Accounting Answers

You are required to utilise the information given to complete the comparative balance sheet for TMH Ltd. The relevant information needed is also included. Once completed, are required to analyse the performance of TMH Ltd. By undertaking the following tasks:

Write a detailed report on how company performance can be improved to better meet performance indicators. You should include the following:

• What factors may impact on financial performance?
• What non-financial factors are also important to meeting company goals?
• What strategies can be put in place to encourage staff to work towards achieving performance goals?
• How can company performance and relevant information be communicated to appropriate personnel to ensure relevant steps are taken to meet performance indicators?
• Discuss how capital budgeting can assist in the financial decision making process

You are required to utilize the information given to complete the comparative balance sheet for TMH Ltd. Once completed, are required to analyse the performance of TMH Ltd. By undertaking the following tasks:

Prepare strategies to assist the company in meeting the set performance indicators. These can be in the form of detailed written reports or writing relevant company policies.

• Strategies should be detailed and directly linked with company performance indicators as set by TMH management
• Appropriate time frames, strategies should be relevant to these time frames.
• Discuss how performance indicators can be regularly reviewed in order to keep them relevant and updated as performance trends change & company resources change.

A company wants to setup a new office in a country where the corporate tax rate is as follows: 15% of first $50,000 profits, 25% of next $25,000, 34% of next $25,000, and 39% of everything over $100,000. Executives estimate that they will have gross revenues of $500,000, total costs of $300,000, $30,000 in allowable tax deductions, and a one-time business start-up credit of $8000. What is taxable income for the first year, and how much should the company expect to pay in taxes?

Parker Company had $5000000 in sales and reported a $300000 loss in its annual report to stockholders.According to a CVP analysis prepared for managements use,$5000000 in sales is the break even point for the company. Did the company's inventory level increase, decrease, or remain unchanged? Explain.

1. Use the cash budget to prepare a graph of quarterly revenue received, payments made and closing cash position.

2. Explain the graph by answering:

Which month has the highest payments, what causes this?
What advice would you give about the purchase of capital items?
Approximately what effect would not purchasing the capital items have?
Which month has the highest revenue received?
Describe the position of closing cash throughout the year. The owner realises that there will be significant expenses in this first year of operations. Identify in which quarter the milestone of revenues exceeding expenditures occurs. What effect does this have on cash?
What advice would you give about the paying of a $1000 bonus to the junior staff in June promised in the September quarter based on the staffs performance and the financial performance of the business for the year?

An individual who is not an existing client approaches you in early November stating that the income tax return for the financial year has not been prepared or lodged. The individual is aware that tax agents can lodge later than the October 31 deadline so requests that you prepare and lodge the tax return to avoid penalties.

What advice do you give this individual?

1. A new client has approached you and asked for advice on what documentation will be required for the preparation of their first tax return in Australia.

What advice would you provide and what documents would you indicate that would be needed?

2. A client has receipts for $50.00 from donations provided to door to door charity collectors. Can the client claim a tax deduction for this amount?

3. Is a taxpayer entitled to a spouse rebate if they have no children?

1. To be able to complete budget reporting on time, how should accountants approach new project reporting in a manufacturing business?

2. How should budget assumptions be dealt with to guard against unethical assumptions?

3. Who is responsible for budget management?

4. In order to be effective, which type of executives should make up the majority of the audit committee members?

when are rolling budgets appropriate and inappropriate? what other factor must be considered when adopting a policy for using them?