Assignment 2Submission Date: 26th of September, 6 pm USQ time.This assignment is designed to give you an opportunity to:1.Understand and apply accounting concepts to transactions and accounting cycles using acomputerised accounting systems(Objective 1).2.Critically evaluate output from an accounting information system(Objective 2).3.Use and understand the applications of software for preparation and analysis of financialstatements(Objective 3).Assignment Preparation and SubmissionPlease follow these instructions:1.The assignment is to be submitted electronically. Submit the assignmentusing the link on the studydesk. File types allowed include doc and docx (2MB max). Only one file will be accepted. If more thanone file is uploaded, only the first file listed will be marked. Do not submit a cover sheet.2.Use the following naming protocol: [firstnamesurname_ACC5000_Assignment2.docx]. For example:gregoryjones_ACC5000_Assignment2.docx3.You should copy your reports from Xero into your Microsoft word file (the easiest way is via Excel).4.Your assignment must also include your Xero account name and password for the marker to access ifnecessary. This should be in the footer of each page.5.Answer each question using a heading indicating the question number. Full referencing is required inaccordance with the USQ preferred Harvard Referencing style.https://www.usq.edu.au/library/referencing6.Assignment extensions will only be granted if there are extenuating circumstances. University policyprovides that the maximum extension is 5 business days. 7.This assignment is to be your own individual work. https://www.usq.edu.au/library/referencing/what-is-plagiarism/avoiding-plagiarism8.The Learning Centre at USQ, offers students online and face-to-face access to academic support, adviceand guidance.https://www.usq.edu.au/learningcentreACC5000S2 2018 Assignment 22 | PageAssignmentRequirements:Part A (40 Marks)1.Using the information provided set up a company in Xero using your USQ paid access Xero account. Details of how to access this account will beavailable on study desk.2.Record the opening balances.3.RecordJune’s transactions in Xero.4.Prepare the following reports from Xero:a.Aged AccountsReceivableb.AgedAccounts Payablec.Profit and Loss Statement(30 June 2018)d.Balance Sheet (30 June 2018)Tips For Setting Up Your Company•You will need to edit the default chart of accounts in Xero.•You will need to add a bank account (do not use your own account details). Use thefollowing information):Bank- NABBSB: 084000Account: Your student ID number.•Remember Xero only has one GST account.Part B (20 Marks)It has been suggested that if cash based accounting had been used during the Global Financial Crisis that thecrisis could have been avoided.Discuss and critically analyse why this statement may or may not be true.Minimum word count for this section is 1000 words. Maximum word count is 1400 words.You MUST provide at least 6 academic references. Note: Please ensure you know what academic referencesare. Please contact the library if in doubt.ACC5000S2 2018 Assignment 23 | PageCompany Details TheBalance Sheet for ToowoombaCatering Supplies Ltd(TCS) as at 31 May 2018is shown below:Balance SheetToowoombaCateringSuppliesAs at 31 May 201831/05/2017AssetsBankBusiness Bank Account$90,000.00Total Bank$90,000.00Current AssetsAccounts Receivable$10,905.00Inventory$240,000.00Office Supplies$1,800.00Shop Fittings$1,125.00Total Current Assets$253,830.00Fixed AssetsDelivery Vehicle$60,000.00Less Accumulated Depreciation on Delivery Vehicle-$6,000.00Office Equipment$36,000.00Less Accumulated Depreciation on Office Equipment-$6,000.00Total Fixed Assets$84,000.00Total Assets$427,830.00LiabilitiesCurrent LiabilitiesAccounts Payable$8,670.00GST$2,250.00Total Current Liabilities$10,920.00Non-Current LiabilitiesBank Loan$121,800.00Total Non-Current Liabilities$121,800.00TotalLiabilities$132,720.00Net Assets$295,110.00EquityCapital$288,000.00Retained Earnings$7,110.00Total Equity$295,110.00ACC5000S2 2018 Assignment 24 | PageAged ReceivablesToowoombaCateringSuppliesCurrentAprilMarchFebruaryTotalReceivablesA. Gold$4290.00$0.00$0.00$0.00$4,290.00B. Silver$0.00$3,465.00$0.00$0.00$3,465.00C. Bronze$3,150.00$0.00$0.00$0.00$3,150.00Total Receivables$7,440.00$3,465.00$0.00$0.00$10,905.0068.2256%31.7744%0.0%0.0%Aged PayablesToowoombaCateringSuppliesCurrentAprilMarchFebruaryTotalPayablesOutstandingFoodLtd$6,210.00$0.00$0.00$0.00$6,210.00CateringEnterprisesLtd$2,460.00$0.00$0.00$0.00$2,460.00Total Payables$8,670.00$0.00$0.00$0.00$8,670.00ACC5000S2 2018 Assignment 25 | PageTransactions for the month of June 2018 were as follows:DateTransactionAmountJune1Purchasedinventory from CateringEnterprisesLtdon credit.$3,600 plus GST; terms n/30.June1Purchased 1 year’s insurance cover from Good Insurance. This was due 1stof June.$1,350 plus GST direct payment.June3Received a paymentfromA. Goldtopay account.June4PaidCateringEnterprisesLtdfor balance due.June4Purchased inventory from OutstandingFoodLtd on credit, $3,600 plus GST;$3,600 plus GST;terms 1/10, n/60.June5Paid$1650toOutstandingFoodLtd on account, andissued a 60-day 10% bill payable for the balance outstanding.June 8Paidrentfor 2 weeks in advance.Due 8thof June.$810plus GST.June 8Paid salariesto employeesfor work up to 8th of June$1,800.June 10Sold inventory on account toA. Gold.$6,750 plus GST; terms 2/10, n/30.June 11Received cash for the issue of additional share capital.$45,000June 15Sold merchandise toB. Silveron account.$7,200 plus GST; terms 2/10, n/30.June 16Cash sales from 1 Juneto 15June.$13,800plus GST.June 17B. Silver paid outstanding account.June 19Electricity account received.$315plus GST.June 20Purchased office supplies.$297 incl. GST.June 22PaidATO to cover GST owing from previous month.June 22Paidrentfor 2 weeks in advance. Due 22ndof June.$810 plus GST.June 22Paid salariesto employeesfor work up to 22ndof June$1,800.June 23Purchased inventory on credit from CateringEnterprises Ltd.$5,445; terms 1/15, n/30 (incl.GST).June 28Sold merchandise toC. Bronzeon account.$5,295 plus GST.June 31Cash sales from 15June to June 31$13,500plus GST.Additionalinformation:Salaries for the last week of June are unpaid and amount to $900. You do not need to account for PAYG forthis assignment.Depreciation on the motor vehicle is $500 per month.Depreciation on the office equipment is $300 per m
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