CourseLover

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About CourseLover

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Engineering,Health & Medical,HR Management,Law,Marketing,Math,Physics,Psychology,Programming,Science Hide all
Teaching Since: May 2017
Last Sign in: 287 Weeks Ago, 2 Days Ago
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Education

  • MCS,MBA(IT), Pursuing PHD
    Devry University
    Sep-2004 - Aug-2010

Experience

  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Accounting Posted 12 Dec 2017 My Price 10.00

case study

Please help.Check the attached file .Thanks. Plagiarism free.

CASE STUDY: This research question consists of a case study: You are a graduate accountant working for McKenzie and Associates a public accounting firm. The address of the firm is 777 South Terrace, Adelaide SA 5000. The manager of your firm, Ms. Maria McKenzie has asked you to draft a letter in response to an email received from a client – Mr. Con Pewter, the managing director of Pewter Ltd, raising a number of issues regarding his company – see Assignment on the next page. Maximum Length is 1000 words (excluding calculations). Technical component: 20 marks. Letter writing: 5 marks. Re: Accounting Issues: Year Ending 30 June 2016 From: Con Pewter ( conpewter@pewterlimited.com.au) Sent: Monday, 18th April 2016 To: Maria McKenzie (maria.mckenzie@mckenzieandassociates.com.au) _______________________________________________________________ Dear Maria Thank you for your phone call this morning, as discussed I am emailing below the accounting issues we briefly discussed. By the way to assist the accounting team in our decision making process could you please make sure you reference any relevant sources relating to your advice, for example AASBs, Corporations Act, and relevant websites. 1. A customer has lodged a law suit against our company. We sold the customer a hard drive which was faulty and it has caused a huge loss of data for their business. The court decision to award damages to the customer was held on 26th March 2016; however, the amount of the damages will not be decided until 30th September 2016. Our lawyer has advised the damages will be between $50,000 and $1 million. Please advise what steps we should take, in order to record this event in our financial statements for the year ending 30th June 2016. 2. Our sales team sells iPads and offers an interest-free period of 12 months to certain customers. These customers received the benefit of having their payment deferred for 12 months. The total amount owing by these customers is $250,000 and we use 7% as our discount rate in all financial transactions. Please advise what the correct accounting treatment would be to record these transactions. 3. As discussed I have attached the information in relation to the Statement of Cash Flows and I am so pleased that you agreed to prepare the Statement for us. I am still fairly confused though – do we really need a Statement of Cash Flows? What purpose does it serve? If it is so important why are we worrying about an Income Statement which is based on accrual accounting? Can’t we just combine the two statements and work out the profit on a cash basis? The cash balances in the cash flow statement are exactly the same as the one mentioned in the balance sheet. Wouldn’t that confuse everyone that we are repeating the same information?
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CourseLover
(12)
Status NEW Posted 12 Dec 2017 06:12 AM My Price 10.00

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