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HI5020 Corporate Accounting Assignment4- Mcgrath Limited

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In the file “Find Your Company” you will find the listed company you have been given for this course. This file will be made available on Friday of Week 4. Complete this assignment for the company you have been given. Please be careful to use the listed company you have been given. Your assignment will not be marked if you use a different company to the one you have been given; and you will be asked to resubmit your assignment using the right company.Go to the website of your company, by clicking on the URL next to your company in the list of companies in the file “Your Co...

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Question Preview:

In the file “Find Your Company” you will find the listed company you have been given for this course. This file will be made available on Friday of Week 4. Complete this assignment for the company you have been given. Please be careful to use the listed company you have been given. Your assignment will not be marked if you use a different company to the one you have been given; and you will be asked to resubmit your assignment using the right company.Go to the website of your company, by clicking on the URL next to your company in the list of companies in the file “Your Company”. Then go to the Investor Relations section of the website. This section may be called, “Investors”, “Shareholder Information” or similar name.In this section, go to your firm’s annual reports and save to your computer your firm’s latest annual report. For example, these may be dated 30 June 2015 or 31 March 2016. Do not use your firm’s interim financial statements or their concise financial statements. You are need to do the following tasks: Please read the financial statements (balance sheet, income statement, statement of changes in owner’s equity, cash flow statement) very carefully. Also please read the relevant footnotes of your firm’s financial statements carefully and include information from these footnotes in your answer. Please remember some aspects of your firm’s treatment of its tax –can be a very complicated area, particularly for some firms.Within your firm’s latest annual report(i)    From your firm’s financial statement, list each item of equity and write your understanding of each item. Discuss any changes in each item of equity for your firm over the past year articulating the reasons for the change. 

(ii)    What is your firm’s tax expense in its latest financial statements? 

(iii)    Is this figure the same as the company tax rate times your firm’s accounting income? Explain why this is, or is not, the case for your firm.

(iv)    Comment on deferred tax assets/liabilities that is reported in the balance sheet articulating the possible reasons why they have been recorded.

(v)    Is there any current tax assets or income tax payable recorded by your company? Why is the income tax payable not the same as income tax expense?  

(vi)    Is the income tax expense shown in the income statement same as the income tax paid shown in the cash flow statement? If not why is the difference? 

(vii)    What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax in your firm’s financial statements? What new insights, if any, have you gained about how companies account for income tax as a result of examining your firm’s tax expense in its accounts?

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Solution preview

Abstract:This is an individual assignment on corporate accounting where in the financial statements of Mcgrath Limited. The detailed assignment will make focus on the financial performance during the financial year of 2015-16 and the changes occurred in the statement of equity. The assignment will cover the analysis of the financial statements of the organization. It also makes focus on the changes occurred in the statement of changes in equity of the organization. Additional the assignment paper also cover the analysis of the tax expenses of the company, the tax rate application, deferred tax analysis and analysis of the income tax paid and payable amount as reflected in the statement of the financial statements.Introduction about the organization:Mcgrath Limited operating as a service provider in the field of integrated residential real estate in the Australia. The company is operating its business through sales of owned properties, management of the owned properties, other franchise service related to the owned properties of the company and other segment related services. Organization possessed property management, which specifically oversees residential properties in the interest of proprietor customers; Franchise administrations, which oversees franchise workplaces that embrace both property deals and property management exercises, and other administrations, which incorporate the arrangement of different administrations, for example, contract broking administrations, preparing administrations and closeout administrations. The Company's system incorporates roughly 30 Company-claimed workplaces and more than 60 Franchise workplaces

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