Corporate Accounting Analysis: Helloworld Travel Limited Report
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This report provides a detailed analysis of the corporate accounting practices of Helloworld Travel Limited. It begins by examining the company's equity section, including issued capital, reserves, retained earnings, and treasury shares, based on the 2017 balance sheet. The report then delves into the company's tax expenses, comparing figures from 2016 and 2017, and discusses the effective tax rate in relation to the Australian corporate tax rate of 30%. The analysis explores the concepts of deferred tax liabilities and assets, explaining their implications and reasons for their reporting. The report further examines the differences between income tax payable and income tax expenses, as well as the treatment of taxes in the cash flow and income statements. Finally, the report concludes by assessing the overall tax treatment of Helloworld Travel Limited, ensuring compliance with Australian taxation laws and regulations. The report offers insights into the financial performance and accounting practices of the company, providing a comprehensive overview of its financial position.
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Running head: CORPORATE ACCOUNTING
Corporate Accounting
Name of the Student:
Name of the University:
Author’s Note:
Course ID:
Corporate Accounting
Name of the Student:
Name of the University:
Author’s Note:
Course ID:
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CORPORATE ACCOUNTING 1
Table of Contents
Answer to Question 1:.....................................................................................................................2
Answer to Question 2:.....................................................................................................................3
Answer to Question 3:.....................................................................................................................4
Answer to Question 4:.....................................................................................................................4
Answer to Question 5:.....................................................................................................................6
Answer to Question 6:.....................................................................................................................7
Answer to Question 7:.....................................................................................................................8
References:......................................................................................................................................9
Table of Contents
Answer to Question 1:.....................................................................................................................2
Answer to Question 2:.....................................................................................................................3
Answer to Question 3:.....................................................................................................................4
Answer to Question 4:.....................................................................................................................4
Answer to Question 5:.....................................................................................................................6
Answer to Question 6:.....................................................................................................................7
Answer to Question 7:.....................................................................................................................8
References:......................................................................................................................................9

CORPORATE ACCOUNTING 2
Answer to Question 1:
Within a company’s balance sheet statement, there are three key items and one among
them is deemed to be equity. Helloworld Travel Limited is not exempted from such item. Relied
on the company’s balance sheet statement for 2017, certain vital aspects encompass treasury
shares, issued capital, retained earnings and reserves. Issued capital is considered as the business
organization’s equity (Armstrong et al., 2015). Issued capital is measured through multiplying
the overall outstanding shares along with all its shares par value. The annual report of the
company indicates that Helloworld Travel Limited’s issued capital has increased from$ 366,235
in 2016 to $ 395,081in 2017.
Another equity aspect that is mentioned within the company’s equity section
encompasses reserves. It can be stated that reserves serves as a factor of equity in the company
that is considered as the additional amount other than basic share capital (Atanasov & Black,
2016). The recent annual report of Helloworld Travel Limited indicates that reserves of the
company have decreased from$ 163,051 in the year 2016 to $ 7,150in the year 2017. Another
aspect within the equity section of the company encompasses retained earnings. It indicates total
profit and loss of the company from the time the company came into existence which decreased
any dividends paid from the behalf of its shareholders. As per the annual report, it has been
gathered that the company did not deal with any type of retained earnings and rather it has
encountered certain accumulated losses. Such accumulated losses of the company have
decreased from $ (292,218) in the year 2016 to $ (123,717) in the year 2017. This indicates the
company experiences more losses in comparison to its profits (Graham et al., 2017).
Answer to Question 1:
Within a company’s balance sheet statement, there are three key items and one among
them is deemed to be equity. Helloworld Travel Limited is not exempted from such item. Relied
on the company’s balance sheet statement for 2017, certain vital aspects encompass treasury
shares, issued capital, retained earnings and reserves. Issued capital is considered as the business
organization’s equity (Armstrong et al., 2015). Issued capital is measured through multiplying
the overall outstanding shares along with all its shares par value. The annual report of the
company indicates that Helloworld Travel Limited’s issued capital has increased from$ 366,235
in 2016 to $ 395,081in 2017.
