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HI5020 The Concept of Corporate Accounting | Assignment

   

Added on  2020-05-28

8 Pages1576 Words51 Views
Running Head: CORPORATE ACCOUNTINGCorporate AccountingName of the StudentName of the UniversityAuthor Note

1CORPORATE ACCOUNTINGTable of ContentsRequirement i:...........................................................................................................................2Requirement ii:..........................................................................................................................3Requirement iii:.........................................................................................................................4Requirement iv:.........................................................................................................................5Requirement v:...........................................................................................................................5Requirement vi:.........................................................................................................................6Requirement vii:........................................................................................................................8References list:...........................................................................................................................9

2CORPORATE ACCOUNTINGRequirement i:Various items listed under equity can be ascertained from the annual report ofFolkestone education trust unit. Items that are listed under equity include contributed equity,undistributed profits and available for sale financial assets reserve. Contributed equity are thetotal amount of shares that company buys directly from public either in the form of initial publicoffering and issuance of stock (Wahlen et al. 2014). The total amount of equity of Folkestoneeducation trust unit is recorded at $ 629670 million in year 2017 and $ 531800 in year 2016respectively. It is indicative of the fact that total equity value has increased by $ 97870 million(folkestone.com.au 2018).Undistributed profits are value of retained earnings or profits that have accumulated overa period and have been re invested in business. Such profits are reinvested in business and theyare not distributed to shareholders in the form of dividends. Available for sale financial assetsreserve is a financial security that is not classified or held for trading purpose (Mullinova andSimonyants 2016). Total amount of contributed equity is recorded at 324088 million in year $ 2016compared to $ 330392 in year 2017. Undistributed profits have increased from $ 201975 in year2016 as against $ 288835 in year 2017. Value of available for sale financial assets reserve hasincreased significant from $ 5737 million in year 2016 to $ 10443 in year 2017 respectively(folkestone.com.au 2018). Requirement ii:Folkestone education trust unit has incurred a tax expense of $ 530000 in year 2017 thatis incorporated in other expenses in consolidated statement of comprehensive income. Amount

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