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Assignment Requirements: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 be available on study desk.2. Record the opening balances.3. Record June’s transactions in Xero.4. Prepare the following reports from Xero:a. Aged Accounts Receivableb. Aged Accounts 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 the following 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 the crisis 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 references are. Please contact the library if in doubt.ACC 5000 S2 2018 Assignment 23 | P a g eCompany DetailsThe Balance Sheet for Toowoomba Catering Supplies Ltd (TCS) as at 31 May 2018 is shown below:Balance SheetToowoomba Catering SuppliesAs 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$121,800.00Total Liabilities$132,720.00Net Assets$295,110.00EquityCapital$288,000.00Retained Earnings$7,110.00Total Equity$295,110.00ACC 5000 S2 2018 Assignment 24 | P a g eAged ReceivablesToowoomba Catering SuppliesCurrentAprilMarchFebruaryTotalReceivablesA. 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 PayablesToowoomba Catering SuppliesCurrentAprilMarchFebruaryTotalPayablesOutstanding Food Ltd$6,210.00$0.00$0.00$0.00$6,210.00Catering Enterprises Ltd$2,460.00$0.00$0.00$0.00$2,460.00Total Payables$8,670.00$0.00$0.00$0.00$8,670.00ACC 5000 S2 2018 Assignment 25 | P a g eTransactions for the month of June 2018 were as follows:DateTransactionAmountJune 1Purchased inventory from Catering Enterprises Ltd on credit.$3,600 plus GST; terms n/30.June 1Purchased 1 year’s insurance cover from Good Insurance. This was due 1st of June.$1,350 plus GST direct payment.June 3Received a payment from A. Gold to pay account.June 4Paid Catering Enterprises Ltd for balance due.June 4Purchased inventory from Outstanding Food Ltd on credit, $3,600 plus GST;$3,600 plus GST;terms 1/10, n/60.June 5Paid $1650 to Outstanding Food Ltd on account, and issued a 60-day 10% bill payable for the balance outstanding.June 8Paid rent for 2 weeks in advance. Due 8th of June.$810 plus GST.June 8Paid salaries to employees for work up to 8th of June$1,800.June 10Sold inventory on account to A. Gold.$6,750 plus GST; terms 2/10, n/30.June 11Received cash for the issue of additional share capital.$45,000June 15Sold merchandise to B. Silver on account.$7,200 plus GST; terms 2/10, n/30.June 16Cash sales from 1 June to 15 June.$13,800 plus GST.June 17B. Silver paid outstanding account.June 19Electricity account received.$315 plus GST.June 20Purchased office supplies.$297 incl. GST.June 22Paid ATO to cover GST owing from previous month.June 22Paid rent for 2 weeks in advance. Due 22nd of June.$810 plus GST.June 22Paid salaries to employees for work up to 22nd of June$1,800.June 23Purchased inventory on credit from Catering Enterprises Ltd.$5,445; terms 1/15, n/30 (incl. GST).June 28Sold merchandise to C. Bronze on account.$5,295 plus GST.June 31Cash sales from 15 June to June 31$13,500 plus GST.Additional information:Salaries for the last week of June are unpaid and amount to $900. You do not need to account for PAYG for this assignment.Depreciation on the motor vehicle is $500 per month.Depreciation on the office equipment is $300 per month

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