Trimester 3, 2016 Accounting 100 Group Assignment (Not more than 4 members from the same class per group) The assignment must be typed, use Arial font, 12 and hard copy submitted in lecture Week 10 to your lecturer; Gerard Teo on Wednesday at 9am and Patricia Vakafua on Tuesday at 1pm. Please ensure you attach a KOI assignment cover sheet with all members of the group, names & ID number and signed. The assignment is worth 20 course marks of your grade (out of 40 total marks scaled to 20). Late assignments will be penalised, 10% deduction per day. Question 1 (10 marks) The accountant for Bindi Wildlife has compiled the following information about the company and its accounts for the year ended 30 June 2016: Cash $3000 Prepaid Rent $2000 Revenues 8000 Expenses 4000 Accounts Payable 9000 Equipment 20 000 Wages Payable 5000 Notes Payable 2000 (a) What is the total amount of assets belonging to Bindi Wildlife? (3 marks) (b) What is the total amount that Bindi Wildlife owes for liabilities? (3 marks) (c) Using the accounting equation, what is the amount of Owners' Equity reported on Bindi Wildlife's balance sheet? (2 marks) (d) How much net profit did Bindi Wildlife earn in the year? (2 marks) 2 Question 2 (15 marks) S Claus operates a small manufacturing business, trading under the name of Toys-4- Kids. The following list of financial data relates to the business as at 30 June 2016. Inventories Reindeers Cash Prepaid insurance Special food for reindeer $131, 950 70, 300 13, 026 1,500 8,750 Plant & equipment (net) Accounts payable Salaries payable Interest-bearing, long- term Borrowings Contributed capital Retained profits $183, 000 8,500 1,450 155, 000 198, 626 44, 950 Additional information 30% of the figure for interest-bearing borrowings is payable within 12 months of 30 June. Required  Prepare a fully classified balance sheet for Toys-4- Kids as at 30 June 2016. (13 marks)  Briefly explain how you would classify "reindeer". (2 marks) Question 3 ( 15 marks ) Your friend Alice Blueberry commented that professions usually protect their own members and penalties for breach of ethics, if any, are usually light. Review the CPA and ICANZ websites (links below) and write a short essay quoting three recent examples to demonstrate how breaches of ethical standards were seriously treated by the professional organisation. Explain why the penalties imposed were not considered "light". Note: Your essay should not exceed 500 words. Recent examples should be limited to between 2011 to 2016. (Hint: You may wish to refer to the CPA Code of Professional Conduct [https://www.cpaaustralia.com.au/about-us/member- conduct-and- discipline] and address issues such as: Professionalism, Integrity, Confidentiality, Objectivity, Competence, Due care, etc https://www.cpaaustralia.com.au/about-us/member- conduct-and- discipline/outcome-of- disciplinary-hearings http://www.charteredaccountants.com.au/The-Institute/Member- complaints-and- discipline/Tribunal-decisions