BUS285-Technology & Accounting Processes Report – Accounting & Finance Assignment Help

Assignment Task


Technology & Accounting Processes 

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Assignment Information

Question 1
Holiday Travel Australasia commenced business on 1 April 2021. Alice Adare is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Alice prepared the following statement of profit or loss for the year ended 31 March 2022. Alice knew something was wrong with the statement because profit up to February had not exceeded $40?000 (approximately $3,600 per month). Knowing that you are an experienced accountant, she asks you to review the statement of profit or loss and other data. You first look at the trial balance. In addition to the account balances reported in the statement of profit or loss, the general ledger contains these selected balances at 31 March 2022.

eneral ledger contains these selected balances at 31 March 2022.

You then make enquiries and discover the following.
1. Service revenues include advanced money for holidays after March, $12?000.

2. There was only $2 300 of advertising supplies on hand at 31 March.

3. Holiday Travel Australasia has separate insurance policies on its buildings, motor vehicles and its general insurance. Policy B4564 on the building was purchased on 1 June 2021 for $9 900. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on 1 August 2021 for $5 280. This policy has a term of 2 years. The general insurance policy was a 1-year policy of $1 600 paid on 1 July 2021. 

4. The following invoices had not been paid or recorded: advertising for week of 24 March, $2 200; repairs made 10 March, $2 000; and electricity expense, $800.

5. The business took out the loan on 1 October 2021 at an annual interest rate of 3%. 

6. Subscription revenue received in advance $53?900: the entity began selling magazine subscriptions on 1 January 2022 on an annual basis. The selling price of a subscription is $55. A review of subscription contracts reveals the following:
Subscription start date     Number of subscriptions
1 January                        200
1 February                      300
1 March                          480

The annual subscription is for 12 monthly issues. The March magazine for all of the subscriptions had been delivered to the subscribers at 31 March 2022.

7. There are seven salaried employees. Salaries are paid every Friday for the current week. Four employees receive a salary of $1 050 each per week, and three employees earn $1 350 each per week. 31 March is a Thursday. Employees do not work on weekends. All employees worked the last week of March.

8. Alice made up the depreciation expense of $1,200 because she was not sure how to calculate it. The building is to be depreciated using the straight-line method with residual value of $25,000 and useful life of 40 years. The building was purchased on 1 November 2021. Office equipment is also to be depreciated using the straight-line method with residual value of $14,000 and a useful life of 10 years. The office equipment was purchased on 1 December 2021.The motor vehicle is to be depreciated using the reducing balance method. The motor vehicle is to be depreciated at a rate of 12% and was purchased on 1 January 2022. The motor vehicle has an estimated residual value of $7,500.  

(a) Prepare the adjusting journal entries at 31 March 2022. Provide brief narrations.
(b) Prepare a correct statement of profit or loss for the year ended 31 March 2022.
(c) Explain to Alice the generally accepted accounting principles that she did not follow in preparing her statement of profit or loss and their effect on her results.

Question 2

 the operating cycle

Using the operating cycle provided above, identify in each case at what point in the operating cycle (1-9) the revenue should be recognised. Provide justification for your choice. 
(a) A soft-drink manufacturer
(b) A legal firm
(c) A theatre that sells season tickets to musical productions
(d) A gold-mining company
(e) A company which sells houses on an instalment plan: term of payment extending to 20 years: buyers assume all risks of ownership: buyers pay a deposit of 25% pf the sales price
(f) A contractor building a bridge for the government

Question 3
Go to the Xero Limited web site ( Scroll to the bottom of the page and select INVESTORS and then select Financial info. Download the 2020 annual report.

Review the Notes to the Financial Statements sections, specifically ‘Note 4 Revenue’. Explain the different forms of revenue recorded by Xero and the different ways the company recognises each type of revenue.
(b) Are Xero’s methods of revenue recognition consistent with the revenue recognition criteria discussed in chapter 3 of the text?
(c) What are the sources and amounts of revenues in the 2020 annual report? Explain the distinction between revenue and other income as disclosed in the financial statements.

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