Please see attached.

5
Practical Analysis
Student Name
Student Number
Course Name
Course Number
Date 24 -02- 2021
Assignment Details: Corporate Accounting - Assessment Task
Due – 6:00 PM Wednesday 24th of February 2021
Question 1
It is essential to understand that the cost of acquisition is the expenditure incurred at the given time of purchase especially for the new assets.
Further, to understand the purchase price along with the shipping cost as well as the cost of installation and the cost of running along with any cost acquired under the section 55 of the cost of acquisition. On the more, it is evident as per the IAS 16 Property Plant and Equipment the three factor is required Purchase expense , Self Construction Expense and the assets of Exchange and the same is accounted as per the cost of acquisition (Kaya, İ2017).

Question 2
In terms with the changes of the accounting policies accounted for and disclosed can be explained as the approach used under the retrospective approach , in connection of the prior period financial statements must be stated in the books of the accounts. In case when the accounting polices are changed and adjusted for the equity and the accounting policy. In case the changes occur after balance sheet dates the disclosures must be reflected in the notes of the accounts. Further, it is necessary that the changes and the adjustment issues and computation must be explained in the accounting policy.
Question 3
For the Hawke Ltd
Statement of Financial position
As at 30 June 2020
Compute the following :-
(a) Cash collected from customers
Formula = Sales - Less Increase in the Accounts Receivables = $ 19,20,000 – ( $ 208000 -$ 172000)
= $ 18,84,000
(b) Cash paid to suppliers

Formula = Cost of Sales - Less Increase in the Accounts Payables + Decrease in Inventory = $ 13,44,000 – ( $ 128000 -$ 152000 +200000 -208000 )
= $ 13,12,000
(c) Cash paid to employees for wages and salary
Formula = Increase in the Plant Value less Increase in Provision = $ 2600000+$ 16000-$ 24000
= $ 2,52,000

(d) Cash spent on plant and equipment
Formula = Increase in the Plant Value Add Cost of Equipment Sold $ 800000+ $ 720000 + $ 80000
= $ 1,60,000
(e) Proceeds from sale of equipment
Formula = Increase in the Plant Value Add Cost of Equipment Sold $ 20000 - $ 8000
= $ 12,000 ( Book Value of Plant – Loss on sale of Assets)
(f) Cash paid for insurance
Formula = Insurance Expense - $ 32000 - $ 20000 + $ 12000 = $ 24000
(Brown, Beekes, & Verhoeven, 2011)
Question 4
(A) Calculate the current and...