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Teoh Jian Ye (S3532674)

Question 1

(a) Public Company (Mayne Pharma 2014, Annual Report 2014)

(b) It has a board of directors (Mayne Pharma 2014, Annual Report 2014, p. 11)

(c) Net Asset & Total Equity (Mayne Pharma 2014, Annual Report 2014, p. 31)

(d) As we have learned, financial statement always need to be balance and net assets will always be equal to total equity.

(e) Consolidated financial statements combine the financial statements of separate legal entities controlled by a parent company into one set of financial statements for the entire group of companies.

Question 2

(a) Contributed equity – The Capital contributions made by the owners thus, arising as equity is increased through the contributions of owners.  (Birt et al. 2012, p. 169 & p. 22)

Reserves – Created from profit or adjustment from exchange rate which will affect the total equity amount and also the owners’ claims of the assets of the entity. 

Retained earnings/Accumulated losses - Arisen as retained earnings will affect the equity depending whether there is a profit or lost in the year as retained earnings are the cumulative profits made by the entity that have not been distributed.

(b) Total equity in 2013 = $120,889,000 and in 2014 = $159,274,000. (Mayne Pharma 2014, Annual Report 2014, p. 31) 

(c) The ‘Consolidated Statement of Changes in Equity’ explains the change in total equity between 2013 and 2014. (Mayne Pharma 2014, Annual Report 2014, p. 33)

(d) The retained earnings increases from 2013 (net lost) to 2014 (net profit). There is also an increase in amount of “Share-Base Payment Reserve”, thus causing the change in equity (Mayne Pharma 2014, Annual Report 2014, p. 33).

Question 3

(a) $17,236,000. (Mayne Pharma 2014, Annual Report 2014, p. 31) 

(b) Inventories are valued at the lower of cost and net realisable value. (Mayne Pharma 2014, Annual Report 2014, p. 38). 

(c) $29,805,000. (Mayne Pharma 2014, Annual Report 2014, p. 31) 

(d) $53,409,000....