Categories
Uncategorized

ACCT19062 Intermediate Financial Accounting : Accounting Policies

$20 Bonus + 25% OFF

Securing Higher Grades Costing Your Pocket?
Book Your Assignment at The Lowest Price
Now!

Students Who Viewed This Also Studied

ACCT19062 Intermediate Financial Accounting

Questions:

1 On 1 July 2017, Celeste Ltd paid $200,000 cash to acquire a machine. On this date it was estimated that the machine had a useful life of ten years and a residual value of $25,000. In accordance with AASB 116 Property, Plant and Equipment, Celeste Ltd uses the revaluation model as its accounting policy to measure items of property, plant and equipment and the straight-line method of depreciation. Celeste Ltd has a 30 June reporting date.

An independent valuer provided the following fair values for the machine:

On 31 December 2020, the machine was sold for $140,000 cash.

Required

Prepare the journal entries to account for the events and transactions in relation to the machine between 1 July 2017 and 31 December 2020.

2  Wilson Engineering Ltd is a metal engineering and steel fabrication company that operates a factory in Sydney. In January 2020, local residents complained that hazardous material had leaked from the company’s premises and contaminated a local park that was adjacent to Wilson Engineering Ltd’s factory. In May 2020, environmental officers from the City of Sydney Council conducted an investigation. They confirmed that the local park was heavily contaminated with methylene chloride and chromium VI (hexavalent chromium) and that Wilson Engineering Ltd was responsible for the contamination. Wilson Engineering Ltd responded immediately by implementing new procedures for the storage and disposal of hazardous waste material to prevent any further contamination from occurring and then made a series of public announcements that it would undertake to restore the contaminated park in two years’ time. As at 30 June 2020, Wilson Engineering Ltd estimates the cost of restoring the contaminated park as follows:

On 30 June 2020, the risk-free discount rate, based on two-year government bonds, is 5%. However, Wilson Engineering Ltd believes that a discount rate of 3% is appropriate to adjust for the risks specific to this liability.

Required

Determine the amount that, in your judgement, Wilson Engineering Ltd should recognise as a provision as at 30 June 2020. Justify the approach that you used to calculate the amount. You should note that the marks for this question are for the approach that you take and the justification rather than the calculation.

3 Branford Diary Ltd is an Australian company that manufactures and sells diary milk and milk-related products. During 2020, Branford Diary Ltd developed a new flavoured milk drink. On 1 July 2021, Branford Diary Ltd purchased a trademark from a competitor who was going out of business. The trademark includes the word ‘Prima’ in a distinctive font that is coloured blue along with a symbol. Branford Diary Ltd intends to use this trademark to market their new flavoured milk drink.

In July 2021, Branford Diary Ltd registered the trademark with IP Australia which is the administering body for trademarks in Australia. Under Australian law, an entity that has an unregistered trademark can take legal action against another party for using the trademark. However, when the trademark is registered, the entity has additional rights under the law, and it is easier to stop another party from infringing the trademark.

Trademark registration is renewable every ten years at little cost. Branford Diary Ltd intends to renew the trademark continuously and evidence supports its ability to do so. An analysis of product life cycle studies provides evidence that the flavoured milk drink will generate net cash inflows for Branford Diary Ltd for an indefinite period. However, (1) market, competitive and environmental trends, and (2) brand extension opportunities do not provide evidence that the flavoured milk drink will generate net cash inflows for Branford Diary Ltd for an indefinite period.

Required

(a) Explain whether the trademark (1) satisfies the definition of an intangible asset, and (2) should be recognised as an intangible asset in accordance with AASB 138 Intangible Assets.

(b) Explain how the trademark would be measured (1) on initial recognition and (2) subsequent to initial recognition.

(c) Explain whether the useful life of the trademark would be assessed as finite or indefinite.

(d) Would your answer to (a) change if the trademark had not been registered with IP Australia?

(e) Would the trademark be recognised as in intangible asset if it had been internally generated rather than acquired?

ACCT19062 Intermediate Financial Accounting

Answer in Detail


Solved by qualified expert

Get Access to This Answer

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

23 More Pages to Come in This Document. Get access to the complete answer.

We are explicitly appreciated by students from UK, US and Australia for our prompt services on custom essays help, online assignment help and dissertation writing services. Our 3000+ professional writers are expert in producing competent work under fixed strain of time. Each of our writers is PhD degree holders and with years of experience in the writing field. We cover 100+ subjects and employ expert writers for relevant discipline. Connect directly with our writers to resolve your assignment queries instantaneously. MyAssignmenthelp.com provides you with homework help, case study help, college coursework help and thesis help all under one roof. Our customer service team gives full effort to assist you with best academic assignment help round the clock.

