Accounting Payroll And Annual Statement Homework Help
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1.Lombard Ltd has been offered a contract for which there is available production capacity. The contract is for 20,000 identical items, manufactured by an intricate assembly operation, to be produced and delivered in the next few months at a price of £80 each. The specification for one item is as follows
Assembly Labour 4 Hours
Component X 4 Units
Component Y 3 Units
There would also be the need to hire equipment, for the duration of the contract, at an outlay cost of £200,000. The assembly is a highly skilled operation and the workforce is currently underutilised. It is the business’s policy to retain this workforce on full pay in anticipation of high demand next year for a new product currently being developed. Skilled workers are paid £15 an hour. Component X is used in a number of other subassemblies produced by the business. It is readily available. 50,000 units of component X are currently held in inventories (stock). Component Y was a special purchase in anticipation of an order that did not, in the end, materialise. It is therefore surplus to requirements, and the 100,000 units that are currently held may have to be sold at a loss. An estimate of various values for components X and Y provided by the materials planning department is as follows
|X Unit||Y Unit|
|Net Realisable Value||3||8|
2.For each of the following cases, determine:
(a) The correct amount of goodwill to report, and
(b) the amount of goodwill impairment to record, if any.
|Case A||Case B||Case C||Case D|
|Fair value of net identifiable assets||490,000||400,000||520,000||410,000|
|Fair value of business unit||480,000||490,000||600,000||400,000|
|Book value of business unit||450,000||500,000||650,000||405,000|
|Correct goodwill to report|
|Impairment, if any|
3.Jennifer Bertrand, the Chief Financial Officer of your Northern Lights Tours company, has advised that the company will be opening an office in Nunavut this year. The office will offer guided northern trips to hunters and adventurers. It expects to mainly employ local guides (40 days over the summer period) but the company will also be periodically bringing in guides from its offices in Alberta, Saskatchewan and Québec. Some of the guides from outside Nunavut may work 10 days, others could work 15 days over the summer depending on the number of bookings; they normally work in their home province for 60 days every year. The average daily rate paid to these guides is $400.
Jennifer is asking for information on the Nunavut Payroll Tax. Who pays the tax and how is it calculated? Are there any special considerations or challenges for the calculation of the payroll tax for the guides brought in from Alberta, Saskatchewan and Québec? What are the reporting and remitting requirements during the year? What are the reporting requirements at year-end? Provide examples based on the information provided in the assignment to clarify.
Prepare your response (350 – 500 words) using your name, correct spelling, grammar and punctuation. You will be penalized if you are excessively over or under the suggested word count. Your response to this question must be stated in your own words and should be based on the course material, your experiences, knowledge gained through the course and at least one external government resource.
Any responses taken directly from the external government resource or course material will not be accepted. Information referenced from the government resource(s) and the course material must be cited.
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4.Each jurisdiction outlines late filing penalties for the annual statement of payroll for workers’ compensation.
Your organization operates in Saskatchewan. You filed your annual Employer Payroll Statement on March 30th of the current year (see Current Year calendar in the course material). The total assessable earnings for the previous year were $925,188.15. The assessment rate per $100 for your organization is $1.41.
During the first week of March, two of your employees were injured at work.
Calculate the late filing penalty for missing the filing deadline and explain any possible additional costs to the employer related to this oversight.
What process will you put in place for next year to avoid this issue?
5.Your organization is an organic food supplier with employees in the following jurisdictions:
Prince Edward Island
The organization is planning to implement a company-wide policy with respect to vacation leave and vacation pay that provides the same benefits to all employees, regardless of their province of employment. As Payroll Supervisor, provide Sharon Taylor, the Human Resources Manager, with the following information.
Identify four specific items relating to vacation leave and vacation pay that will have to be addressed in the policy to ensure compliance with the employment/labour standards in each jurisdiction.
Research the details for each of the items you have identified using the course material and the employment/labour standards website for each jurisdiction.
Using the results of your research, provide your recommendations to Ms. Taylor on how to address each of these items in the policy to provide the employees with the best benefit, while keeping the cost to the organization at a minimum. Please explain your reasoning.
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