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ACC510 Major Assignment (Task 2) [ATMC]
Semester (Trimester) 1 – 2017
This assignment (task) requires you to prepare answers to the provided question. The assignment must be your own individual work that means it is not a group assignment. If it is believed that a student has copied material from another student or any other source without appropriate referencing, the necessary action will be taken in accordance with the University’s Student Academic Integrity – Governing Policy:
(http://www.usc.edu.au/explore/policies-and-procedures/student-academic-integrity-governing policy). Consequently, it is critical that you provide complete referencing for any and all sources of information that you use in preparing your answers to the assignment. This includes both in-text references and a list of references at the end of your assignment. Please, contact your local campus lecturer/tutor if you have any questions about referencing (APA 6thEdn. is to be used – it is available on MSWord). Alternatively, you can post your enquiry on the Discussion Board of the Blackboard site for this course.
Other general points about this assignment:
The assignment will be marked according to the rubric and allocation list which encompasses aspects such as:
On 1st July, 2016, SC Airlines Ltd acquired a new aeroplane for a total cost of $10 million dollars. The following breakdown of the costs to build the aeroplane was given by the manufacturers.
|Fitting out of aircraft:|
|Passenger seats||$ 200,000|
|Food preparation equipment||$ 250,000|
All costs include installation and labour costs associated with the relevant part.
It is expected that the aircraft will be kept for 10 years and then sold. The main value of the aircraft at that stage will be the body and the engines. The expected selling price is $2.1 million, with the body and engines retaining the existing proportionate value.
Costs in relation to the aircraft over the next 10 years are expected to be as follows:
End of Questions
ACC510 - FINANCIAL REPORTING
TASK 2 – MAJOR ASSIGNMENT
Semester 1 - 2017
Student ID #:
The advantages of the revaluation model of accounting are as follows:
The revaluation model can be said to be the most beneficial approach for the business. Therefore, the business should make use of this model. The assets of the company are mainly valued as per the market rates. So being a company dealing in airline services, the company should adopt this model.
The Cost of buying the air crafts $3,000,000 shall be treated as capital cost and treated in the Balance Sheet. The cost of inspection at $10,000 shall be treated as revenue costs and treated in Profit and Loss Account
The cost related to the purchase of two engines of the aeroplane shall cost $ 4,000,000, which shall be treated as capital costs and treated in the balance sheet of the company. The annual maintenance cost for the current year $300,000 shall be treated as revenue cost and recorded in the P/L Account.
In case of the fittings, the cost borne for procuring seats shall be $1,000,000, which shall be treated as capital cost and recorded in the balance sheet. The cost borne for procuring the carpets for $50,000 shall be recorded in the Balance Sheet. These two costs shall be treated as the capital costs of the current financial year. However, the costs related to the repair of torn seats $ 100,000 shall be treated as revenue costs and recorded in the P/L account. Annual cleaning cost of $ 10,000 shall be treated as revenue costs and recorded in P/L account.
The electrical equipments such as TV has an annual repair cost of $ 15000 and shall be recorded as Revenue costs and recorded in the Balance Sheet. The electrical equipments are tested frequently at a revenue cost of $ 250,000, which shall be included in the Balance Sheet. The costs of procuring passenger seats are $ 2,00,000 and the cost of procuring cockpit is $ 1,5000,000 which shall be treated as capital costs and recorded in the balance sheet of the current financial year.
The cost of procuring the food preparation equipment at $ 250,000 shall be treated as capital costs and recorded in the balance sheet of the current financial year. The cost of repair incurs $ 20,000, which shall be treated in the P/L account as revenue costs.
Consideration of relevant issues
The aircraft body including the cost of installation amounts to $ 3,000,000. Notably, it also includes the associated labor costs. It addition to that, it is noted that, the aircraft body needs inspection at an interval of 2 years that for repair and maintenance purpose and costs $ 10,000.
Thus, in regards to the given scenario, for the financial year 1st July 2016 to 30th June 2017, the expenses that is to be recognized amounts to $ 3,000,000.
Initially, the cost of the engines to the company amounts to $ 4,000,000. In addition to that, it is noted that, the engines requires an annual maintenance every year that will cost the company $ 300,000.
Hence, the total expenses that the company has to bear for the engines of the aircraft for the financial year 1st July 2016 to 30th June 2017 is = $ (4,000,000 + 300,000) = $ 4,300,000.
The initial cost o the company for the fittings of the aircraft including the seats and the carpets amounts to $ 1,050,000 ($ 1,000,000 + $ 50,000). Additionally, the annual costs that need to be incurred for the fittings of the aircraft are listed below:
Repair of torn seats and faulty seats = $ 100,000.
Cleaning costs = $ 15,000
Test of Electrical equipment = $ 250,000
Therefore, total expenses in regards to fittings = $ (1,050,000 + 100,000 + 15,000 + 250,000) = $ 1,415,000
Food preparation equipment
Initially, on 1 July 2017 the cost for the food preparation equipment amounts to $ 250,000. In addition to that, it is stated that, the company has to incur an annual cost of $ 20,000 for its repair and maintenance.
Therefore, the expenses that the company has to incur for the financial year 1 July 2016 to 30 June 2017 is = $ (250,000 + 20,000) = $ 270,000.
The total expenses that SC Airlines Ltd has to incur annually for the financial year 1st July 2016 to 30th June 2017 in context to the new aircraft amounts to = $ (3,000,000 + 4,300,000 + 1,415,000 + 270,000) = $ 8,985,000
Hanlon, D., Navissi, F., &Soepriyanto, G. (2014). The value relevance of deferred tax attributed to asset revaluations. Journal of Contemporary Accounting & Economics, 10(2), 87-99.
Hu, F., Percy, M., & Yao, D. (2015). Asset revaluations and earnings management: Evidence from Australian companies. Corporate Ownership and Control, 13(1), 930-939.
Laing, G. K., & Perrin, R. W. (2014). Deconstructing an accounting paradigm shift: AASB 116 non-current asset measurement models. International Journal of Critical Accounting, 6(5-6), 509-519.
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