you mustFIRSTenter your student ID on the excel spreadsheet ( CELL B2) prior to working on the assignment. This would then generate adifferent set of valuesfor each student depending on their unique...

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you mustFIRSTenter your student ID on the excel spreadsheet (
CELL B2)

prior to working on the assignment. This would then generate adifferent set of valuesfor each student depending on their unique student ID number.


We have hadissueswith students entering or changing their student IDafterthey've completed the assignment and by doing so would distort the values.


Please also check that you've entered the correct student ID as the solutions used to mark your attempt will be generated based on this number.


Student ID : 217631534




MAA363 T2 2018 Assignment Question 2 (Insturctions) Deakin's Bachelor of Commerce and MBA are internationally EPAS accredited. Deakin Business School is accredited by AACSB. MAA 363 Corporate Accounting Trimester 2, 2018 Written Assessment – Question Two DUE DATE AND TIME: Monday 27 August, 2018 before 11.59 pm (AEST) PERCENTAGE OF FINAL GRADE: 7% DROPBOX OPEN: Monday 20 August, 2018, 9.00 am DROPBOX CLOSE: Monday 3 September, 2018, 5.00 pm SUBMISSION: ONLINE only to Dropbox – no hard copy to be submitted. MARK IN GRADES: Monday 10 September, 2018 after 5.00 pm Threshold Learning Standards (TSL) TLSs are the minimum accounting discipline national standards graduates are expected to meet or exceed upon graduation. This assessment item provides students with the opportunity to develop and evidence the following TLSs that are aligned to the Deakin graduate learning outcomes (DGLO) and more importantly the Unit learning outcomes (ULO): TLS Description Graduate Learning Outcome (GLO) TLS01 (ULO1, 2 & 4) Discipline- specific knowledge Discipline-specific knowledge and capabilities: appropriate level of discipline-specific knowledge GLO 1 – Discipline-specific knowledge TLS05 (ULO1, 2 & 4) Problem solving Problem Solving: creating solutions to authentic (real and ill-defined) problems GLO 5 – Problem solving Refer to the marking rubric for details of how to evidence these TLS in your assessment submission. Page 2 of 4 Assignment Instructions: This assignment relates to Topic 4 on Income Tax and requires the following to be submitted: An excel workbook with the following four (4) sheets: • Sheet 1: Background Information • Sheet 2: Calculating Taxable Income • Sheet 3: Calculating DTA/DTL 2018 • Sheet 4: Change in Tax Rate Before you start the assignment, you must enter your student ID on the background information sheet (Sheet 1; Cell B2) as each student will be given a different set of values depending on their unique student ID as the following: Student ID Input student ID here Failure to do so will result in zero marks. You must use the excel workbook provided in answering and submitting your answers. Other formats will not be accepted. Required: a) Calculate the taxable income/tax loss and the current tax liability (if any) for the financial year ended 30th June 2018. Prepare a journal entry to recognise the current tax liability/tax loss (In Sheet 2: Calculating Taxable Income). b) Calculate deferred tax asset and deferred tax liability balances as at 30th June 2018. Prepare the deferred tax journal entries for the year ended 30th June 2018. Note that you are NOT required to prepare journals to offset the deferred tax asset and deferred tax liability balances (In Sheet 3: Calculating DTA/DTL 2018). c) Assume that by 1 December 2018 there was a change in tax rate from 30% to 27.5%. Discuss the accounting treatment under accounting standard, AASB112 Income Taxes for the deferred tax asset and deferred tax liability balances as at 1 December 2018 given that the company may now be in a lower tax threshold for the 2018-2019 financial year. Should you believe an accounting change is necessary, prepare the journal entries to record the effect of change in tax rate. (In Sheet 4: Change in Tax Rate). (7 + 6 + 3 = 16 marks) Converted to 7% Page 3 of 4 Assessment Feedback: Students who submit their work by the due date will receive their marks and feedback on CloudDeakin on Monday 10 September, 2018 after 5.00 pm Assignment Requirements 1. Please monitor CloudDeakin for any instructions/announcements. 2. This is an Individual assignment (there is no group option). 3. Each question must be completed on the individual excel workbook provided. The excel workbook is located in the ‘Assessment Resources’ module, with this assignment. 4. You will need to have completed Topic 4 Income Tax to complete this assignment. 5. If you choose not to submit this question you will score zero – the marks cannot be added to the final examination result. 6. NOTE: The submission Due Date is Monday 27 August, 2018 before 11.59 pm (AEST). The Dropbox will remain open for late submissions. A penalty of 5% of total marks per day will be applied. Late submissions after 5 days will not be marked as per Faculty’s Policy. 7. Submit/upload your assignment to the relevant Assignment Dropbox under the Assessments tab. Submission Instructions Click the name of the Assignment folder that you want to submit an assignment to. Carefully read the instructions relating to the assignment criteria and submission. Click Add a File. Note: You can upload a maximum of 250 MB file. Submit items from your computer / local disk. Add a comment if required. Click Submit. You will receive confirmation that your file submission was successful. You must keep a backup copy of every assignment you submit, until the marked assignment has been returned to you. In the unlikely event that one of your assignments is misplaced, you will need to submit your backup copy. Page 4 of 4 Any work you submit may be checked by electronic or other means for the purposes of detecting collusion and/or plagiarism. When you are required to submit an assignment through your CloudDeakin unit site, you will receive an email to your Deakin email address confirming that it has been submitted. You should check that you can see your assignment in the Submissions view of the Assignment dropbox folder after upload, and check for, and keep, the email receipt for the submission. Notes • Penalties for late submission: The following marking penalties will apply if you submit an assessment task after the due date without an approved extension: 5% will be deducted from available marks for each day up to five days, and work that is submitted more than five days after the due date will not be marked. You will receive 0% for the task. 'Day' means working day for paper submissions and calendar day for electronic submissions. The Unit Chair may refuse to accept a late submission where it is unreasonable or impracticable to assess the task after the due date. • For more information about academic misconduct, special consideration, extensions, and assessment feedback, please refer to the document Your rights and responsibilities as a student in this Unit in the first folder next to the Unit Guide of the Resources area in the CloudDeakin unit site PLEASE USE THE EXCEL WORKBOOK IN ANSWERING AND SUBMITTING YOUR ANSWER.
Answered Same DaySep 16, 2020MAA363Deakin University

