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会计代写-ACCT2542-Assignment 1
时间：2022-06-23
ACCT2542 Corporate Financial Reporting and Analysis - 2022
Assignment 1: Accounting for income tax
Tilly's Tiles & Bathroom Fittings
Student Question
Student no Page 1
Name
UNSW email
Balance sheet
as at 30/6/2022
$ $
Assets
Cash at Bank 544,000
Accounts receivable 1,250,080
Allowance for doubtful debts (87,500)
Inventory 1,015,040
Prepaid rent 27,950
Machines 3,900,000
AcDepn - Machines (484,900)
Deferred tax asset 72,900
Land 2,797,600
Total Assets 9,035,170
Liabilities
Accounts payable 676,700
Allowance for warranties 97,600
Wages due 10,380
Provision for staff leave 78,100
Revenue received in advance 429,440
ATO Creditor -
Bank loan 2,472,675
Deferred tax liability
Total liabilitites 3,764,895
Equity
Shareholder capital 2,830,775
Retained profits 487,900
Total Equity 3,318,675
z5270623
Evelyn Zhang
yuwen.zhang@student.unsw.edu.au
Tilly's Tiles and Bathroom Fittings is an established company that has been in operation for a number of years. They have just
reached the end of their financial year, and their chief accountant has fallen sick. You are asked to step into the role and
provide assistance. Specifically, your help is needed with the implementation of AASB 112. The CEO would like for you to
determine the current tax liability, and the deferred tax assets and liabilities. The chief accountant has a fixed template which
the company has been using for years. Because your work will need to be read the company accounting system that helps
prepare the final financial report you will need to stick with this template.
Below is all the relevant information that the accountant prepared before they fell sick.
ACCT2542 Corporate Financial Reporting and Analysis - 2022
Assignment 1: Accounting for income tax
Tilly's Tiles & Bathroom Fittings
Student Question
Income Statement Page 2
for the financial year ended 30/6/2022
$ $
Income
Product Sales 7,808,000
Service revenue 3,026,000 10,834,000
Less cost of goods sold 4,060,160
Gross Profit 6,773,840
Less operating expenses
Wages expense 2,708,500
Leave entitlements expense 312,520
Warranties expense 390,400
Bad & doubtful debt expense 390,400
Fines & penalties 121,720
Legal costs 73,000
Rent expense 167,700
Interest expense 173,100
Depreciation - Machine 484,900
Income tax expense - 4,822,240
Net profit 1,951,600
Accounting Policies and Additional information:
⮞ The company tax rate is 30%. Tilly's reports using the Australian financial year ending 30 June.
⮞ There was a nil opening balance for unpaid employee entitlements (i.e. Wages due, and Provision for staff leave).
⮞ On average, staff only took 3 weeks of leave entitlement. The total leave bill paid was $156,300.
⮞ The opening balance for Prepaid rent was zero as on 1 July 2021, Tilly's Tiles & Bathroom Fittings moved into a new
premises and paid 14 months of rent in advance.
⮞ All sales are assessable income at point of sale. The opening balance of allowance for doubtful debts was $68,700.
⮞ This is the first year they offered warranties, therefore the opening balance of provisions for warranties was $0. Tax law
allows a deduction when customers make a claim.
⮞ A quirk of tax law means Tilly's Tiles & Bathroom Fittings has a 2021 carry forward tax loss of $243,000 despite their
retained profits.
⮞ Tilly's Tiles & Bathroom Fittings is on an upward trajectory and is expected to make significant future profits.
⮞ The machinery was bought 1 year(s) ago.
⮞ For accounting purposes, the machinery is depreciated on a straight-line basis over 8 years.
⮞ For taxation purposes, the machinery is depreciated on a straight-line basis over 5 year(s).
⮞ The machine has an expected residual value of $20,800.
⮞ Supply chain shortages means that Tilly's now asks customsers to pay in advance since 1 Jan 2022. Before this, no customer
has ever prepaid.
⮞ All fines, penalties, and legal expenses are paid when incurred, however only legal fees are deductable.