More ACCT19062 ACCT19062 Intermediate Financial Accounting: Questions & Answers

HI6026 ACCOUNTING THEORY & CURRENT ISSUES

Should KGC Ltd. revalue its major PPE assets from historic cost to fair-market value? (Discuss the principles, potential issues, and risks).30 b) The PP&E is estimated to have a replacement value of $20.5 billion AUD and a value in use of $12.0 billion AUD under current expected operations (i.e. …

View Answer

ACC8000 Research in Accounting Practice

Question 1Briefly explain the worldview that is linked with quantitative research.(5 marks)Question 2Briefly explain the worldview that is linked with qualitative research.(5 marks)Question 3Draft your own business research question that could be addressed in aquantitative study.(5 marks)Question 4D …

View Answer

Accounting

Your task is to compare and contrast the historical (for the last 2 years – 2014 and 2015) and expected future performance of AGL Energy Limited (a listed company) and Genesis Energy Limited (a listed company) a competitor in the same industry, and present your findings in the form of an execu …

View Answer

Legitimacy Theory in Accounting

Explain the relevance and application of the social contract to Legitimacy Theory in accounting.Discuss about social contract, stakeholder theory, institutional theory, and positive accounting theory under legitimacy theory.Critically summarize how all these theories to act legitimately for social c …

View Answer

Content Removal Request

If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.com then please raise the
content removal request.

Choose Our Best Expert to Help You

Leonie Walsh

Masters of Accounting with Specialization in Environmental Economics and Policy

1912 – Completed Orders

Hire Me

Still in Two Minds? The Proof is in Numbers!

33845 Genuine Reviews With a Rating of 4.9/5.

Physics

Home Work: 4 Pages, Deadline:
11 days

Excellent customer service! Really helpful!! Wanted assignment done in 8days and they managed to complete it within 1 day! And was a excellent standar …

User ID: 8***25 United Kingdom, Great Britain

Statistics

Programming: 12 Pages, Deadline:
19 days

I passed sucessfully thank you very much for your helpI really appreciate it…Continue doing your good work

User ID: 5***27 United Kingdom, Great Britain

Maths

Course Work: 2 Pages, Deadline:
9 days

This assignment was completed as per instructions. All questions were answered neatly etc.

User ID: 2***50 Kitchener, Canada

Management

Thesis: 7.2 Pages, Deadline:
4 days

I was impressed with the services and hope to use them again, just what I wanted at the right time.

User ID: 8***95 United Kingdom, Great Britain

Marketing

Case Study: 6.4 Pages, Deadline:
2 days

Will wait for the lecturer remarks. I have just submitted the work. I hope it is standard since I am using the service for the first time. Impressed w …

User ID: 6***78 United Kingdom, South Africa

Assignment

Essay: 3 Pages, Deadline:
5 days

I always take help from myassignmenthelp. I have no regrets as every time they provide high quality help and they provide good discounts as well.

User ID: 1***63 Longford, Australia

Operations

Assignment: 3 Pages, Deadline:
8 days

Good job, I am happy with the amazing services and completed work given. Thank you very much for helping me receive a good mark. Will definitely work …

User ID: 2***91 Kuala Lumpur, Malaysia

English

Thesis: 3 Pages, Deadline:
2 days

The most satisfying essay I’ve ever received. It covers all parts that I’ve mentioned at the beginning. Thanks a lot pal

User ID: 3***95 United Kingdom, Great Britain

Biology

Essay: 3 Pages, Deadline:
8 days

Followed the instructions and the assignment was done well before the due date. Thank you

User ID: 7***23 United Kingdom, Canada

Civil Law

Thesis: 2 Pages, Deadline:
4 days

Always get good grades when they do my work. Keep up the good work. I will be telling my friends about it

User ID: 5***99 Raleigh, United States

Management

Assignment: 3 Pages, Deadline:
23 days

Good assignment and good support.It is important to review plagiarism and grammer

User ID: 3***11 Raleigh, Qatar

Finance

Assignment: 1 Page, Deadline:
3 days

This PowerPoint presentation is well-done. It fits well with this finance course and the individual did an excellent job. Thank you so much!

User ID: 8***35 Saint Louis, United States

Marketing

Assignment: 11.2 Pages, Deadline:
5 days

Good job done. The assignment is well written, can get higher grade if can provide more in-depth analysis on the topic

User ID: 8***66 Saint Louis, Hong Kong

Marketing

Home Work: 11 Pages, Deadline:
4 days

Overall well written essay, excellent and complete writing in one day, and the Expert prompt reply on comments

User ID: 8***66 Saint Louis, Hong Kong

HRM

Case Study: 8 Pages, Deadline:
6 days

Thanks for your effort. I appreciate it. I have grated 60, which is enough to pass.

User ID: 8***12 Dublin, Ireland

Finance

Home Work: 4 Pages, Deadline:
7 days

The excel formulas were perfect. But the explanation regarding the recommendation was subpar.

User ID: 5***90 Dublin, United States

Physics

Home Work: 1 Page, Deadline:
2 days

Wonderful as always! Very professional and knowledgeable! I love this experts work and always use them when it comes to Physics.

