Introductory Financial Accounting

ACCT11081

Lecturer: Martin Turner

S0174168

Assignment: Step 3-6

Step 3 – Identify Your Company

Step 4 – Chart Accounts Recording Process

Step 5 – Trial Balance Spreadsheets

Step 6 – Feedback to Others

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Step 3 – Identify Your Company

Identifying my company. Company-received-yes-I-like-my-company is where you can see my initial thoughts of how I felt about receiving my company.

The company I was given is RCG Corporation Limited (Ltd.). RCG Corporation is an investment company that specialised in operating numerous outlets of footwear and active wear for the physically active lifestyles. RCG has many brands that fall under this corporation, calculating a total of fifteen brands. At present RCG’s stock price is at $0.84 (ASX) on Monday 24th July 2017 (this was just from a google search and the results showing on the righthand side of the search). RCG was founded in 1981 by ___________________. I had a little trouble finding more information about the founders; who they were and how they came up with this investment company. In the past financial year (2015-2016), RCG had a gross revenue of $438,574.00. This figure has increased so much over the years as in 2012’s financial year it was on reached a total of $43,135.00. So, business for RCG has been increasing over the years but for such a wide range of selected brands that RCG have I thought it would be more higher revenue.

Brands – when I first started looking at these brands I knew of some but then I looked at some and had no clue about them. Then I also saw certain brands and thought wow I thought they were sole businesses. That just shows that I guess every business has an owner

somewhere. RCG is the parent company for these brands. RCG Corporation Ltd has successfully located over 380 stores of these brands across 9 retail chains. It also has exclusive distribution rights for eleven international brands across Australia (AUS) and New Zealand (NZ). These fifteen brands include: The Athlete’s Foot, Hype DC, Platypus Shoes, Podium Sports, Skechers, SHUBar, Merrell, CAT (Caterpillar), Vans, Dr. Martens, Saucony, Timberland, Sperry Top-Sider, Palladium & Stance. All fifteen brands have their own unique business that brings great revenue to RCG Corporation Ltd.

Since being established over, RCG has invested in many brands. RCG recently had two major acquisitions for the company. In 2015, it acquisitioned Accent Group -. This group was founded to issue and market global footwear and clothing products to Australasia and in August 2016 it acquisitioned HYPE DC. HYPE DC is a premium, limited and exclusive footwear business that offers a wide variety of carefully created collection of footwear to suit all cliental globally. Hype Dc is one of the company’s brands as well.

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As I go through RCG’s Annual Reports for the past four years, even though there are many brands that the company has, there are four categories that come under Types of products and services. These include: The Athlete’s Foot, RCG Brands, Accent Group and the Corporate/Unallocated. A major question that is running through my head is why is The Athlete’s Foot in its own category? I mean as I stated above it is one of the company’s brands so I was a little confused as to why the brand would have its own category, as all the other 14 brands would come under ‘RCG Brands’. When you look up RCG Corporation on YouTube, it comes up with RCG History & RCG About Us. The history clip is a thirty second clip showing photos of people I am assuming that started the business. It was a little hard because there isn’t much information I can gather other than drawing assumptions on who those people are and their significance. Going back to the topic of Athlete’s Foot and RCG in this clip it shows a client profile of Mike Fried who is the Managing Director of the Athlete’s Foot. So to me this shows that the Athlete’s Foot is a major client for RCG and has been a very long time as Mr Fried opened the first store in Australia in 1976. So, I guess I can say that I can see why it is in its own category of products and services.

That being said, I feel I should write about each of these categories from the figures and report of 2016. So, when I read more and more I notice that of the 14 left over brands they are divided into the other two categories. So not all brands come under RCG Brands. This makes things really confusing for me because when RCG writes brands its labels all brands under the one heading which is understandable, but it isn’t until you really read that they all have their own sub category: RCG Brands has the products and services of the brands of Merrell, Caterpillar, Sperry, Saucony, Podium Sports stores. So RCG Brands bring in about $70 million of sales into the company. This is about 11% of the total Group sales of all four categorises Accent Group consists of the brands of: Skechers, Vans, Dr. Martens, Timberland, Palladium, Stance and Platypus retail stores. The Accent Group brings in an approximated revenue of $322 million of group sales. This is about 52% of total Group sales of all four categorises. The Athlete’s Foot brings in about $223 million of sales which is about 36% of the total Group sales of all four categorises. Unallocated doesn’t have any figures of group sales, however there are dividends received for this sub category.

