Accounting Essay

Introductory Accounting Assignment

Introductory Accounting Assignment

Student: Vu Ngoc Quynh Anh

College student ID: s3373451

Course Code: ACCT2105

Lecturer: Lan Anh Nguyen Thi

Semester you, 2012

Chip Scali Limited

Annual Record 2011

Scholar: Vu Ngoc Quynh Anh

Student IDENTIFICATION: s3373451

Course Code: ACCT2105

Lecturer: Local area network Anh Nguyen Thi

Session 1, 2012

Nick Scali Limited

Annual Report 2011

Part A: The Financial Information of Nick Scali Limited Business Question you: The Company's primary operating actions.

The main working activities of the Nick Scali Limited were finding the offering source and retailing home furniture15344 and related appliances, equipment. (Nick Scali Limited, Annual Report 2011, pp. 12)

Question 2: The retailing brands regulated by the legal entity Three retailing brands participate in Nick Scali Limited will be:

* Sofas2Go

* Manor d'Ax

5. Nick Scali Limited

(Nick Scali Limited, Annual Record 2011, pp. 2)

Query 3: Depreciation method used

The number of note deals with Affirmation of Significant Accounting Guidelines is Note 1 . The actual depreciation approach applied can be Straight-line Approach. Leasehold improvements are calculated at the short of the devaluation period or perhaps the term from the lease. (Nick Scali Limited, Annual Statement 2011, pp. 22)

Problem 4: Depreciation expense and accumulated downgrading Total downgrading expense to get the year finishing 30 June 2011 is $1, 064, 000. (Nick Scali Limited, Annual Statement 2011, take note 3, pp. 29)

Total accumulated devaluation as at 30 June 2011 is definitely $7, 122, 000. (Nick Scali Limited, Annual Statement 2011, be aware 12, pp. 34)

Issue 5: Correct issue plus the number of stocks and shares

Rights issue is the approach to raise the capital from stockholders. Once a organization offers legal rights issue, investors have the right to buy the amounts of shares which based on the percentage of the shares they have placed. (Atrill ain al 2009) The total volumes of legal rights granted by firm in 2011 under this is 36, 232 shares. (Nick Scali Limited, Annual Statement 2011, notice 25, pp. 42)

Issue 6: Volume of final totally franked dividends per discuss The Company directors announced four. 5 mere cents per talk about which is a final fully franked dividends to get 2011. (Nick Scali Limited, Annual Report 2011, pp. 13)

The organization paid 6th. 0 pennies per talk about which is the ultimate franked payouts in 2009. (Nick Scali Limited, Annual Statement 2011, pp. 13)

Query 7: Getting Land and Building

The Nick Scali Limited purchased $7, 500, 000 intended for Land and Buildings in Alexandra And. S. W (Nick Scali Limited, Twelve-monthly Report 2011, pp. 12)

Half of the fund as well as $3, 500, 500 was obtained from external sources which is disclosed in Note twenty-two (Nick Scali Limited, Annual Report 2011, pp. 40)

Issue 8: The goal of external auditor report:

* In order to appraise the Nick Scali Limited's economic report including the declaration of finacial statement, cash flow statement and comprehensive profits statement, cash flows affirmation, other associated notes as well as the annoucement of directors 2. In order to guarantee directors offer the significance and fair perspective and presentation when it comes to the finances * In order to convey a viewpoint in regards to the monetary report which usually comply with the Australian Accounting Standard 2. In order to review and audit the procedure of the company through the statement of the administrators (Nick Scali Limited, Total annual Report 2011, pp. 48)

Part N: Analysis of financial information

Problem 1: Determining analytical proportion

1 . Current ratio sama dengan Current AssetsCurrent Liabilities (Atrill 2009) Attributes| 2010 ($'000)| 2011 ($'000)

Current Assets| 32, 919| 30, 865

Current Liabilities| 19, 359| 18, 987

Adapted coming from Nick Scali Limited 2011

For the season 2010:

Current ratio = 32, 91919, 359 = 1 . six times

Intended for the year 2011:

Current ratio sama dengan 30, 86518, 987 = 1 . sixty two times

2 . Acid test percentage = Current assets (excluding inventoryand prepayments)Current...

References: Chip Scali Furniture Ltd 2011, Annual Record 2011, Nick Scali, Sydney

Atrill, S, McLaney, E, Harvey, Deb & Jenner, M 2009, Accounting: an introduction, 4th edn, Pearson Education Australia, Cina.


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