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HC1010 Accounting For Business Assignment Help

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HC1010 Accounting For Business Assignment Help

HC1010 Assignment Specifications  

Purpose: 

This assignment aims to reinforce and extend students’ knowledge and understanding of key topics in this course (HC1010) including: Statement of Financial Position, Statement of Financial Performance, Cash Flow Statement, Financial Statement Analysis, Accounting for Business Transactions through independent research and application of knowledge and skills.  

Assignment details:  

PART A Financial Ratios and Financial Statement analysis (6 marks)  

The following financial data relate to Big Bang Pty Ltd for the years ended 30 June Year 2019 and 30 June Year 2018. 

Accounting For Business

Additional information: 

The amount of Accounts receivables at 30 June Year 2017 was $78 000 (net). The inventory figure at 30 June Year 2017 was $130 000. The company provides its credit customers 30 days to pay. The average inventory turnover for the industry in which the company operates is 101 days.  

a) You are required to explain and calculate the following ratios for the years ended 30 June Year 2019 and 30 June Year 2018: 

b) current ratio; 

c) quick ratio; 

d) accounts receivable turnover (times and in days); and – inventory turnover (times and in days). 
 
e) Comment on the short-term solvency, including the efficiency of the business, given the ratio results obtained in your answer in part a. 
 

PART B. Income and Revenue (4 marks)  

The core business of Green Apple Ltd involves the sale of anti-virus software. The following took place during the financial year ended 30 June. The company earned $25 000 000 from the sale of software; $3 000 000 from update downloads; and $50 000 in interest from investing on the short-term money market. The company also received a $2000 discount arising out of the early settlement of a liability; and issued shares in exchange for $500 000 cash during the year. 
 
Discuss whether the foregoing five financial items would meet the definition of income to the company during the year? Give reasons for your answer. 
 
Which, if any, of the items would meet the definition of revenue to the company for the year? Give reasons for your answer.
 

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