I need help with my corporate accounting systems assignment, Western Sydney University, (Corporate Accounting Systems (200109), The File attached below includes everything. The book I use is Financial accounting by Craig Deegan 8th edition.

INSTRUCTIONS 200109 Corporate Accounting Systems Consolidated Financial Statements Assignment - Summer 2016-17 1. This assignment consists of two discrete aspects: a theoretical discussion on control and the production of a full set of consolidated financial statements. The theory aspect will contribute 5 marks and the consolidation exercise which consists of two parts 15 marks. The included marking scales will be weighted accordingly. Both aspects must be completed. 2. The assignment is to be submitted as an individual attempt. The consolidation aspect must be prepared using Excel spreadsheet and be entirely your own work from this semester - i.e. do not use or copy any file, in whole or in part, from any previous semester or from any other student. The theory aspect is a word document. Each student must individually create a new excel and word file for this assignment and use their student number as the file name. 3. The assignment cover sheet and marking guides can be found in this document. Print these pages and complete the appropriate details. Use the marking guide sheet to see what is expected and how your work will be marked. Significant emphasis is placed on the correctness of the journal entries so ensure you spend adequate time on these. Review your work before submission and consider how well you have met the expected standards (performance levels) for the criteria identified. 4. Your submission needs to be printed on A4 paper, single-sided, and the pages must be stapled at the top left hand corner only. Do not bind your assignment, nor put it in a folder or a plastic sleeve. The first page must be the completed and signed cover sheet and the last two pages should be the marking sheet. The marker will use the marking sheet to calculate your assignment result and provide you with feedback on the standard you achieved against each of the criteria. Assignments which do not have these sheets attached will not be accepted. 5. The printed assignment is to be submitted to your tutor during the first 10 minutes of your usual tutorial class on Tuesday 24 January 2017 6. Submissions made during the tutorial, but after the 10 minute deadline, will be penalised by the deduction of 1 mark. Assignments not submitted at the registered tutorial class will be regarded as \"late\". Students will need to contact the unit coordinator about the process for late submission, if necessary. All late submissions will be penalised as per UWS policy - a deduction of 2 marks (being, 10% of the possible mark) for each day, or part day, late. Submissions will not be accepted by email. If you cannot attend at your normal tutorial time you need to either send it along with a fellow classmate or personally hand it to your tutor before the class in which it is due - you would need to make arrangements directly with them about organising this. 7. Before handing in the printed copy, the excel and word files must be uploaded to vUWS by 9 am on Tuesday 24st January 2017 at the latest. Further instructions on this process will be provided on vUWS closer to the due date. The files MUST EXACTLY MATCH the printed version and not be modified after the submitted version was printed. Uploading a file that doesn't match exactly, or failing to upload the files on time, will result in a significant penalty! The file will be checked against other students' submissions for potential plagiarism. 8. Using Turnitin needs careful management. The first time you submit your word file, you will generally receive the originality report within 15 minutes. However every subsequent submission increases the turnaround time significantly, for example a second submission can take 24 hours and a third submission can take up to 72 hour before the originality report is available. Failing to submit the Turnitin originality index report on time will make your assignment late, and penalties will apply. Part of the assignment requirements is for the originality index to be submitted. This index is available after you receive the Turnitin report. The digital receipt showing when you lodged the report to Turnitin is NOT acceptable. Corporate Accounting Systems 200109 Assignment Summer 2016-17 Page 1 9. Marks will be deducted for poor quality presentation, for incorrect work, and for missing work. The presentation of the financial statements must follow the format of the examples and end-of-chapter exercise in chapters 26 and 27 of the textbook. 