working. Cisco decided to make the ethics and compliance program fun. a) What are the advantages of Ethics Idol as an ethics training communication medium over in-person PowerPoint training? b) Would you enjoy this type of training program? Why or why not? c)