Annual Report Assignment Help

Annual Report Assignment Help

Annual Report Assignment Help The name of the company  is Billabong International Limited incorporated in Australia. The registered office of the company is situated in Australia.

  1. Research your company and include information about your company. Include the type of business undertaken (fully reference this in your bibliography).

The company is engaged in the business of wholesaling and retailing of skate, snow , surf and sports apparel, accessories and hardware currently. The brands of the company include Billabong, RVCA, Element, Kustom, Honolua, Palmers, Xcel, Sector 9 , Tigerlily and Von Zipper. Currently the company is operating 424 retail stores in different regions / countries globally including North America, Europe , Australia , New Zealand , Japan and South Africa etc. Moreover an online retail store is also a part of the company available by webname www.swell.com and www.surfstitch.com. (“Billabong Biz : Behind the Brand – Investors – Current,” n.d.)

  1. The name of the Auditor. Give both the partneAnnual Report Assignment Helpr’s name and the name of the firm. (Don’t forget to reference the page of the auditor’s report).

Price waterhouse coopers (pwc) are the auditors of Billabong International Limited. The engagement partner for the company’s audit isSteven Bosiljevac (Pg. 167-  168).

  1. Using the consolidated report provide the following:

5.3 The amount of cost of sales for the year

The amount of cost of sales is $555,758,000 for the year 2014 and $541,466,000 for the year 2013.

5.4 The amount of Profit or loss before tax for the year, and how does this compare with the previous year?

The company earned a loss of $135,236,000 for the year 2014. Also for the year 2013, the company earned a loss of 653,871,000.

5.5 The amount of income tax expense (if any).

The income tax expenses of Billabong for the year 2014 are $74,576,000. However the income tax expenses for the year 2013 were $29,861,000.

5.6 The amounts of Net Accounts Receivable (Net Trades Receivable) for the year (put in detail of each item).

The Trade and other Receivable of Billabong for the year are  $153,850,000.

5.7 The method for bad debts used by the company.

A portion of the previous year’s specific doubtful debts expense was reversed by assuming that either cash was collected or it was concluded that a portion would be recoverable at a future date.

5.8 The amounts of historical cost of each type of the Property, Plant and Equipment for the year; the amount of depreciation for each type of the Property, Plant and Equipment; and the depreciation method used for each type of Property, Plant and Equipment.

The required amount along with their description are as under

DescriptionHistorical cost ($’000)Depreciation for the year ($’000)Method of Depreciaton ($’000)
Land and

buildings

52,128792Land = N/A

Building = Straight- Line Method of Depreciation

Furniture,

fittings and

equipment

278,75525,076Straight- Line Method of Depreciation
Leased plant

and equipment

16,4571,612Straight- Line Method of Depreciation

5.9 The amounts and the basis of valuation (e.g. historical cost, net market value etc.) and amounts of Closing Inventories (Material, W.I.P. and F.G.).

Raw materials, work in progress (W.I.P) and finished goods (F.G) are stated at the lower of cost and net realisable value (NRV).

Regarding Raw Materials, Cost is decided using the first-in, first-out (FIFO) method and standard costs approximating actual costs. However for Work in progress and finished goods, cost is standard costs approximating actual costs comprising of direct materials, direct labour and  allocations of variable and fixed overhead expenditure. Fixed Overhaeads are allocated on the basis of normal operating capacity.

Costs of purchased inventory are determined after deducting discounts and rebates.

Net realisable value (NRV) is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Also the cost includes the transfer from equity of any gains/losses on qualifying cash flow hedges relating to purchases.

The closing inventories of Raw materials, work in progress (W.I.P) and finished goods (F.G) are  as under:

Raw materials and stores – at cost                  $2,179,000

Work in progress – at cost                              $6,589,000

Finished goods:

– at cost                                                           $158,078,000

– at net realisable value                                   $13,376,000

Annual Report Assignment Help

5.10 The amounts of each type of long-term liabilities.

The amount of Long Term Liabilities along with their description for 2014 are as under:

Borrowings                                                     $212,033,000

Deferred tax liabilities                                    — — —

Provisions and payables                                  $31,570,000

Deferred payments                                         $23,556,000

5.11 The amounts and nature of any contingent liabilities (you will find this in the notes to the accounts).

The company did not have any contingent liabilities as at 30 June 2014 or 30 June 2013.

5.12 The value of the issued share capital .

The value of the company’s Issued Share capital is $1,094,274,000.

  1. Using the consolidated (group) figures, provide a brief assessment of the liquidity of the company (quick ratio, current ratio, Accounts Receivable Turn Over, Inventory Turn Over), and comment on the result.
1Current Ratio=Current Assets495901=2.197
Current Liabilities225671
1Quick Ratio=Quick Assets145070+153850=1.325
Current Liabilities225671
2Receivable Turnover=Net Credit Sales x 1001125454 *100=628 Days
Average Account Receivable(153850+204429)/2
4Inventory Turnover=Cost of goods sold x 100555758 * 100=249 Days
Average Inventory(180222+266806)/2

Talking about the current ratio, the company has maintained good current ratio for the year 2014. The ratio of 2.197 means that the company has $2.197 of current assets to pay off liability of every $1. Regarding quick ratio it can be concluded that the company has $1.325 of quick assets ( assets that are easily convertible to cash within a short time period) to pay off liability of every $1. Moreover the Receivable turnover reveals that it takes 628 Days to convert the credit sales to cash. This time frame of 628 days is not a good span and the company should take appropriate measures to reduce it. Finally inventory turnover ratio reveals inventory management efficiency. Fewer days of inventory are usually better. However for the gviven company, the ratio is not good. The company should take appropriate steps to reduce this span.

References

Billabong Biz : Behind the Brand – Investors – Current. (n.d.). Retrieved from freeassignmenthelp.com.billabongbiz.com/phoenix.zhtml?c=154279&p=irol-reportsannual

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