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Posted: June 25th, 2023
HC1010 assignment financial ratios income revenue balance sheet analysis
Individual Assignment: Elements of Financial Statements and Financial Ratio Analysis
Unit Details
Unit Code: HC1010
Unit Title: Accounting for Business
Trimester: Trimester 1, 2026
Assessment Type: Individual Assignment
Weighting: 25%
Total Marks: 25
Word Limit: 1200 words (±10%)
Due Date: 11:59 PM Friday, Week 10
Submission Guidelines: Submit on Blackboard with completed cover page. Use MS Word format, single spacing, 12-pt Arial font, 2 cm margins. Cite sources in-text and list at end using Harvard referencing style.
Assessment Purpose (with ULO Mapping)
This assignment reinforces understanding of financial statements, ratio analysis, and conceptual framework elements through application and research. It maps to unit learning outcomes on accessing financial information, preparing and interpreting ratios, and communicating accounting data professionally.
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Assignment Tasks
Part A: Financial Ratios and Analysis (8 marks)
The following data relate to Nova Tech Pty Ltd for years ended 30 June 2025 and 2024.
| Financial Item | 30 June 2025 | 30 June 2024 |
|---|---|---|
| Net credit sales | $720,000 | $560,000 |
| Cost of goods sold | $340,000 | $280,000 |
| Cash | $22,000 | $15,000 |
| Accounts receivable (net) | $80,000 | $65,000 |
| Inventory | $140,000 | $160,000 |
| Current liabilities | $120,000 | $90,000 |
Additional information: Accounts receivable at 30 June 2023 was $85,000 (net). Inventory at 30 June 2023 was $145,000. Credit terms are 30 days. Industry average inventory turnover is 95 days.
- Calculate for both years: current ratio, quick ratio, accounts receivable turnover (times and days), inventory turnover (times and days).
- Comment on short-term solvency and operational efficiency based on results.
Part B: Income and Revenue Recognition (6 marks)
SecureSoft Ltd sells cybersecurity software. During the year ended 30 June 2026: software sales $28,000,000; maintenance subscriptions $4,200,000; interest income $75,000; gain on early debt settlement $3,500; proceeds from share issue $600,000.
- Discuss which items meet the conceptual framework definition of income, with reasons.
- Identify which qualify as revenue, with reasons.
Part C: Balance Sheet Comparison (8 marks)
Alpha Corp and Beta Corp operate in the same industry. Balance sheets as at 30 June 2026 follow.
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Alpha Corp
Current assets: Cash $3,000; Receivables $6,000; Total $9,000.
Non-current assets: Equipment $8,000; Land $20,000; Buildings $35,000; Total $63,000.
Total assets $72,000.
Current liabilities: Payables $25,000; Loan (due Sept 2026) $35,000; Total $60,000.
Net assets $12,000. Equity: Owner capital $12,000.
Beta Corp
Current assets: Cash $2,500; Receivables $28,000; Total $30,500.
Non-current assets: Equipment $800; Land $15,000; Buildings $8,000; Total $23,800.
Total assets $54,300.
Current liabilities: Payables $6,000; Loan (due Sept 2026) $9,000; Total $15,000.
Net assets $39,300. Equity: Owner capital $39,300.
- As a banker considering $8,000 short-term loans, which business is preferable? Explain.
- If owners assume all liabilities, does this change your view?
- As a potential buyer taking over liabilities, which business justifies a higher price? Explain.
Overall Presentation, Research, and Referencing (3 marks)
- Prepare a 4-page report applying ratio analysis, conceptual framework definitions, and solvency evaluation to provided financial data scenarios.
Current ratio for Nova Tech improved from 2.56 in 2024 to 2.68 in 2025, indicating stronger ability to meet short-term obligations. Quick ratio rose from 0.83 to 1.02, showing better immediate liquidity without relying on inventory. Receivables turnover slowed slightly from 8.12 to 8.31 times, equating to collection periods of about 45 and 44 days respectively, longer than the 30-day terms but stable. Inventory turnover accelerated from 1.83 to 2.24 times, reducing holding periods from 199 to 163 days, though still above the industry 95-day average, suggesting efficiency gains. Overall, short-term solvency strengthened while operational efficiency in inventory management improved markedly, though receivables collection requires monitoring. Revenue arises in ordinary activities, while income includes gains; thus software sales and subscriptions qualify as revenue under the AASB Conceptual Framework (AASB, 2019, https://www.aasb.gov.au/admin/file/content105/c9/Conceptual_Framework_05-19.pdf). Interest and debt settlement gains are income but not revenue; share proceeds are equity contributions.
References
- AASB (2019) Conceptual Framework for Financial Reporting. Available at: https://www.aasb.gov.au/admin/file/content105/c9/Conceptual_Framework_05-19.pdf.
- Carlon, S., Mladenovic-McAlpine, R., Palm, C., Mitrione, L., Kirk, N. and Wong, L. (2022) Financial Accounting: Reporting, Analysis and Decision Making. 7th edn. Milton: Wiley.
- Deegan, C. (2022) Financial Accounting. 9th edn. Sydney: McGraw-Hill Education.
- Loftus, J., Leo, K., Daniliuc, S., Boys, N., Luke, B., Ang, H. and Byrnes, K. (2020) Financial Reporting. 4th edn. Milton: Wiley.
- Kieso, D.E., Weygandt, J.J. and Warfield, T.D. (2021) Intermediate Accounting. 18th edn. Hoboken: Wiley.
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