Description This is a two-part task with the following descriptions: A. The first part of the task focuses on your practical knowledge of analysis of accounting transactions and also contents and structures of the two key financial statements, balance sheet and income statement. This part is designed to assist you (as a user of accounting information) with understanding and analysis of the impacts of business transactions on financial performance and position of an organisation. B. In part ‘B’ of this task, you will conduct short research on corporate social responsibility (CSR). This is about CSR concept, and the theories supporting corporate CSR activities and reporting. A well searched work provides you a deep understanding and rationale of CSR practice and reporting by organisations. Specific Requirements Part A Amanda Lee has graduated with a law degree 7 years ago. Now after her 7 years’ experience in practice, feeling more confident about operating her own firm, she has established her law consultancy firm. Her clients will include local businesses and individuals. Her first month of transactions (Feb 2023) trading as Lee & Partners are provided below. Required: Part A(1) - You are required to record the following events into the transaction analysis chart or indicate if the event is not an accounting event (template provided). 1. Amanda deposited $40,000 into the business (firm) bank account. 2. Amanda contributed her own computer equipment valued at $6,000 to the business. 3. Singed the office rent contract and paid February & March rent, $4800 ($2,400 per month). 4. Hired Terry Ehsaan as an office manager with salary of $60,000 annually. 5. Purchased office furniture for $6,700 on credit, 30-day credit terms.
6. Purchased office supplies for $500 in cash (initially treated as an asset). 7. Received advance payment for a job from Home Builders Ltd in cash, $3,000 (50% of the total contract amount). 8. Received invoice for office Tel & Internet connections, $400, payable next month. 9. Clients are invoiced for 4 hours consultation ($280 per hour), 30-day credit terms. 10.Acquired a printing machine for $15,000 – 40% was paid in cash and the remaining will be paid in June 2024. 11. Amanda withdrew $5,000 for personal use. 12. Paid $6,000 for building and contents insurance for 1/2/2023-31/1/2024. 13. Completed a set of projects and sent invoice to A&S Ltd for legal services, $14,000, 30-day credit terms. 14. Transaction 7 job completed, and an invoice sent to the client, 30-day credit terms. 15. Transaction 5 (credit purchase of the office furniture) was paid in full. 16. Received 50% of the invoice in transaction 13. 17. Paid Terry Ehsaan salary, $4,600 (ignore PAYG) Additional information (you need also to consider and analyse the relevant transactions from this information and record into the transaction analysis chart): • Assume a full month of depreciation for all non-current assets purchased: • Computer equipment: Depreciated by using reducing balanced method at 40% per annum with no residual value. • Office furniture: Depreciated by using straight line method with useful life of 4 years and residual value of $700. • Printing machine: Depreciated by using straight line method with useful life of 5 years and residual value of $3,000. • At the end of February 2023, stock count indicated that $200 of office supplies were on hand. o Ignore GST, income tax and superannuation. o Round to the nearest dollar. Part A(2) – I. How much cash did the business collect during the period (including cash invested by the owner)? II. How much cash did the business pay during the period?
Part A(3) – Prepare the Income Statement and Balance Sheet for the month ending 28 February 2023. Please note that your answers to all questions of part ‘A’ must be in one file. Part B (50 marks) Background Corporate social responsibility (CSR) concerns ‘the responsibility of an organisation for the impacts of its decisions and activities on society and the environment through transparent and ethical behaviour that contributes to sustainable development; takes into account the expectations of stakeholders; complies with applicable laws and consistent international norms of behaviour; and is integrated throughout the organisation and practiced in its relationships’ (Shaw et al, 2021, p. 129, *). *Shaw, WH, Barry, V, Muntean, D, Issa, T, Illott, G, and Cateley B (2021) Moral Issues in Business, 4th Asia-Pacific edn, Cengage, Melbourne. Required: You are required to research information on the below issues. 1- The concept of CSR and historical evolution of the concept. 2- The common theories supporting CSR activities and reporting (you should discuss 2 relevant theories). Then discuss and document the results of your research on the above issues in an essay format with the following suggested sections1: • Introduction (suggesting 100-150 words) • Body, can be presented under some subheadings (suggesting 900-1000 words) • Conclusion (suggesting 100-150 words)
Additional information: • You are expected to undertake research in order to complete this task. Review of chapter 3 of the textbook and the above referred source can be a good point to start with. Your research should also include further primary-source references i.e. peer-reviewed journal articles, scholarly books, and professional publications (avoid Wikipedia type material).
• You are required to use a minimum of 6 references (minimum 4 academic peer reviewed journal articles and the other 2 can be from other
types of resources e.g., scholarly books, professional publications) to support your discussion. Your references can be included the given source.
• Word Limit: 1200 words (excluding reference list), double-spaced, 12-point Ariel, or Times New Roman font. A word count must be included. Students exceeding the word limit by more than 10% will incur a mark penalty.
• Students must submit a properly referenced assignment that complies with the Harvard referencing style. This includes in-text citations and a reference list. Your total mark out of 100 for Parts 1 & 2 will be converted to a percentage out of 20%.