Logos and Slogans – for RCG, I had a little trouble finding a slogan as the website didn’t really give much but their Logo is just the three letters of the company in capital letters in orange ink. To me the design is plain and basic, but it’s obvious that this logo has been good for market and branding with having such a successful selection of brands under its belt. Alike all businesses each, these investment chains that RCG operates all fifteen brands have their own unique logos and slogans. For example: Vans – ‘Off the Wall’, The Athlete’s Foot – ‘Love the Run’, HYPE DC – ‘Premium. Limited. Exclusive.’, Timberland – ‘Better Then. Better Now.’, and Merrell – ‘Do What’s Natural’.

RCG Corporation executive board of directors. This is an interesting read as I go through, my company’s annual reports. The first thing I notice is that I am get confused. Not because don’t get the board because I do, I can see that there are executive members. What confuses me is that there is currently two ‘Co-Chief Executive Officers’, there are Non-

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Executive Chairmen of certain positions and Non-Executive Directors. This made me question – if they are on the board of directors, then why are their titles Non-Executives??

RCG’s financial year doesn’t run like the normal financial year that we as individuals live with each year. I learnt at my internship that business’s financial varies. It doesn’t have to coincide with the tax department’s financial year. As I said, the financial year is different, but is only off by a couple of days. RCG’s financial year over the past four years of reports that I had printed out have different dates. I found that they probably wanted to get this done before the Australian Taxation Office’s (ATO) financial year. But that I just found this really weird because all your dates don’t match up. For example: 2012-2013 annual report, its dates ran from 1st July 2012 – 30th June 2013, 2013-2014’s annual report it states that the financial year ended 29th June 2014, in 2014-2015’s annual report it ended in the 28th June 2015 and finally 2015-2016’s annual report states that it ended in the 26th June. A key concept and question (KC&Q) that comes to mind is, Is this going to throw off the books. I mean I was always taught yes you can be prepared but usually dates are always meant to coincide with each year. I just think it’s really confusing.

As I read the most recent annual report, an interesting thing I found is that in the last financial year RCG had an audit. I thought at first maybe that didn’t belong in there, but went through the report and it had all the documentation for the auditor’s reports. I figured this company must have been up for an audit so it’s good to see it in the annual report. But something kept telling me to check the other reports and it shows that in every report there is an auditor’s report. This audit comes from a Director’s request as it clarifies in the ‘Director’s Report’ under the point of ‘Non-audit services’.

Recalling my previous unit of ACCT11059 and remembering how I identified my previous company and what information I had in that report, I sit here asking myself what needs to be added in this assignment that I need to have to tell others about my company. Then a light bulb flashes…. Company Values and its Strategies…. From the reports, I cannot find RCG’s values and their strategies. Their website is basic. It gives information but not as much information. I mean my previous company for ACCT11059, the website had many links for more information about the company. I see information about policies and procedures in the Corporate Governance page, but nil information about the company’s values and its strategies. This raises a massive KC&Q for me in how can such a large successful company be so successful and not have any values and strategies in place. This brings me back to YouTube, after searching RCG Corporation again, it turns out that RCG Corporation has an account: RCG Corp. This channel has not much information but has ten clips. Of those ten, eight of those are of RCG employees and their messages of the values they hold such as teamwork, professionalism, support and encouragement and opportunity. This to me seems like values that are see in every business. So it would be good to find out exactly what their values and strategies are. But then a question pops in my head as it is an investment holdings company is that why there is not strategy as it has many brands and just implementing their strategies and values???

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RCG in the Media

As I search through the media about news on RCG, I found many articles regarding RCG and its dividend shares. KC&Q is every company has dividend shares to pay out, what makes RCG so important that it makes the news? Its share price isn’t that great from what I see. According to The Motley Fool, Tom Richardson, writes about how the company has suffered a tough start for 2017 with the share rate being at 84.5 cents. He also predicts that RCGs Financial Year (FY) for 2018 will look negative from its other competitors but the RCG will overcome this tough spot and return and deliver to its investors strongly. I see this as a neutral article as it just states one person’s perspective about how it has been a tough start to the FY for RCG but rectifies with a positive.