10. Staff will not assist students with their answers, nor review draft answers to confirm if students are \"on the right track\" or not. Any queries about the requirements of the assignment must be directed to the Unit Coordinator only, not to other teaching staff. General Hint: This is not an assignment that you should commence a day or two before it is due! The assignment question can be complex, but these complexities can be resolved by thoroughly reading the relevant material in your textbook. In answering the theory aspect you will need to read the Integrated Reporting Framework document and related material. You will also need to call on your understanding of accounting and logically consider some of the entries needed as they may not all be shown in the textbook. Corporate Accounting Systems 200109 Assignment Summer 2016-17 Page 2 Theory Aspect Requirements for Theory Aspect (5 marks) Overview Date Length Requirements Thursday 21 January 2016 500 word essay on the question below (the reference list is not part of your word count) All essays must be submitted via the Turnitin system (unless alternative arrangements are advised by your lecturer) on or before the due date and time. For this essay the Turnitin originality index must be less than 15% Guidance on what you submit to Turnitin will be placed on vUWS The printed copy should contain the references used in developing the report. The Harvard reference system must be used.( in text and in the reference list) Question Background Control is the dominant criteria for recognising certain elements of the balance sheet and is used in determining the existence and structure of the economic entity. General Purpose Financial Reports produced are in accordance with the concept framework document and are designed to meet the needs of a specific set of users: namely the equity and debt holders. However, with the increasing emphasis on stakeholder engagement, environmental, social and governance issues the traditional form of accounting information appears not to be sufficient to provide adequate information for a significant range of other stakeholders. One alternate reporting system is the Integrated Reporting Framework (IR). The IR has the support of most of the professional accounting bodies in the world, and is being considered for compulsory compliance by numerous stock exchanges around the world. Within the IR document on page 20 is a diagram that shows the interrelationship between traditional financial statements and the more inclusive approach adopted by the IR framework. The Question Compare and contrast the control based approach used in accounting for its reporting of the economic entity to the more inclusive approach illustrated by the business model approach contained within the IR framework. Note: a compare and contrast is a critical analysis of similarity and differences. It is not a simple description. Corporate Accounting Systems 200109 Assignment Summer 2016-17 Page 3 Marking criteria and standards for the theory aspect Student Name: Student Number: Turnitin Originality Index (attach the Turnitin originality index report): CRITERIA UNSATISFACTORY NEEDS IMPROVEMENT MEETS EXPECTATIONS EXCEEDS EXPECTATIONS Identifies and uses relevant information: Only the text book or IR document. A limited range of texts and some internet sources. A comprehensive range of texts, articles and internet sources. An extensive range of texts, journals, books, and internet sources. Shows some evidence of critical consideration of relevant information, but may be poorly integrated. Shows evidence of critical consideration of relevant information, but may require better organization. Critically chooses information and clearly integrates it to support the points being made. Uses a range of \"authoritative\" information sources and uses relevant information to support the points being made. Dumps information. Shows no evidence of critical consideration of relevant information. 0 Addresses the requirements of the assignment: Presents a wellstructured argument within the word limit and conclusions are convincing. Presents with clarity: References and paraphrases correctly and Uses clear prose style: sentence structure, grammar, spelling, etc. Answer is poorly structured and/or unconvincing. 0.5 Answers could be better structured and/or the conclusions reached are not persuasive. 0-2 Acceptable answer. The conclusions reached are convincing. 