Another equity aspect that is mentioned within the company’s equity section
encompasses reserves. It can be stated that reserves serves as a factor of equity in the company
that is considered as the additional amount other than basic share capital (Atanasov & Black,
2016). The recent annual report of Helloworld Travel Limited indicates that reserves of the
company have decreased from$ 163,051 in the year 2016 to $ 7,150in the year 2017. Another
aspect within the equity section of the company encompasses retained earnings. It indicates total
profit and loss of the company from the time the company came into existence which decreased
any dividends paid from the behalf of its shareholders. As per the annual report, it has been
gathered that the company did not deal with any type of retained earnings and rather it has
encountered certain accumulated losses. Such accumulated losses of the company have
decreased from $ (292,218) in the year 2016 to $ (123,717) in the year 2017. This indicates the
company experiences more losses in comparison to its profits (Graham et al., 2017).

CORPORATE ACCOUNTING 3
The last aspect of Hello world Travel Limited’s equity section is the treasury shares.
These shares might take place because of shares buyback or they have not issued the same within
the first place. Such shares do not have any type of voting rights along with the dividend
payments and for such reason, they are not considered within the outstanding shares computation
(Graham et al., 2017). As per the balance sheet statement of Hello world Travel Limited of the
year 2017, the treasury share value is being constant at $ 123,717in both the years from 2016 and
2017. For this reason, it indicates that the company has not repurchased shares from all its
shareholders.
Answer to Question 2:
In the current years, business companies experience several types of expenses that
include selling and administrative expenses and many more (Cheng, Ioannou & Serafeim, 2014).
An organization does not offer its real percentage of taxation rate within its income statement.
Tax expenses is deemed to be the last line aspect prior the calculation of net income and the
company can recognize effective tax rate through observing other information within financial
statement. Tax expense can be deemed as a part of it. In addition, tax expense is taken into
account as a part of major liability of the company owing within the state along with municipal
and federal government within the country. Tax expense is measured through multiplying the
suitable business tax along with income before tax after factoring certain key items such as non-
deductible items, tax assets along with tax liabilities. In case of Helloworld Travel Limited, tax
expense of the company has dropped from $ (1,774) in the year 2016 to $(9,446) in the year
2017 (Christensen et al., 2015). In case of increase in profit before income tax, the tax expense of
the company is decreased because of tax provision reversal.
The last aspect of Hello world Travel Limited’s equity section is the treasury shares.
These shares might take place because of shares buyback or they have not issued the same within
the first place. Such shares do not have any type of voting rights along with the dividend
payments and for such reason, they are not considered within the outstanding shares computation
(Graham et al., 2017). As per the balance sheet statement of Hello world Travel Limited of the
year 2017, the treasury share value is being constant at $ 123,717in both the years from 2016 and
2017. For this reason, it indicates that the company has not repurchased shares from all its
shareholders.
Answer to Question 2:
In the current years, business companies experience several types of expenses that
include selling and administrative expenses and many more (Cheng, Ioannou & Serafeim, 2014).
An organization does not offer its real percentage of taxation rate within its income statement.
Tax expenses is deemed to be the last line aspect prior the calculation of net income and the
company can recognize effective tax rate through observing other information within financial
statement. Tax expense can be deemed as a part of it. In addition, tax expense is taken into
account as a part of major liability of the company owing within the state along with municipal
and federal government within the country. Tax expense is measured through multiplying the
suitable business tax along with income before tax after factoring certain key items such as non-
deductible items, tax assets along with tax liabilities. In case of Helloworld Travel Limited, tax
expense of the company has dropped from $ (1,774) in the year 2016 to $(9,446) in the year
2017 (Christensen et al., 2015). In case of increase in profit before income tax, the tax expense of
the company is decreased because of tax provision reversal.
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CORPORATE ACCOUNTING 4
Answer to Question 3:
It is gathered that the corporate tax rate within Australia is 30%. Considering the scenario
of Hello world Travel Limited, certain identical rate is applied that is recognized from the
company’s annual report. In addition, the profit before tax income is recognized to be$ 3,450 in
the year 2017 in comparison to$ 31,037 in the year 2016 (Damodaran, 2016). In a scenario
where implementation of above tax rate is considered, the total tax expense is deemed to be in
the year 2017. In addition, the organization has taken into account certain items for calculating
the overall tax expense. These items are explained below:
ď‚· Non-deductible amortization along with depreciation
ď‚· Entertainment
ď‚· Fair value adjustments in order to trust investment property
ď‚· Tax provision based reversal
ď‚· Insurance proceedings on the plant and equipment
ď‚· Expenditures those are on-deductible
Through taking into consideration, the previously explained aspects along with domestic tax
rate Hello world Travel Limited has reconciled the rate of tax (Dowling, 2014). This has led to
changes on overall tax expenses of the company in comparison to the corporate tax rate along
with the accounting income of the company.
