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Finance
Complete the table using the figures provided for the three products: A, B and C.
Last month’s budget for sales
Product
Cost price
Sale price
Budget sales last month
Total costs on sales
Budget profit last month
Profit % per item on sale price
#
$
per item
on sales
A
$7.50
$12.00
500
$6,000
$3,750
$4.50
$2,250
38%
B
$9.25
$17.00
400
$6,800
$3,700
$7.75
$3,100
46%
C
$10.00
$30.00
300
$9,000
$3,000
$20.00
$6,000
67%
Total
1,200
$21,800
$10,450
$11,350
Last month’s budget for sales
Product
Cost price
Sale price
Budget sales last month
Total costs on sales
Budget profit last month
Profit % per item on sale price
#
$
per item
on sales
A
$7.50
$12.00
500
$6,000
$3,750
$4.50
$2,250
38%
B
$9.25
$17.00
400
$6,800
$3,700
$7.75
$3,100
46%
C
$10.00
$30.00
300
$9,000
$3,000
$20.00
$6,000
67%
Total
1,200
$21,800
$10,450
$11,350
Finance
1)You have been asked to provide an accurate and up-to-date profit and loss report on work in process for a particular job. What data might you draw on, what reports might you need to access and how would you ensure that the information you provide is error free and comprehensive?
2)What is the importance of collecting, maintaining and providing accurate financial/ resource allocation records and reports?
2)What is the importance of collecting, maintaining and providing accurate financial/ resource allocation records and reports?
Finance
1)A business purchases 10 digital televisions for use in its offices. When the televisions arrive at the workplace the owner of the business decides that one will be taken home. The total cost of the acquisition was $16,500 (GST inclusive).
Describe how you would process this to comply with taxation reporting requirements. How much input tax credit could be claimed and why?
2)How will a business determine the correct lodgement requirements for its particular circumstances
3)Undertake your own research to collect three pieces of financial data. Each piece of data must come from a different source. Submit a copy of the data and your comments in response to these activities to your trainer/ assessor.
Summarise the data.Evaluate the usefulness of the data to those who might be required to provide a report on financial activity. Describe how you could index the data to ensure it can be quickly located and referred to later. Be specific.
Describe how you would process this to comply with taxation reporting requirements. How much input tax credit could be claimed and why?
2)How will a business determine the correct lodgement requirements for its particular circumstances
3)Undertake your own research to collect three pieces of financial data. Each piece of data must come from a different source. Submit a copy of the data and your comments in response to these activities to your trainer/ assessor.
Summarise the data.Evaluate the usefulness of the data to those who might be required to provide a report on financial activity. Describe how you could index the data to ensure it can be quickly located and referred to later. Be specific.
Finance
The activity statement allows a business to calculate obligations, allowing a single payment or refund for each reporting/ payment period, across the taxes.
For example, if in a quarterly reporting/ payment period, a business had:
a GST credit of $15,000
a PAYG instalment liability of $6,000
a PAYG withholding liability of $1,500, and
an FBT liability of $1,000
Would the business need to make any payments?
For example, if in a quarterly reporting/ payment period, a business had:
a GST credit of $15,000
a PAYG instalment liability of $6,000
a PAYG withholding liability of $1,500, and
an FBT liability of $1,000
Would the business need to make any payments?
Finance
2)
On the 1st of July 2012 an organisation purchased a vehicle for company use. The price was $60,000 and has a useful life of six years. It was depreciated using the straight line method and the vehicle was traded in for its book value on the 30th of June 2016. Complete the calculations and provide the details in this table.
Ledger account
Accumulated deprecation
Book value
Date
Details
Debit
Credit
Balance
Debit
Credit
Balance
1/7/12
Purchase
30/6/13
Depr’n
30/6/14
Depr’n
30/6/15
Depr’n
30/6/16
Trade in
On the 1st of July 2012 an organisation purchased a vehicle for company use. The price was $60,000 and has a useful life of six years. It was depreciated using the straight line method and the vehicle was traded in for its book value on the 30th of June 2016. Complete the calculations and provide the details in this table.
Ledger account
Accumulated deprecation
Book value
Date
Details
Debit
Credit
Balance
Debit
Credit
Balance
1/7/12
Purchase
30/6/13
Depr’n
30/6/14
Depr’n
30/6/15
Depr’n
30/6/16
Trade in
Finance
1)Use the retail inventory method to calculate the value of ending inventory for an organisation which has:
An opening inventory at cost of $850,000 and a retail value of $2,100,000.Purchases for the year totalled at cost $650,000 and the retail value of the purchases is $1,000,000.Sales for the year at retail price totalled $2,650,000.Mark-ups of $80,000 and markdowns of $35,000 during the year.
An opening inventory at cost of $850,000 and a retail value of $2,100,000.Purchases for the year totalled at cost $650,000 and the retail value of the purchases is $1,000,000.Sales for the year at retail price totalled $2,650,000.Mark-ups of $80,000 and markdowns of $35,000 during the year.
Finance
Demonstrate the procedures that should be followed to record financial data in a computerised system. You will need to negotiate a time and place for the demonstration with your assessor.
Finance
1)Describe a process that could be used for collating, coding, and classifying accounts data in preparation for processing.
2)Why might it be necessary to consolidate and/or convert financial data to allow it to be analysed in accordance with organisational requirements
3)Explain how data might be consolidated or converted to allow it to be analysed.
2)Why might it be necessary to consolidate and/or convert financial data to allow it to be analysed in accordance with organisational requirements
3)Explain how data might be consolidated or converted to allow it to be analysed.
Finance
Comparing International Projects. Billabong Limited, a manufacturer of surfing clothing and sports equipment, wants to increase its market share by acquiring a target producing a popular clothing line in Europe. This clothing line is well established. Forecasts indicate a relatively stable euro over the life of the project. Harvey Norman Limited, a retailer of computer, furniture and related goods wants to increase its market share in the computer market by acquiring a target in Thailand that currently produces radios and converting the operations to produce PCs. Forecasts indicate a depreciation of the baht over the life of the project. Funds resulting from both projects will be remitted to the respective Australian parent on a regular basis. Which target do you think will result in a higher net present value? Why?
Finance
Reversal of FDI A number of global auto manufacturers have decided to stop producing cars in Australia and closed down their plants.
a. What are the potential reasons behind an auto MNC’s decision to cease production in Australia?
b. One solution to prevent a foreign auto manufacturer from leaving Australia is to offer a subsidy. Explain how a subsidy may induce an auto maker to remain in Australia?
c. It was observed that even after receiving subsidies from the Australian government, several foreign auto makers decided to cease manufacturing in Australia. Explain the reasons behind this outcome.
a. What are the potential reasons behind an auto MNC’s decision to cease production in Australia?
b. One solution to prevent a foreign auto manufacturer from leaving Australia is to offer a subsidy. Explain how a subsidy may induce an auto maker to remain in Australia?
c. It was observed that even after receiving subsidies from the Australian government, several foreign auto makers decided to cease manufacturing in Australia. Explain the reasons behind this outcome.