3-4 In-text citation and/or paraphrasing and/or reference list missing or substantially incomplete. In-text citation and/or paraphrasing and/or reference list have a number of errors. Writing style is poor and difficult to follow and/or marred by many grammatical and/or spelling errors. Writing style is unclear at times. There are a number of grammatical and/or spelling errors. 0 0.75 0.5 5-6 Satisfactory in-text citation, paraphrasing and reference list, possibly with a few minor errors. Writing style is coherent, with possibly a few grammatical and/or spelling errors. 0.75 1 Well-structured answer. Conclusions are argued in a very persuasive manner. 7-8 Excellent in-text citation, paraphrasing and reference list. Writing is clear and error-free and demonstrates superior written communication skills. 1 (this will be weighted back to 5 marks) Corporate Accounting Systems 200109 Assignment Summer 2016-17 Page 4 Consolidation Aspect Part 1 (12 Marks) Using the information below and the financial statements on the following page, prepare the following: A: acquisition analysis and adjustment/elimination journal entries for consolidation at acquisition, 30 June 2010 B: i. adjustment/elimination journal entries for consolidation as at 30 June 2016; Ii the consolidation worksheet, and iii. consolidated financial statements and statements of changes in equity of Good Ltd and its controlled subsidiary for the year ending 30 June 2016. INFORMATION At acquisition, 30 June 2010 : 1. On 30 June 2010, Good Ltd acquired 100% of the issued capital of Man Ltd for $600,000 cash. The balance sheet of Man Ltd at the acquisition date showed: Share capital $200,000; Retained earnings $300,000. All assets and liabilities were recorded at fair value, except for land that was undervalued by $40,000. From acquisition to year ended 30 June 2016: 2. On 1 January 2014 Man Ltd sold an item of plant to Good Ltd for $120,000 when its carrying value in Man's books was $100,000 (original cost $160,000 and original estimated life of 8 years). For the year ended 30 June 2016: 3. Good Ltd made sales of inventory to Man Ltd of $280,000, while Man Ltd sold $200,000 of inventory to Good Ltd. 4. The opening inventory in Good Ltd included stock of $168,000 acquired from Man Ltd, which had originally cost Man Ltd $120,000. The opening inventory of Man Ltd included stock of $21,000 acquired from Good Ltd, which had originally cost Good Ltd $15,000. 5. Closing inventories on 30 June 2016 included the following amounts incorporating the intragroup markup on original cost price: Good Ltd $134,400 (bought from Man Ltd) and Man Ltd $47,600 (bought from Good Ltd). 6. On 1 September 2015 Good Ltd sold an item of plant to Man Ltd for $200,000 when its carrying value, and original cost, in Good's books was $340,000 and estimated remaining useful life was 5 years. 7. The management of Good Ltd believes that the goodwill acquired from Man Ltd was fully impaired. Previous impairments totaling $4,000. At 30 June Good wrote down the value of its investment in Man. The Directors of Man do not expect to return to profitability in the foreseeable future. 8. Both Good Ltd and Man Ltd declared and paid dividends during the year, and Man Ltd paid management fees to Good Ltd. 9. Man Ltd has a number of long term loans, including an interest free five-year loan for $28,000 from Good Ltd. ADDITIONAL INFORMATION: 10. Good Ltd has the following accounting policies which have been in place for the group for many years: (i) Revaluation adjustments on acquisition are to be made on consolidation only, not in the books of the subsidiary; (ii) Intragroup sales of inventory to be at a markup of 25% on cost; (iii) Plant is depreciated straight-line over its estimated life, with no residual value; and (iv) all amounts to be recorded to the nearest whole dollar. 11. The company tax rate is currently 30% and it has been this rate for many years. Companies operate as separate tax entities. Corporate Accounting Systems 200109 Assignment Summer 2016-17 Page 5 CONSOLIDATION ASPECT PART 2 (3 MARKS) It is 12 months later and the board of directors of Good Ltd are seeking your advice as Man has returned to profitability quicker than was expected. The directors are proposing to revalue the previously acquired goodwill upwards (effectively reversing the previous write down) by $100,000. They have asked you to provide a briefing paper and recommendation (1 page maximum) explaining the full accounting implications, e.g. the relevant journal entries, any tax implications, and the effect on the financial