Answer to Question 4:
Liabilities and deferred tax assets are two major theories linked with the tax operation of
the company. A deferred tax liability takes place at the time taxable income is less than the
reported income within the statement of income (Dyreng et al., 2016). This has taken place
Answer to Question 3:
It is gathered that the corporate tax rate within Australia is 30%. Considering the scenario
of Hello world Travel Limited, certain identical rate is applied that is recognized from the
company’s annual report. In addition, the profit before tax income is recognized to be$ 3,450 in
the year 2017 in comparison to$ 31,037 in the year 2016 (Damodaran, 2016). In a scenario
where implementation of above tax rate is considered, the total tax expense is deemed to be in
the year 2017. In addition, the organization has taken into account certain items for calculating
the overall tax expense. These items are explained below:
ď‚· Non-deductible amortization along with depreciation
ď‚· Entertainment
ď‚· Fair value adjustments in order to trust investment property
ď‚· Tax provision based reversal
ď‚· Insurance proceedings on the plant and equipment
ď‚· Expenditures those are on-deductible
Through taking into consideration, the previously explained aspects along with domestic tax
rate Hello world Travel Limited has reconciled the rate of tax (Dowling, 2014). This has led to
changes on overall tax expenses of the company in comparison to the corporate tax rate along
with the accounting income of the company.
Answer to Question 4:
Liabilities and deferred tax assets are two major theories linked with the tax operation of
the company. A deferred tax liability takes place at the time taxable income is less than the
reported income within the statement of income (Dyreng et al., 2016). This has taken place

CORPORATE ACCOUNTING 5
because of the accounting difference of several expense and income accounts. The most
important reason behind the deferred tax liability is the application of different depreciation
techniques for the financial reporting. Deferred tax assets serves as certain reductions in future
payable taxes due to the reason that the organization has already paid taxes within book income
to be identified as prepaid tax in the upcoming years (Dyreng et al., 2016). The amount of
deferred income tax is relied on effective tax rates at the time certain temporary differences take
place. Differed tax assets explains the situation in which the company makes advance or on tax
payment within their financial assets (Graham et al., 2017). In addition, deferred tax liabilities
indicate a situation in which the company’s pays advance over their financial assets based tax
payments (Dowling 2014). In case of Hello world Travel Limited, it can be gathered that the
company has disclosed the deferred tax liabilities and the deferred tax assets within the
company’s annual report. The deferred tax assets of the company are observed to be$ 888 in the
year 2017 in comparison to$ 1,203 in the year 2016. However, the deferred tax liabilities of the
company are observed to be$ 35,191 in the year 2017 in contrast to$ 32,796 in the year 2016
(Dyreng et al., 2016).
Through taking into consideration the counting regulations along with the norms
associated with the deferred tax liabilities and assets, there are certain reasons that are there in
order to report deferred tax assets along with liabilities. In case of deferred tax assets, there might
be a reason that there is additional payment for depreciation on the behalf of the company due to
certain changes within the taxable depreciation rate along with its related difference (Graham et
al., 2017). Because of the additional payment associated with the depreciation, the company does
not require experiencing an increased tax in the upcoming years and for this reason it is adjusted
as an asset. In case of deferred tax liability, it can be stated that they generally take place due to
because of the accounting difference of several expense and income accounts. The most
important reason behind the deferred tax liability is the application of different depreciation
techniques for the financial reporting. Deferred tax assets serves as certain reductions in future
payable taxes due to the reason that the organization has already paid taxes within book income
to be identified as prepaid tax in the upcoming years (Dyreng et al., 2016). The amount of
deferred income tax is relied on effective tax rates at the time certain temporary differences take
place. Differed tax assets explains the situation in which the company makes advance or on tax
payment within their financial assets (Graham et al., 2017). In addition, deferred tax liabilities
indicate a situation in which the company’s pays advance over their financial assets based tax
payments (Dowling 2014). In case of Hello world Travel Limited, it can be gathered that the
company has disclosed the deferred tax liabilities and the deferred tax assets within the
company’s annual report. The deferred tax assets of the company are observed to be$ 888 in the
year 2017 in comparison to$ 1,203 in the year 2016. However, the deferred tax liabilities of the
company are observed to be$ 35,191 in the year 2017 in contrast to$ 32,796 in the year 2016
(Dyreng et al., 2016).