Tough outlook steps on strong RCG result – This article is Simone Ziaziaris’s perspective in how RCG has had success in financial side of business, but it can come at a price. Simone sends warns of the tough trading environment would RCG’s earnings in the following year. Simone also talks about the purchase of HYPE DC. This article just tells me information that I already could tell in the annual reports.

Simply Wall St. writes an article regarding RCG Corporation about its Return of Equity (ROE). This article is informative. Well for me it is anyway, as it compares the ROE to the industry.

This image is from the article and I think it is great. It tells me exactly where the retail industry is at and where RCG Corporation is sitting. Positive or Negative. I’m still not sure.

Interaction to other students.

Not really much interaction. Apologies. I know I do need to be a lot more interactive….. .

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Step 4 – Chart Accounts Recording Process

Christi ChapmanChart of Accounts

Account Number Account Type Nature

(Debit(Dr)/Credit(Cr))Header / Detail Level

1-000 INCOME REVENUE Cr Header 11-001 Salary / Wages REVENUE Cr Detail 21-002 Transfers REVENUE Cr Detail 21-003 Refund REVENUE Cr Detail 22-000 Expenses EXPESNSE Dr Header 12-002 Electricity EXPENSE Dr Detail 22-003 ATM Withdrawls Fees EXPENSE Dr Detail 22-004 ATM Withdrawls EXPENSE DR Detail 22-005 Groceries EXPENSE Dr Detail 22-006 Food - Dining Out EXPENSE Dr Detail 22-007 Car Expenses - Fuel EXPENSE Dr Detail 22-008 Transfers EXPENSE Dr Detail 22-009 Phone Expenses EXPENSE Dr Detail 22-012 Online Purchases EXPENSE Dr Detail 22-013 Shopping EXPENSE Dr Detail 12-014 Miscellanous Goods EXPENSE Dr Detail 22-015 RENT EXPENSE DR Detail 23-000 ASSETS ASSETS Dr Header 13-001 Car - Excel ASSETS Dr Detail 23-002 ASSETS Dr Detail 23-003 ASSETS Dr Detail 24-000 LIABILITIES LIABILITIES Cr Header 14-001 Loan LIABILITIES Cr Detail 24-002 Credit Card LIABILITIES Cr Detail 24-003 LIABILITIES Cr Detail 25-000 EQUITY EQUITY Cr Header 15-001 EQUITY Cr Detail 25-002 EQUITY Cr Detail 25-003 EQUITY Cr Detail 2

When I started to prepare for this step, I was a hell of a lot of confused. I am glad I pushed through my headache and went to the tutorial, because John explained about each step. I know it states it plain as day but I admit I skimmed read the steps and here I was thinking we were to do chart of accounts for the company we were given. I was a little stressed and majorly confused thinking how am I supposed to do that when I can’t access their statements. When John explained in the tutorial that day about this step I felt so dumb. Oh well you live and you learn.

I had a few KC&Q’s when I first sat down to start this. Exactly how was I to start this. What numbering system do I use for the Chart of Accounts? Do I use the same model style from the examples in the textbook? What month of transactions do I use? Do I use the real figure amounts

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from my transactions? Am I going to like what I see when I realise exactly what I am spending my money on?

For my ‘CHART OF ACCOUNTS’, I simply used the Figure 3.6 on page 84 of the Accounting textbook. I used this style because it was easy for me to understand. I also changed the numbering system a little but as the example it counts 1-1000, 1-100, 1-200 etc. I went 1-000 for Assets then any account names under that were just numbered 1-001 and so forth. I did this because I its basic and simple for me to understand. Also, my tutor told me to number my accounts to the most significant accounts first. So, like wages would come before interest income if I was to ever receive it, or in my expenses I should have put the ‘groceries’, Cash withdrawals’ and ‘fuel’ as they are the most ones I would spend my money on.

