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Intermediate Accounting Essay

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Below is an essay on "Intermediate Accounting" from Anti Essays, your source for research papers, essays, and term paper examples.

ACCG224- Intermediate Financial Accounting Case Study Assignment-Semester 2, 2010.

This assignment has two questions. The total marks for these two questions are 45 marks. These 45 marks will be converted to 15 marks (15%) of your final grading assessment. Please read the pages 7 and 8 of the unit outline. Submission Instructions Submission date: 12 October, 2010, by 5.00 p.m. to the BESS Office, Ground Floor E4B.

Word limit and length of the assignment: 1000 to 1600 words, single space, length should be 3 to 5, A4 pages. The assignment should be a type written document. Assignment cover page: The students need to attach the assignment cover page giving the following details: 1. Student number, family name and first name, 2. Tutorial class number, day and time 3. Tutor’s name.

Assignment – Question 1 (total marks 25). You are the Financial Accounting and Tax Consultant of a rapidly expanding company which has experienced extremely fast growth in sales and profitability in the calendar years 2006, 2007 and 2008 as shown in the following table: Description 31/ 12/ 2006 Sales $ 26,500,000 Profit Before Tax $ 1,900,000 Deferred tax asset $ 100, 000 31/12/2007 $ 60,000,000 $ 7,800,000 $ 506,000 31/12/2008 $ 110,000,000 $ 10, 200,000 $ 920,000

Owing to a severe downturn in consumer acceptance and the resultant forced reduction in gross margins, the company incurred an accounting loss for the calendar year 2009 of $ 3, 100,000. Company management has forecasted: 1. A recovery in 2010 to a break-even situation for the year; the estimated loss for the first half of 2010 was $ 3,000,000 and to the date of the 2009 audit report (30 April 2010) the loss was $ 2,200,000. 2. A steady upturn in the industry leading to regular profits from 2011 onwards. However, industry experts predict a continuance of difficult trading conditions. Additional Information.

There is an excluded temporary difference at 31 December, 2009, namely the depreciation on buildings...

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