statements of the proposed upward revaluation. NOTE: You MUST number your journal entries and present them in the order as they relate to the number given for each \"event\". Where more than one journal is needed for an \"event\" to be completely accounted for add the letters a,b,c,...etc to them as necessary. [For example, if three separate journal entries are required to fully record the information detailed in point number 1, then the first journal will be 1a and the second is to be 1b and the third 1c.] Short narrations are expected for each journal entry. Marks will be lost if journals are not presented in a clear and professional manner (i.e. poor or unclear presentation can include showing the debit entry on one page but the credit entry on another, or not clearly distinguishing between debit and credit entries). The required statements for both the group and the parent company are: the statement of comprehensive income, statement of financial position, and statement of changes in equity. Follow the formats shown in Chapter 26 and 27 of the textbook. Notes to the statements are not required. Marks will be lost if statements are not presented in a clear and professional manner (i.e. poor or unclear presentation can include splitting the reports over two pages, so start each statement on a new page!). You may \"cut and paste\" the financial information on the next page into your excel file, but no other information is to be copied into your file from anywhere else. You are expected to use at least the basic formula functions in Excel when preparing worksheets and financial statements (i.e. use Excel formulas to calculate totals and sub-totals etc, rather than calculating values manually and then just typing them in to the spreadsheet!). This is the final unit in the accounting major where you will have to produce complex journal entries and financial reports at a professional level. Therefore, a very high standard is expected. Approach it as if you are preparing it for your employer. The reports cannot be late for the board meeting and the directors carefully review all of the information you give them. Your continuing employment depends upon quality work, being both technically correct and professionally presented! Corporate Accounting Systems 200109 Assignment Summer 2016-17 Page 6 AT 30 JUNE 2016 INCOME STATEMENTS Sales revenue Cost of goods sold Gross profit Other income Management fee revenue Dividend revenue Expenses Depreciation expense Management fee expense Loss on sale of plant Writedown of investment in subsidiary Other expenses Profit before tax Income tax expense Profit for the year after tax Retained earnings at start of year Dividend paid/declared Retained earnings at year end BALANCE SHEETS Equity Share capital Retained earnings Current Liabilities Accounts payable Income tax payable Dividends payable Non-Current Liabilities Loans Deferred tax liability Current Assets Cash Accounts receivable Allowance for doubtful debts Dividends receivable Inventory Non-Current Assets Loan receivable Land and buildings Plant - at cost Accumulated depreciation - plant Investment in Man Ltd GOOD LTD $ MAN LTD $ 2,760,000 1,856,000 904,000 1,420,000 852,000 568,000 106,000 297,600 - (98,000) (227,200) (106,000) (140,000) (100,000) (527,600) 442,000 (162,600) 279,400 454,000 (549,600) 183,800 (662,800) (428,000) 0 (428,000) 270,900 (96,000) (253,100) 938,000 183,800 200,000 (253,100) 297,400 165,200 100,000 1,029,600 0 40,000 573,500 21,400 2,279,300 208,000 1,224,500 81,100 247,600 (10,000) 124,400 236,900 42,100 173,400 (12,400) 73,900 28,000 793,600 620,700 (343,000) 500,000 2,279,300 510,700 992,000 (555,200) 1,224,500 Corporate Accounting Systems 200109 Assignment Summer 2016-17 Page 7 Assignment Cover Sheet School of Business Student name: Student number: Unit name and number: 200109 CORPORATE ACCOUNTING SYSTEMS Tutorial day and time: Tutor: TITLE OF ASSIGNMENT: Consolidation, Control and Goodwill Date due: Tuesday 24th January 2017 Date submitted: Campus of enrolment: PARRAMATTA Declaration: I prepared this assignment using Excel and word and I hold a copy of the file if the printed original is lost or damaged or if I am required to submit the file for plagiarism checking. I hereby certify that no part of this assignment has been copied from any other student's work or from any other source. No part of the assignment has been written or produced for me by any other person. I am aware that this work may be compared to work submitted by other students studying this unit this semester for the