While I was down doing my internship down Brisbane at the Bank of Queensland (BOQ), the very first day my manager asked me if I knew about pivot tables. I just looked at her all confused, but it was ok because she explained them to me and lets’ just say that tip has come in so handy. Because yes it made it easy for me to add all the totals together from the TRANSACTIONS spreadsheet into the INCOME STATEMENT. I mean who wants to sit there and go through all that data one line at a time… Therefore, this is I love learning new things about programs and accounting.

So, an insight I have gained from completing this recoding process about my personal transactions is that it seems that I feel the saying ‘Money goes in one hand and out the other’ applies a lot to me. I mean I am a 26-year old independent young woman. Like any other adult, I have responsibilities: I own my car so I must pay registration, make sure it is road worthy, fuelled up to get me from point a to point b; I rent the house I am living in, this means I pay for the electricity consumption; I know I have a few loans and bills that I have repayments for and I also provide for my parents on occasions. So, seeing all the transactions just makes me see that I am making sure these things are completed. Think that after completing this recording process for one month, that I need to learn how to budget a lot better.

What level of detail could you change in the chart of accounts shown in this activity? Why might you want to do this?

As my chart of accounts is basic the only thing I can think of to change is to start adding more columns that provide more details. For Example:

This is what my chart of accounts headers looks like at present. I think I should add in Account details, so if I am ever stuck on figuring out where to charge certain transactions too, I can read the details that will give me more of a definitive answer. I think that is all I would add to my chart of accounts because as I have stated above, it is very basic and if someone were to come in and do my bookkeeping and have to look at my chart of accounts I think having ‘details or explanation’ of what the account is about.

Introductory Financial Accounting ACCT11081 Lecture: Martin Turner

Account Number Account Type Nature

(Debit(Dr)/Credit(Cr))Header / Detail Level

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How might you analyse your income statement? Has this exercise of recording you transactions through to the financial statements been useful for you? If so Why, Why not?

CHRISTI CHAPMANINCOME STATEMENT

For the Month ending on INCOME Amount ($)

Salary / Wages 2,309.29Transfers 733.95Refund 150.00Total Income 3,193.24

EXPENSES AMOUNT Electricity 200.00ATM Withdrawals Fees 7.00ATM Withdrawals 1,600.00Groceries 193.34Food - Dining Out 49.50Car Expenses - Fuel 148.21Transfers 230.00Phone Expenses 110.00Online Purchases 79.66Shopping 84.45Miscellaneous Goods 166.60Total Expenses 2,868.76Total Profit/Loss 324.48

I might analyse my income statement to see where exactly I am spending my money. Say I spend a lot of time withdrawing money out of the bank. I know I need to do this but maybe it might make me think I should start saving or that I am probably using that withdrawn money to pay for groceries or pay rent.

After a bit of feedback from Rachel, informing me that my liabilities shouldn’t have been added in. Maybe I might have over skimmed that in the reading….. Which is good though because it shows that I have a profit of $324.84. Might not seem like a lot but to me to see this is awesome. I might not have had much of an income but I knew I had been spending a lot of money and to see that I haven’t over spent the money is an accomplishment in itself for me. Well that what I say.

I need to stat that the dates that I have chosen, don’t really coincide with my bank’s normal reporting period. This is due to me selecting a specific month of time within one of my statements, because I had to show some sort of income, otherwise I would have all these expenses and no show of income or a little bit of income with heaps of expenses which would show a massive loss and I know I noticed it straight away, how is someone spending all this money with very little income. Spending savings is one way to answer it, but I figured to get the best result of what the task is asking me, to use a specific time frame where I had some even income and expenses.

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Step 5 – Trial Balance Spreadsheets

I am going to start by thanking Maria for the Mackay Tutorial. Life saver but for some reason my trial balance statement isn’t balancing at all. I have all the right figures in from the RCG Corporation Annual Report 2016 in the correct places that I can see. So, all I am going to say right now is that this is my draft. Over the next two-three days I will update this draft. So fingers crossed it all starts balancing out soon.

Day 3 of getting the trial balance spreadsheets to balance out…. GGGGAAHHHHHH!!!! Talk about just wanting to give up. I didn’t though. I simply got up, went for a drive home and came back two hours later to start fresh and attempt it all again.