Through taking into consideration the counting regulations along with the norms
associated with the deferred tax liabilities and assets, there are certain reasons that are there in
order to report deferred tax assets along with liabilities. In case of deferred tax assets, there might
be a reason that there is additional payment for depreciation on the behalf of the company due to
certain changes within the taxable depreciation rate along with its related difference (Graham et
al., 2017). Because of the additional payment associated with the depreciation, the company does
not require experiencing an increased tax in the upcoming years and for this reason it is adjusted
as an asset. In case of deferred tax liability, it can be stated that they generally take place due to

CORPORATE ACCOUNTING 6
lesser tax amounts in the present year. The company requires paying the amount that is
remaining for the future years and for such reasons they are considered in the liability form
(Graham et al., 2017).
Answer to Question 5:
Current tax asset or the income tax payable is considered as a considerable factor for the
business organizations. Considering the annual report of Hello world Travel Limited, it can be
gathered that the income tax expenses is$ (9,446) in the year 2017 and there is no income tax
payable in the year 2016 (Dyreng et al., 2017). In the companies, it can be observed that there is
certain difference between income tax payable along with income tax expenses and for certain
specific reasons this might be considered responsive for the disparity. The vital cause is the
existence of deferred tax assets. There are several instances in which the company experiences
an additional amount of tax in comparison to the tax expenses. In this scenario, the additional
paid tax amount might be adjudged in the form of deferred tax assets that develops certain
difference. Another reason is the variation among the tax accounting norms along with the
financial accounting norms (Elanorinvestors.com., 2018). Within such scenario, the example of
depreciation can be explained. Certain difference in the depreciation can be observed within the
financial accounting and tax accounting for distinct depreciation rates. For this reason, the final
depreciation amount might be either decreased or increased. These are the major reasons for the
differences among the income tax payable along with the income tax expense (Graham et al.,
2017).
lesser tax amounts in the present year. The company requires paying the amount that is
remaining for the future years and for such reasons they are considered in the liability form
(Graham et al., 2017).
Answer to Question 5:
Current tax asset or the income tax payable is considered as a considerable factor for the
business organizations. Considering the annual report of Hello world Travel Limited, it can be
gathered that the income tax expenses is$ (9,446) in the year 2017 and there is no income tax
payable in the year 2016 (Dyreng et al., 2017). In the companies, it can be observed that there is
certain difference between income tax payable along with income tax expenses and for certain
specific reasons this might be considered responsive for the disparity. The vital cause is the
existence of deferred tax assets. There are several instances in which the company experiences
an additional amount of tax in comparison to the tax expenses. In this scenario, the additional
paid tax amount might be adjudged in the form of deferred tax assets that develops certain
difference. Another reason is the variation among the tax accounting norms along with the
financial accounting norms (Elanorinvestors.com., 2018). Within such scenario, the example of
depreciation can be explained. Certain difference in the depreciation can be observed within the
financial accounting and tax accounting for distinct depreciation rates. For this reason, the final
depreciation amount might be either decreased or increased. These are the major reasons for the
differences among the income tax payable along with the income tax expense (Graham et al.,
2017).
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CORPORATE ACCOUNTING 7
Answer to Question 6:
As per the financial statements of Hello world Travel Limited, the company has offered
explanation considering its tax payments within the cash flow and the income statement. In
addition, it can be observed that the company has published two distinct amounts set within the
above mentioned statements (Graham et al., 2017). Considering the situation of Hello world
Travel Limited, tax expense of the company is observed to be$ (9,446) in the year 2017 and $
(1,774) in the year 2016 (Goh et al., 2016). In addition to that, the income tax payable for the
company has been recognized to be 5,879 in the year 2017 in comparison to$ 1,419 in the year
2016. Despite that there is no payment in the year 2016. There are certain specific reasons for
such difference in consideration to payment of income tax.
In consideration to the income statement, the company indicates the overall amount of tax
expense through charging a tax rate of around 30% within the profit before income tax (Graham
et al., 2017). Conversely, the situation is not identical in case of cash flow statement. Within the
section of cash flow statement there are several treatments associated with certain items of the
income statement. It indicates that certain changes takes place within the current liabilities and
assets of the companies. For Hello world Travel Limited, the income tax payment is taken into
consideration being current asset. Within the cash flow statement certain minimization in
consideration to income tax is taken into account through indicating the cash use. This indicates
that few aspects linked with tax expense have been decreased before they are taken into account
within the cash flow statement (Graham et al., 2017). Because of such causes, certain differences
in tax expenses can be expressed within the cash flow and income statement of the organization.