⮞ Ignore GST and Superannuation. All other expenses not discussed are paid when incurred.
Assignment 1: Accounting for income tax
Tilly's Tiles & Bathroom Fittings
Student Question
Student no Page 1
Name
UNSW email
Balance sheet
as at 30/6/2022
$ $
Assets
Cash at Bank 544,000
Accounts receivable 1,250,080
Allowance for doubtful debts (87,500)
Inventory 1,015,040
Prepaid rent 27,950
Machines 3,900,000
AcDepn - Machines (484,900)
Deferred tax asset 72,900
Land 2,797,600
Total Assets 9,035,170
Liabilities
Accounts payable 676,700
Allowance for warranties 97,600
Wages due 10,380
Provision for staff leave 78,100
Revenue received in advance 429,440
ATO Creditor -
Bank loan 2,472,675
Deferred tax liability
Total liabilitites 3,764,895
Equity
Shareholder capital 2,830,775
Retained profits 487,900
Total Equity 3,318,675
z5270623
Evelyn Zhang
yuwen.zhang@student.unsw.edu.au
Tilly's Tiles and Bathroom Fittings is an established company that has been in operation for a number of years. They have just
reached the end of their financial year, and their chief accountant has fallen sick. You are asked to step into the role and
provide assistance. Specifically, your help is needed with the implementation of AASB 112. The CEO would like for you to
determine the current tax liability, and the deferred tax assets and liabilities. The chief accountant has a fixed template which
the company has been using for years. Because your work will need to be read the company accounting system that helps
prepare the final financial report you will need to stick with this template.
Below is all the relevant information that the accountant prepared before they fell sick.
ACCT2542 Corporate Financial Reporting and Analysis - 2022
Assignment 1: Accounting for income tax
Tilly's Tiles & Bathroom Fittings
Student Question
Income Statement Page 2
for the financial year ended 30/6/2022
$ $
Income
Product Sales 7,808,000
Service revenue 3,026,000 10,834,000
Less cost of goods sold 4,060,160
Gross Profit 6,773,840
Less operating expenses
Wages expense 2,708,500
Leave entitlements expense 312,520
Warranties expense 390,400
Bad & doubtful debt expense 390,400
Fines & penalties 121,720
Legal costs 73,000
Rent expense 167,700
Interest expense 173,100
Depreciation - Machine 484,900
Income tax expense - 4,822,240
Net profit 1,951,600
Accounting Policies and Additional information:
⮞ The company tax rate is 30%. Tilly's reports using the Australian financial year ending 30 June.
⮞ There was a nil opening balance for unpaid employee entitlements (i.e. Wages due, and Provision for staff leave).
⮞ On average, staff only took 3 weeks of leave entitlement. The total leave bill paid was $156,300.
⮞ The opening balance for Prepaid rent was zero as on 1 July 2021, Tilly's Tiles & Bathroom Fittings moved into a new
premises and paid 14 months of rent in advance.
⮞ All sales are assessable income at point of sale. The opening balance of allowance for doubtful debts was $68,700.
⮞ This is the first year they offered warranties, therefore the opening balance of provisions for warranties was $0. Tax law
allows a deduction when customers make a claim.
⮞ A quirk of tax law means Tilly's Tiles & Bathroom Fittings has a 2021 carry forward tax loss of $243,000 despite their
retained profits.
⮞ Tilly's Tiles & Bathroom Fittings is on an upward trajectory and is expected to make significant future profits.
⮞ The machinery was bought 1 year(s) ago.
⮞ For accounting purposes, the machinery is depreciated on a straight-line basis over 8 years.
⮞ For taxation purposes, the machinery is depreciated on a straight-line basis over 5 year(s).
⮞ The machine has an expected residual value of $20,800.
⮞ Supply chain shortages means that Tilly's now asks customsers to pay in advance since 1 Jan 2022. Before this, no customer
has ever prepaid.
⮞ All fines, penalties, and legal expenses are paid when incurred, however only legal fees are deductable.
⮞ Ignore GST and Superannuation. All other expenses not discussed are paid when incurred.