Answer To: you mustFIRSTenter your student ID on the excel spreadsheet ( CELL B2) prior to working on the...

Abr Writing answered on Sep 18 2020
138 Votes
Background information
        Student ID
    input student ID here    217631534        PART A
                The profit before tax, as reported in the statement of comprehensive income of Arkibath Ltd (an Australian building services company) for the year ended 30 June 2018
                amounted to:    $3,900,000
                including the followi
ng revenue and expense items:
                Rent Revenue    $121,000
                Government grant received    $219,000
                Doubtful debts expense    $24,000
                Depreciation (Plant)    $158,400
                Depreciation (Buildings)    $39,000
                Long-service leave expense    $109,000
                Annual leave expense    $73,000
                Office supplies expense    $36,000
                Entertainment expense    $60,900
                The draft statements of financial position of the company at 30 June 2018 and 2017 showed the following assets and liabilities:
                    2018 ($)    2017 ($)
                Assets
                Cash    $255,000    $280,000
                Inventory    $548,000    $499,000
                Accounts Receivable    $1,584,000    $1,511,000
                Allowance for doubtful debts    -$126,000    -$117,000
                Office Supplies    $68,000    $63,000
                Plant    $1,584,000    $1,584,000
                Accumulated depreciation - Plant    -$633,600    -$475,200
                Buildings    $975,000    $975,000
                Accumulated depreciation - Buildings    -$390,000    -$351,000
                Land    $609,000    $609,000
                Goodwill (net)    $243,000    $243,000
                Deferred Tax Asset    ?    $35,820
                Liabilities
                Accounts Payable    $926,000    $828,000
                Long service leave payable    $195,000    $146,000
                Annual leave payable    $134,000    $97,000
                Rent received in advance    $85,000    $60,000
                Deferred Tax Liability    ?    $0
            Additional Information:
            a)    Rent revenue is tax assessable when it is received in cash
            b)    Government grant is not tax assessable
            c)    Doubtful debts are tax deductible when the company actually incurs bad debts/write off
            d)    For accounting purpose, plant is depreciated using the straight line method at a rate of:            10%    per annum
                For tax purpose, however, the plant is depreciated on:            15%    per annum
            e)    Depreciation of buildings and entertainment costs are not allowed as tax deductions
            f)    Employee entitlements such as long service and annual leave are tax deductible when they are paid in cash to the employees
            g)    Office supplies are tax deductible when it is paid in cash
            h)    Entertainment expenses are not allowed as tax deductions
            i)    Aggregated turnover for the year ended 30 June 2017 and 2018 is in excess of $25million and it is expected that turnover will exceed $50million in the year ended 30 June 2019
            Required:
            1)    Calculate the taxable income/tax loss and the current tax liability (if any) for the financial year ended 30th June 2018. Prepare a journal entry to recognise the current tax liability/tax loss.
            2)    Calculate deferred tax asset and deferred tax liability balances as at 30th June 2018. Prepare the deferred tax journal entries for the year ended 30th June 2018. Note that you are NOT required to prepare journals to offset the deferred tax asset and deferred tax liability balances.
                Show your calculation using deferred tax...
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