Answer to Question 6:
As per the financial statements of Hello world Travel Limited, the company has offered
explanation considering its tax payments within the cash flow and the income statement. In
addition, it can be observed that the company has published two distinct amounts set within the
above mentioned statements (Graham et al., 2017). Considering the situation of Hello world
Travel Limited, tax expense of the company is observed to be$ (9,446) in the year 2017 and $
(1,774) in the year 2016 (Goh et al., 2016). In addition to that, the income tax payable for the
company has been recognized to be 5,879 in the year 2017 in comparison to$ 1,419 in the year
2016. Despite that there is no payment in the year 2016. There are certain specific reasons for
such difference in consideration to payment of income tax.
In consideration to the income statement, the company indicates the overall amount of tax
expense through charging a tax rate of around 30% within the profit before income tax (Graham
et al., 2017). Conversely, the situation is not identical in case of cash flow statement. Within the
section of cash flow statement there are several treatments associated with certain items of the
income statement. It indicates that certain changes takes place within the current liabilities and
assets of the companies. For Hello world Travel Limited, the income tax payment is taken into
consideration being current asset. Within the cash flow statement certain minimization in
consideration to income tax is taken into account through indicating the cash use. This indicates
that few aspects linked with tax expense have been decreased before they are taken into account
within the cash flow statement (Graham et al., 2017). Because of such causes, certain differences
in tax expenses can be expressed within the cash flow and income statement of the organization.

CORPORATE ACCOUNTING 8
Answer to Question 7:
Taxes are deemed to exist in the form of three major financial statements that includes
the income statement, balance sheet and the cash flow statement. In addition the deferred income
tax liability can be considered as a liability that is due in the upcoming years. Moreover, the
organization has already attained the income and has considered not paying taxes on such
income till the end of that year (Dyreng et al., 2016). Long term liabilities are observed to be
payable within more than 12 months. In addition, sales tax is observed t be mentioned within the
balance sheet in the form of current liabilities. After careful consideration of tax treatment with
the annual report of Hello world Travel Limited, it can be indicated that no surprising or
confusing aspect is motioned within the tax treatments (Graham et al., 2017). The company has
conducted all its tax treatment through abiding by the Taxation Law of Australia based norms
and regulations. In addition, it has offered all the descriptions along with the justifications of
certain taxation aspects that include current tax assets, tax rates, liabilities and tax assets along
with few more items. In addition, certain important aspects are observed within the tax treatment
of Hello world Travel Limited. The considerable aspect within the changes in tax payment is
within cash flow as well as income statement (Helloworld Annual Report., 2018). All such
factors are significant in enhancing the understanding along with taxation knowledge within the
company. From such analysis, insight as well as knowledge might be gathered regarding the tax
treatment of Hello world Travel Limited.
Answer to Question 7:
Taxes are deemed to exist in the form of three major financial statements that includes
the income statement, balance sheet and the cash flow statement. In addition the deferred income
tax liability can be considered as a liability that is due in the upcoming years. Moreover, the
organization has already attained the income and has considered not paying taxes on such
income till the end of that year (Dyreng et al., 2016). Long term liabilities are observed to be
payable within more than 12 months. In addition, sales tax is observed t be mentioned within the
balance sheet in the form of current liabilities. After careful consideration of tax treatment with
the annual report of Hello world Travel Limited, it can be indicated that no surprising or
confusing aspect is motioned within the tax treatments (Graham et al., 2017). The company has
conducted all its tax treatment through abiding by the Taxation Law of Australia based norms
and regulations. In addition, it has offered all the descriptions along with the justifications of
certain taxation aspects that include current tax assets, tax rates, liabilities and tax assets along
with few more items. In addition, certain important aspects are observed within the tax treatment
of Hello world Travel Limited. The considerable aspect within the changes in tax payment is
within cash flow as well as income statement (Helloworld Annual Report., 2018). All such
factors are significant in enhancing the understanding along with taxation knowledge within the
company. From such analysis, insight as well as knowledge might be gathered regarding the tax
treatment of Hello world Travel Limited.

CORPORATE ACCOUNTING 9
References:
Armstrong, C.S., Blouin, J.L., Jagolinzer, A.D. & Larcker, D.F., (2015). Corporate governance,
incentives, and tax avoidance. Journal of Accounting and Economics, 60(1), 1-17.