Now I understand that ‘BALANCE SHEET’ is supposed to equal the ‘Total Equity’, but I have placed the figures in the correct columns of debits and credits and even took the feedback from Rachel to change a couple because they were in the wrong column, but it doesn’t add up to the total of equity…. ☹ ☹ it just makes me wild that I can’t get the particular columns to balance out….. sometimes I am forever grateful that I have access to a tutor. She explained to me that I was putting too many lines in. I had placed in a title ‘Equity attributable to the owners of RGC Corporation Limited’. I felt a little dumb, but she reassured me it is ok. Little errors like this happen. Then I recall from Maria’s tutorial that she said not to put headings down. And I thought I didn’t because this one isn’t bolded or have a underline under it like others. This is what made me confused. But all is good. Both my credits and debits columns in the ‘balance sheet column’ all total and balance equally. 😊 😊 yay happy faces all round for now….

Now I have watched Maria’s tutorial again, and got the ‘INCOME STATEMENT’ column to balance out to the total of my profits or loss figure in my company’s annual report. It is a profit of $30,183,000.

But then when I added the company’s ‘OTHER COMPREHENSIVE INCOME’ to the totals, it threw it all out and I couldn’t find the correct figure for that in the annual reports. But never fear, I sat there in looking at my reports and then it dawned on me…. Biggest rookie error yet again…. Did I just add another title into the spreadsheet?? And I did the calculations tool the title

row out and BAMMM!!! All worked out and balancing… Feeling a little dumb but feeling like I am on fire with getting it right…. 😊 😊

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I know I still must close off my accounts… I am just trying to figure out exactly what ‘temporary accounts’ I need to close off…. But for now it is half a gold star for me… until these accounts are finalised….

Now, it is half way through Week 5 and I am nearly completed my steps for the assignment. Today’s tutorial was very informative. But I was mostly just having a little stress attacks because I knew I had to close off my ‘temporary accounts’. I was really confused because I had watched Maria’s tutorial (yet again might I add) and still drawing questions of where exactly do I get my figures from in the company because what she is talking about is completely different to mine. Which I know because each company has different titles and headings for their annual reports. So, what I did was I highlighted the similar area to what Maria had done because I understood that but just didn’t know where I had to take it away from or add to in the ‘Trial Balance’ columns.

Big shout-out to John for the tutorial today. He explained that Maria didn’t use the forth column of ‘RETAINED EARNINGS (Previous Year)’. But he said its ok because this will make it simple to understand. He explained to us that the title needed to be changed to ‘Total Comprehensive Income Reversal’. Now at first, I ask why would you change it to that? Won’t that just change everything? He was great and explained that in this column was the figures from the ‘Changes of Equity Statement’ were to go in here. I still didn’t understand because my Trial Balance columns were not balancing out to zero. Here I was thinking why? Is it ever going to end…. Lol... But then I thought about it, maybe those figures total the remaining balance??? Ding… Ding…. Ding…. We have a winner… After some changing of figures to the credits and debits columns, it all balanced out. I did expect this step to be a little challenging but not as challenging as it was.

But for now it is to complete some feedback for others and complete this part of the assignment.

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Step 6 – Feedback to Others

PEER FEEDBACK SHEET: ASSIGNMENT STEPS 3-6Feedback From: Rachel Cauchi

Feedback To: Christi ChapmanMy Comments

Step 3Background information on companyComments / KC&QsDiscussions with others

Excellent start to the assignments step 3. Informing me that you had heard of the company however, had many KC&Q’s of exactly who they were and what the company was about. Very informative about SRG Limited. Just wondering if SRG stands for anything or that is this the name? For someone who didn’t do ACCT11059, you have done a very thorough job of what is expected to inform a person about your company. 😊 and shows you have identified key concepts from the annual reports.

Some things you might want to add: What is your company’s share price? You have stated they have values, vision and innovation– what are the values? what did you mean by innovation?

Step 4

The recording processesVery clear and gathered knowledge that you understand the recording processes. Well done. Explanation that you can see where your money is going and where you could be saving is interesting facts. I wish I had thought of that. I didn’t really give much details.