purpose of detecting possible plagiarism/collusion. I am aware that this work may be reproduced and submitted to plagiarism detection programs for the purpose of detecting possible plagiarism (which may retain a copy on its database for future plagiarism checking). Signature:______________________________________ Note: An examiner or lecturer/tutor has the right to not mark this assignment if the above declaration has not been signed. Plagiarism, Cheating & Collusion Plagiarism, cheating or collusion is regarded as a serious breach of the University's academic standards. Students must carefully read the Academic Rules on Plagiarism, Cheating & Collusion. Refer to the School of Accounting Handbook for further details RULES WILL BE STRICTLY ENFORCED Corporate Accounting Systems 200109 Assignment Summer 2016-17 Page 8 200109 CORPORATE ACCOUNTING SYSTEMS ASSIGNMENT MARKING CRITERIA & STANDARDS Consolidation Aspect (Part 1) - SUMMER 2016-2017 CRITERIA UNSATISFACTORY BELOW EXPECTATIONS MEETS MINIMUM EXPECTATIONS FOR A PASS EXCEEDS MINIMUM EXPECTATIONS SIGNIFICANTLY EXCEEDS EXPECTATIONS Acquisition analysis has one error and/or two journals not correctly recorded and/or missing and/or included incorrectly Acquisition analysis has one error and/or one journal not correctly recorded and/or missing and/or included incorrectly Acquisition analysis is correct but one journal not correctly recorded and/or missing and/or included incorrectly Acquisition analysis is correct and all required journals are correct, with none missing or included incorrectly Journal entries: PART A: 1 July 2010: Correct /complete acquisition analysis and journals Acquisition analysis has more than one error, or not prepared, and/or three or more journals not correctly recorded and/or missing and/or included incorrectly PART B: i. 30 June 2016: Correct /complete journals PART A and PART B i: Professional presentation, numbering and Narrations 0 marks Four or more events not correctly recorded and/or missing and/or included incorrectly 0 marks Three or more journals are not presented clearly and/or not complete and/or not numbered correctly and/or no narration 0 marks mark Three events not correctly recorded and/or missing and/or included incorrectly 2 marks 1 mark Two events not correctly recorded and/or missing and/or included incorrectly 3 marks One or two journals not presented clearly and/or not complete and/or not numbered correctly and/or no narration 1 mark 1 marks One event not correctly recorded and/or missing and/or included incorrectly 4 marks 2 marks Every required journal is correct, with none missing or included incorrectly 6 marks All journals are presented clearly and numbered correctly. All narrations are complete and informative 2 mark /10 Consolidation Worksheet: PART B: ii. Consolidation Worksheet Poor presentation and/or not balanced due to errors and/or missing entries and/or entries do not agree to journals from Part B:i. Not clearly presented but does balance. 1 marks Clearly presented. No errors and/or missing entries 5 marks 0 marks /5 Corporate Accounting Systems Assignment Summer 2016-17 Page 9 Consolidated Financial Statements PART B: iii. Presentation of Comprehensive Income Statements & Balance Sheets (for both Group and Parent) PART B: iii. Statements of Changes in Equity (for both Group and Parent) Poor presentation and/or more than three errors and/or missing headings or amounts Not acceptably presented and/or three errors and/or missing headings or amounts 0 marks mark One or more errors and/or not reconciled to the Balance Sheet 0 marks Acceptably presented, but with two errors and/or missing headings or amounts 1 marks Acceptably presented, but with one error and/or missing heading or amount Information could be presented more clearly but is reconciled to the Balance Sheet Correctly presented. No errors and/or missing headings or amounts 2 marks 3 marks Information is clearly presented and reconciled to the Balance Sheet 1 mark 2 marks /5 OTHER: Printed submission and / or electronic submission late: Electronic submission does not agree to printed submission: STUDENT ID: STUDENT NAME: (this will be weighted back to 12 marks) TOTAL MARK: [NOTE: Errors flowing from earlier incorrect journals, etc will not be treated as further errors] CONSOLIDATION ASPECT PART 2 (3 MARKS) The marking scheme for part 2 requires an accurate and correct answer. There are no part marks for this section. Produce this as a second word file. Corporate Accounting Systems 200109 Assignment Summer 2016-17 Page 10 -10% per day -50% / 20