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Referencing Styles : Harvard Question 1 [15 Marks]Select a 2016 annual report for a top 200 Australian listed company (best not to select a bank, insurance or finance company). Answer the following questions using the consolidated numbers in that annual report:1. Find each of the following in the balance sheet or in the notes to the financial statements and show how the item is disclosed, i.e. name and dollar amount (if you cannot find the item or if it is called something different please state this):(a) prepayments;(b) ac … View More Question 1 [15 Marks] Select a 2016 annual report for a top 200 Australian listed company (best not to select a bank, insurance or finance company). Answer the following questions using the consolidated numbers in that annual report: 1. Find each of the following in the balance sheet or in the notes to the financial statements and show how the item is disclosed, i.e. name and dollar amount (if you cannot find the item or if it is called something different please state this): (a) prepayments; (b) accrued expenses; (c) unearned revenue; (d) accrued revenues. Show the relevant extracts highlighting your answer. [6 Marks] 2. What is the balance of accounts receivable on the balance sheet? Was the balance reduced by an allowance for doubtful debts and, if so, by how much? [3 Marks] 3. What are the dollar amounts for net profit after tax and cash flow from operations? Show the relevant extract, highlighting your answer. [2 Marks] 4. What provisions does the company show on its balance sheet? What are the names of the provisions (this will require you to look at the relevant note)? [4 Marks] Question 2 [17 Marks] The following transactions occurred for UMA Ltd during the year ended 31 December 2016 (assume all beginning balances = 0). 1. Purchased $200,000 of inventory; paid $90,000 cash with the remainder on credit. 2. Made credit sales of $300,000 (cost of goods sold was $120,000). 3. Collected $170,000 cash from accounts receivable. 4. Paid $100,000 in wages to employees during the year; at year end wages of $7,000 are owed to employees for work done in December 2016 to be paid in 2017. 5. Paid $40,000 of accounts payable during the year. 6. Signed a contract on 1 October 2016 for $200,000 to supply consulting advice. Received an advance of $40,000. At 31 December none of the consulting advice had yet been provided. 7. Received an electricity bill in December 2016 for $3,000 covering electricity charges for December 2016. The bill will be paid in January 2017. 8. Paid $20,000 cash for supplies received during 2016. At year end $6,000 of supplies were still on hand (i.e. had not been used up). Read Less

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