User ID: 6***06 Atlanta, United States

Healthcare

Assignment: 8 Pages, Deadline:
4 days

Really appreciate this work which help me to get 8.9 out of 10. i would like to express thanks to expert.

User ID: 5***91 Atlanta, Malaysia

Healthcare

Assignment: 12 Pages, Deadline:
7 days

Good work . it was help me lots. i got 6.5 out of 10 which is good score for me.

User ID: 5***91 Atlanta, Malaysia

Assignment

Essay: 5 Pages, Deadline:
3 days

amazing results, received a High grade thank you very much, appreciate the help. Can’t wait to have more assignments so you guys can help me.

User ID: 5***22 Atlanta, Switzerland

Physics

Home Work: 4 Pages, Deadline:
11 days

Excellent customer service! Really helpful!! Wanted assignment done in 8days and they managed to complete it within 1 day! And was a excellent standar …

User ID: 8***25 United Kingdom, Great Britain

Statistics

Programming: 12 Pages, Deadline:
19 days

I passed sucessfully thank you very much for your helpI really appreciate it…Continue doing your good work

User ID: 5***27 United Kingdom, Great Britain

Maths

Course Work: 2 Pages, Deadline:
9 days

This assignment was completed as per instructions. All questions were answered neatly etc.

User ID: 2***50 Kitchener, Canada

Management

Thesis: 7.2 Pages, Deadline:
4 days

I was impressed with the services and hope to use them again, just what I wanted at the right time.

User ID: 8***95 United Kingdom, Great Britain

Marketing

Case Study: 6.4 Pages, Deadline:
2 days

Will wait for the lecturer remarks. I have just submitted the work. I hope it is standard since I am using the service for the first time. Impressed w …

User ID: 6***78 United Kingdom, South Africa

Assignment

Essay: 3 Pages, Deadline:
5 days

I always take help from myassignmenthelp. I have no regrets as every time they provide high quality help and they provide good discounts as well.

User ID: 1***63 Longford, Australia

Operations

Assignment: 3 Pages, Deadline:
8 days

Good job, I am happy with the amazing services and completed work given. Thank you very much for helping me receive a good mark. Will definitely work …

User ID: 2***91 Kuala Lumpur, Malaysia

English

Thesis: 3 Pages, Deadline:
2 days

The most satisfying essay I’ve ever received. It covers all parts that I’ve mentioned at the beginning. Thanks a lot pal

User ID: 3***95 United Kingdom, Great Britain

Biology

Essay: 3 Pages, Deadline:
8 days

Followed the instructions and the assignment was done well before the due date. Thank you

User ID: 7***23 United Kingdom, Canada

Civil Law

Thesis: 2 Pages, Deadline:
4 days

Always get good grades when they do my work. Keep up the good work. I will be telling my friends about it

User ID: 5***99 Raleigh, United States

Management

Assignment: 3 Pages, Deadline:
23 days

Good assignment and good support.It is important to review plagiarism and grammer

User ID: 3***11 Raleigh, Qatar

Finance

Assignment: 1 Page, Deadline:
3 days

This PowerPoint presentation is well-done. It fits well with this finance course and the individual did an excellent job. Thank you so much!

User ID: 8***35 Saint Louis, United States

Marketing

Assignment: 11.2 Pages, Deadline:
5 days

Good job done. The assignment is well written, can get higher grade if can provide more in-depth analysis on the topic

User ID: 8***66 Saint Louis, Hong Kong

Marketing

Home Work: 11 Pages, Deadline:
4 days

Overall well written essay, excellent and complete writing in one day, and the Expert prompt reply on comments

User ID: 8***66 Saint Louis, Hong Kong

HRM

Case Study: 8 Pages, Deadline:
6 days

Thanks for your effort. I appreciate it. I have grated 60, which is enough to pass.

User ID: 8***12 Dublin, Ireland

Finance

Home Work: 4 Pages, Deadline:
7 days

The excel formulas were perfect. But the explanation regarding the recommendation was subpar.

User ID: 5***90 Dublin, United States

Physics

Home Work: 1 Page, Deadline:
2 days

Wonderful as always! Very professional and knowledgeable! I love this experts work and always use them when it comes to Physics.

User ID: 6***06 Atlanta, United States

Healthcare

Assignment: 8 Pages, Deadline:
4 days

Really appreciate this work which help me to get 8.9 out of 10. i would like to express thanks to expert.

User ID: 5***91 Atlanta, Malaysia

Healthcare

Assignment: 12 Pages, Deadline:
7 days

Good work . it was help me lots. i got 6.5 out of 10 which is good score for me.

User ID: 5***91 Atlanta, Malaysia

Assignment

Essay: 5 Pages, Deadline:
3 days

amazing results, received a High grade thank you very much, appreciate the help. Can’t wait to have more assignments so you guys can help me.

User ID: 5***22 Atlanta, Switzerland

Have any Query?

Get Homework Help Online From Expert Tutors

X
WeCreativez WhatsApp Support
Our customer support team is here to answer your questions. Ask us anything!
👋 Hi, how can I help?