Step 5Trial Balance Spreadsheet

Discussion

Great to see that you have connected prior knowledge to the current task of this trial balance spreadsheet. Our lecturer explained that this unit, Martin gets us to link our deep level learning to this.

OverallOverall, you have done well on your assignment steps.

Only a couple of tips I can suggest in each step.

But other than that well done. 😊

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PEER FEEDBACK SHEET: ASSIGNMENT STEPS 3-6Feedback From: Christi ChapmanFeedback To: KATE EDWARDS

My CommentsStep 3Background information on companyComments / KC&QsDiscussions with others

Awesome job on informing about the background information of your company. Shows in-depth research of all online, and

Step 4

The recording processesGreat organisation – Filters all prepared on the columns. This is good that you know your way around excel. Presentation – easy to understand. Correct links to chart of accounts sheet. Very informative and explanation of your understanding and feelings towards your transactions, and thoughts about redoing this recorded process again when your complete in 2020. 😊

Step 5Trial Balance Spreadsheet

Discussion

All figures matched up from looking at your annual report. I suggest that you take out the headings. Maria did mention that they didn’t need to be in there. (Current and Non-current assets etc).Need to write about how you went with your step 5 and how you found working it out? Did you have difficulty? If so how? If not did you know from prior knowledge or was Maria’s tutorial resourceful?

OverallIt is a good assignment so far. On a side note – I would recommend that you change your header to the correct unit name. I had a moment there where I thought oh no I think I am reading someone’s assignment from last term… Sorry…

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PEER FEEDBACK SHEET: ASSIGNMENT STEPS 3-6Feedback From: Christi ChapmanFeedback To:

My CommentsStep 3Background information on companyComments / KC&QsDiscussions with others

Step 4

The recording processes

Step 5Trial Balance Spreadsheet

Discussion

Overall

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PEER FEEDBACK SHEET: ASSIGNMENT STEPS 3-6Feedback From: Feedback To: Christi Chapman

My CommentsStep 3Background information on companyComments / KC&QsDiscussions with others

Step 4

The recording processes

Step 5Trial Balance Spreadsheet

Discussion

Overall

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PEER FEEDBACK SHEET: ASSIGNMENT STEPS 3-6Feedback From: Rachel CauchiFeedback To: Christi Chapman

My CommentsStep 3Background information on companyComments / KC&QsDiscussions with others

Good start to your assignment with quite a lot of great background information on your company! It shows you have put a lot of effort into researching your company. You indicated attention to detail when reading the annual reports as you noticed that your company’s financial years over the past four years on the reports had different dates.

Step 4

The recording processesYour Chart of Accounts is very detailed and as well the layout of your transactions. Income Statement looks good, although I was a little confused as to why liabilities were included? (Income Statements only include income and expenses, and works out the profit or loss made for a certain period) There is a template on Moodle that can help with the completion of this test.

Step 5Trial Balance Spreadsheet

Discussion

When looking at your trial balance I noticed it didn’t ‘balance’ so I had a look over and pick up on a few things. I found that you didn’t include the Expense of Income tax for $12,699 and also placed Changes in Merchandise Inventories on the left side instead of the right. I also noticed that you didn’t close off the ‘temporary accounts’. I can see that work still needs to be done for this step. I can definitely say that Maria’s Tutorial helps a lot with understanding the how the trial balance works.

OverallOverall you have done some good work on your assignment. There are still some things missing but I’m sure you’ll do great with filling in the blanks. Most of the main point presented were clear and easy to understand. Well done for the work you have completed so far. I hope my feedback helps and good luck for your study.

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PEER FEEDBACK SHEET: ASSIGNMENT STEPS 3-6Feedback From: Feedback To: Christi Chapman

My CommentsStep 3Background information on companyComments / KC&QsDiscussions with others

Step 4

The recording processes

Step 5Trial Balance Spreadsheet

Discussion

Overall

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PEER FEEDBACK SHEET: ASSIGNMENT STEPS 3-6Feedback From: Feedback To: Christi Chapman

My CommentsStep 3Background information on companyComments / KC&QsDiscussions with others

Step 4

The recording processes

Step 5Trial Balance Spreadsheet

Discussion

Overall

Introductory Financial Accounting ACCT11081 Lecture: Martin Turner