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Corporate Accounting - Sample Assignment PDF

   

Added on  2021-06-14

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1CORPORATE ACCOUNTINGCORPORATE ACCOUNTINGName of the Student Name of the UniversityAuthor’s Note
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2CORPORATE ACCOUNTINGTable of ContentsBrief Overview of Caltex.................................................................................................................3Changes in item of cash flow statement of Caltex over the past few years and analyzing reasonsfor change........................................................................................................................................3Items of Other Comprehensive Income Statement..........................................................................6Analyzing each item of other comprehensive income statement....................................................6Causes for the items not reported in the income statement.............................................................7Explaining about Caltex’s income tax expenditure.........................................................................7Verification of the tax being figure that is same as Caltex tax rate times the company’saccounting income...........................................................................................................................7Deferred tax reported in balance sheet and reasons for record........................................................8Income tax payable or current tax assets recorded by the firm.......................................................8Verification of income tax expenditure given in income statement same as income tax paidshown in cash flow statement..........................................................................................................9Features in financial statements and new insights...........................................................................9References......................................................................................................................................10
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3CORPORATE ACCOUNTINGBrief Overview of CaltexThe purpose of this report is to analyze the annual report of a company that is listed onASX (Australian Stock Exchange). The company that has been selected in this report is CaltexAustralia Limited, which is an Australia-based supplier of transport fuel and convenience retailerorganization. This organization has been engaged in business of buying, marketing anddistributing its petroleum products as well as operating convenience stores across this nation.This organization has been operating via two segments that involve- Lytton and supply as well asmarketing. This enterprise has been listed on Australian Securities Exchange and has beenconstituent of S&P/ASX 50 index. Changes in item of cash flow statement of Caltex over the past few years and analyzing reasons for changeThe cash flow statement of Caltex Australia Limited mainly consist of three sections thatinvolves cash flow from investing activities, operating activities, financing activities and net cashas well as cash equivalents (Bodnar and Hopwood 2012). The items that are included in theoperating activities involves depreciation, adjustments to net income, liabilities changes,inventory changes, changes in accounts receivable and changes in other operating activities. Ithas been seen that the total cash flow of operating activities has declined in the year 2017 to$735,032 from the year 2016 and 2015. The items that are included in the investment activities are capital expenses, investmentsand other cash flow from investment activities (Farshadfar and Monem 2013). It has beenevident that the total cash used for the investment activities decreased in the year 2016 to $-
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4CORPORATE ACCOUNTING357,283 from $-411,105 in the year 2015 and then increased to $-800,348 in the year 2017. Theincrease has occurred mainly due to increase in capital expenditure in the current year. In this cash flow statement of Caltex, financing activities mainly consists of the paiddividends, net borrowings, purchase as well as sale of stocks and other cash flows from thefinancing activities (Brigham and Houston 2012). There has been huge decline in total cash usedin financing activities in the year 2017 to $-135,020 from the year 2016 and 2015. Moreover, thechange in cash and cash equivalents amounts to $-200,336 in the year 2017, $-18,907 in the year2016 and $210,642 in the year 2015. This reflects that there has been huge decrease in theamount in the year 2016 from the year 2015 and again increased in the year 2017. The cash flowstatement of this company has been shown below:Cash flow(All numbers in thousands)201720162015Net income619,085609,940521,507Operating activities, cash flow provided by or used inDepreciation211,040196,294183,075Adjustments to net income-10,922-9,828-30,252Changes in accounts receivable-183,167-65,774117,281Changes in liabilities689,284212,909-1,316Changes in inventory-575,155-111,035151,053Changes in other operating activities-20,827-100,177-105,362Total cash flow from operating activities735,032928,202884,666Investment activities, cash flow provided by or used inCapital expenditure-362,897-323,221-431,518Investments--17,686-7,268Other cash flow from investment activities---Total cash flow from investment activities-800,348-357,283-411,105Financing activities, cash flow provided by or used inDividends paid-292,107-319,405-261,900Sale purchase of stock---Net borrowings158,087-342-219
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