Accounting Essay
Introductory Accounting Assignment
Introductory Accounting Assignment
Student: Vu Ngoc Quynh Anh
Student ID: s3373451
Course Code: ACCT2105
Lecturer: Lan Anh Nguyen Thi
Semester 1, 2012
Nick Scali Limited
Annual Report 2011
Student: Vu Ngoc Quynh Anh
Student ID: s3373451
Course Code: ACCT2105
Lecturer: Lan Anh Nguyen Thi
Semester 1, 2012
Nick Scali Limited
Annual Report 2011
Part A: The Financial Information of Nick Scali Limited Company
Question 1: The Company’s principal operating activities.
The main operating activities of the Nick Scali Limited were finding the supplying source and retailing household furniture and related appliances, accessories.
(Nick Scali Limited, Annual Report 2011, pp.12)
Question 2: The retailing brands controlled by the legal entity
Three retailing brands belong to Nick Scali Limited are: * Sofas2Go * Chateau d’Ax * Nick Scali Limited
(Nick Scali Limited, Annual Report 2011, pp.2)
Question 3: Depreciation method applied
The number of note deals with Statement of Significant Accounting Policies is Note 1.
The specific depreciation method applied is Straight-line Method.
Leasehold improvements are calculated at the shorter of the depreciation period or the term of the lease.
(Nick Scali Limited, Annual Report 2011, pp.22)
Question 4: Depreciation expense and accumulated depreciation
Total depreciation expense for the year ending 30 June 2011 is $1,064,000.
(Nick Scali Limited, Annual Report 2011, note 3, pp.29)
Total accumulated depreciation as at 30 June 2011 is $7,122,000.
(Nick Scali Limited, Annual Report 2011, note 12, pp.34)
Question 5: Right issue and the number of shares
Rights issue is the way to raise the capital from stockholders. Once a company offers rights issue, shareholders have the right to buy the amounts of shares which based on the percentage of the shares they have held. (Atrill et al 2009)
The total quantities of rights granted by the firm in 2011 under this
Introductory Accounting Assignment
Student: Vu Ngoc Quynh Anh
Student ID: s3373451
Course Code: ACCT2105
Lecturer: Lan Anh Nguyen Thi
Semester 1, 2012
Nick Scali Limited
Annual Report 2011
Student: Vu Ngoc Quynh Anh
Student ID: s3373451
Course Code: ACCT2105
Lecturer: Lan Anh Nguyen Thi
Semester 1, 2012
Nick Scali Limited
Annual Report 2011
Part A: The Financial Information of Nick Scali Limited Company
Question 1: The Company’s principal operating activities.
The main operating activities of the Nick Scali Limited were finding the supplying source and retailing household furniture and related appliances, accessories.
(Nick Scali Limited, Annual Report 2011, pp.12)
Question 2: The retailing brands controlled by the legal entity
Three retailing brands belong to Nick Scali Limited are: * Sofas2Go * Chateau d’Ax * Nick Scali Limited
(Nick Scali Limited, Annual Report 2011, pp.2)
Question 3: Depreciation method applied
The number of note deals with Statement of Significant Accounting Policies is Note 1.
The specific depreciation method applied is Straight-line Method.
Leasehold improvements are calculated at the shorter of the depreciation period or the term of the lease.
(Nick Scali Limited, Annual Report 2011, pp.22)
Question 4: Depreciation expense and accumulated depreciation
Total depreciation expense for the year ending 30 June 2011 is $1,064,000.
(Nick Scali Limited, Annual Report 2011, note 3, pp.29)
Total accumulated depreciation as at 30 June 2011 is $7,122,000.
(Nick Scali Limited, Annual Report 2011, note 12, pp.34)
Question 5: Right issue and the number of shares
Rights issue is the way to raise the capital from stockholders. Once a company offers rights issue, shareholders have the right to buy the amounts of shares which based on the percentage of the shares they have held. (Atrill et al 2009)
The total quantities of rights granted by the firm in 2011 under this
References: Nick Scali Furniture Ltd 2011, Annual Report 2011, Nick Scali, Sydney Atrill, P, McLaney, E, Harvey, D & Jenner, M 2009, Accounting: an introduction, 4th edn, Pearson Education Australia, China.