Report on finances related to international business国际业务相关财务报告

1、GUANGDONG INDUSTRY TECHNICAL COLLEGE (GITC) TAFE PROGRAM NAME: Chenli Lin (Leila)DATE: 24th April , 2011BSBFIA501A-Report on finances related to international businessCOVER PAGESTUDENT NAME:_ STUDENT#:_CONTACT NUMBER: _EMAIL ADDRESS: _UNIT NAME:_EVIDENCE COMPLETION/ASSESSMENT NAME:_TEACHER: _DUE DAT

2、E: _ DATE SUBMITTED:_VERIFICATION OF ORIGINAL WORK:I verify that this evidence collection/assessments is my original work and any work of other person/s has been references and given credit throughout the work. This assignment has not been submitted for any other subject in this course._Signature of

3、 Student:Date:.EVIDENCE COLLECTION/ASSESSMENT RECEIPTStudent Name: _ Teacher: _Received: _Date: _Report on finances related to international businessBSBFIA501APrepare by: Chenli, Lin (Leil1.Apparel imports from China to Australia Sales2.My business is PARTNERSHIP， called Fashion Clothes Import Compa

4、ny, which was established in 2011, apparel imports from China, the company is mainly selling cotton clothing garments. Clothing sales in Australia, the companys funds come from bank loans, I will go through the wholesale and retail to make a profit.3.Fasion clothing import companyIncome statementFor

5、 the year 2010Categoty Actual Sales3,600,000Less Cost of Goods Sold (Calculated below)Inventory(start of the year)1,800,000+ Purchases1,000,000Total 2,800,000Less inventory(the end of year)1,000,000Cost of goods Sold1,800,000GROSS PROFIT1,800,000Add Other RevenueInterest income 6000Total Revenue 1,8

6、06,000LESS ExpensesSelling & DistributionAdvertising100,000Packaging10,000General & AdministrativeElectricity6,000Insurances3,000Postage3,000Rent15,000Telephone10005 employees Wages300,000Financial ExpensesInterest10,000Total expense 448,000NET PROFIT/LOSS1,358,000Income statement of the money is us

7、ed to calculate the Australian dollar. In 2011, our annual sales of 240,000 pieces of clothing, purchase only 500 of each style. Each cost is $ AUD3, each selling $ AUD15, therefore, the profits of each of our garments is $ AUD10.s annual sales: $ AUD3, 600,000.The calculation is as follows:Sales of

8、 240,000 $ AUD15 = $ AUD3, 600,0004. Our company is an import company, so , Our company need to pay import GST, need to pay income tax in Australia, company tax and GST, tariffs and duty to be paid,and tax treaties.Company tax 30% GST 10%Assumptions:Our companys revenue is $ AUD1,358,000, so ,we sho

9、uld be pay tax as follow:Tax =S$ AUD 1,358,000 *10%+ $ AUD 1,358,000*30%*other taxes=$ AUD 543,0005. Our assets and liabilities is based on balance sheets last day of the exchange rates. The other is based on the day of the exchange rate conversion。6. If Chinas exchange rate will be increase in valu

10、e, then the profit will be reduced. For example:A purchase price of $YUAN 100,000Sale date exchange rate : $AUD1.00 =$ YUAN 7.3Settlement date exchange rate: $AUD1.00 =$ YUAN 7.1Realised Gain/Loss Amount:$A13698.63 14084.51=385.88 LossIf the cost was 10% higher exchange rate appreciation, inflation, our company will adopt the following strategies:1.To raise prices. Profits can still remain