Atanasov, V. & Black, B., (2016). Shock-based causal inference in corporate finance and
accounting research.
Cheng, B., Ioannou, I. & Serafeim, G., (2014). Corporate social responsibility and access to
finance. Strategic Management Journal, 35(1), 1-23.
Christensen, D.M., Dhaliwal, D.S., Boivie, S. & Graffin, S.D., (2015). Top management
conservatism and corporate risk strategies: Evidence from managers' personal political
orientation and corporate tax avoidance. Strategic Management Journal, 36(12), 1918-
1938.
Damodaran, A., (2016). Damodaran on valuation: security analysis for investment and
corporate finance (Vol. 324). John Wiley & Sons.
Dowling, G.R., (2014). The curious case of corporate tax avoidance: Is it socially
irresponsible?. Journal of Business Ethics, 124(1), 173-184.
Dyreng, S., Hanlon, M., Maydew, E.L. & Thornock, J.R., (2016). Changes in corporate effective
tax rates over the past twenty-five years.
Dyreng, S.D., Hanlon, M., Maydew, E.L. & Thornock, J.R., (2017). Changes in corporate
effective tax rates over the past 25 years. Journal of Financial Economics, 124(3), 441-
463.
References:
Armstrong, C.S., Blouin, J.L., Jagolinzer, A.D. & Larcker, D.F., (2015). Corporate governance,
incentives, and tax avoidance. Journal of Accounting and Economics, 60(1), 1-17.
Atanasov, V. & Black, B., (2016). Shock-based causal inference in corporate finance and
accounting research.
Cheng, B., Ioannou, I. & Serafeim, G., (2014). Corporate social responsibility and access to
finance. Strategic Management Journal, 35(1), 1-23.
Christensen, D.M., Dhaliwal, D.S., Boivie, S. & Graffin, S.D., (2015). Top management
conservatism and corporate risk strategies: Evidence from managers' personal political
orientation and corporate tax avoidance. Strategic Management Journal, 36(12), 1918-
1938.
Damodaran, A., (2016). Damodaran on valuation: security analysis for investment and
corporate finance (Vol. 324). John Wiley & Sons.
Dowling, G.R., (2014). The curious case of corporate tax avoidance: Is it socially
irresponsible?. Journal of Business Ethics, 124(1), 173-184.
Dyreng, S., Hanlon, M., Maydew, E.L. & Thornock, J.R., (2016). Changes in corporate effective
tax rates over the past twenty-five years.
Dyreng, S.D., Hanlon, M., Maydew, E.L. & Thornock, J.R., (2017). Changes in corporate
effective tax rates over the past 25 years. Journal of Financial Economics, 124(3), 441-
463.
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CORPORATE ACCOUNTING 10
Elanorinvestors.com., (2018). [online] Available at:
https://www.elanorinvestors.com/images/ENNAR2017Report.pdf [Accessed 5 Jan.
2018].
Goh, B.W., Lee, J., Lim, C.Y. & Shevlin, T., (2016). The effect of corporate tax avoidance on
the cost of equity. The Accounting Review, 91(6), 1647-1670.
Graham, J.R., Hanlon, M., Shevlin, T. & Shroff, N., (2017). Tax rates and corporate decision-
making. The Review of Financial Studies, 30(9), 3128-3175.
Helloworld Annual Report., (2018). Helloworldlimited.com.au. Retrieved 11 January 2018, from
http://www.helloworldlimited.com.au/~/media/Helloworld%20Limited/Files/Annual
%20Reports/HLO_FY17_Ann
Elanorinvestors.com., (2018). [online] Available at:
https://www.elanorinvestors.com/images/ENNAR2017Report.pdf [Accessed 5 Jan.
2018].
Goh, B.W., Lee, J., Lim, C.Y. & Shevlin, T., (2016). The effect of corporate tax avoidance on
the cost of equity. The Accounting Review, 91(6), 1647-1670.
Graham, J.R., Hanlon, M., Shevlin, T. & Shroff, N., (2017). Tax rates and corporate decision-
making. The Review of Financial Studies, 30(9), 3128-3175.
Helloworld Annual Report., (2018). Helloworldlimited.com.au. Retrieved 11 January 2018, from
http://www.helloworldlimited.com.au/~/media/Helloworld%20Limited/Files/Annual
%20Reports/HLO_FY17_Ann
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