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Inventory management - Bank reconciliation - Accounting Assignment Help

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Accounting Assignment Help

Task: 1  Spreadsheet 
  1. Learning from assignment 1 and from your own experience, describe three spreadsheet functions that you have used and found them useful. In your answers:
  • Describe how each function is designed or formulated
  • Use an Excel spreadsheet to provide examples for each function. Show your demonstration in both normal and formula views with row and column headings.
  • Explain why they are useful to you.
  1. VLOOKUP function:
  • Describe its purposes
  • Demonstrate this function by using an Excel spreadsheet. Show your demonstration in both normal and formula views with row and column headings.
Task: 2 Inventory management Bike World recently opened several stores in New South Wales. The owner is considering whether a perpetual or periodic inventory system should be used. The company also has an inventory of a bike model with details below: Requirements: 
  • Explain the essential differences in accounting treatments between perpetual and periodic inventory systems. You have to use journal entries to demonstrate each difference. With the nature of Bike World’s business, which system would you suggest to the owner? Why? 
  • Using a spreadsheet, calculate the ending inventory and Cost of Goods Sold for June, using the average cost, LIFO, and FIFO methods. Present your answers in both normal and formula views with rows and column headings. In the spreadsheet, you are required to have a data section separated from a report section. 
  • The company is not doing very well and the owner wants to call funds from potential investors.   Based on all the above factors, what inventory method would you suggest to the owner, why? 
TAsk: 3 Bank reconciliation You are preparing Great Foods’ financial reports for June 2018, and the 30 June 2018 bank statement has just arrived with the balance of $30,800. Currently, Great Foods’ Cash account shows a balance of $31,560. Additional information: Requirements:
  1. Suggest one new item that can increase the bank balance, and another new item that can increase the cash balance. The value for both items is the same. 
  2. With the new bank balances, prepare Great Foods’ Bank Reconciliation at 30 June 2018 from the above data. Provide your handwritten solution – scan or use your phone to copy and paste its image into your assignment. You can use a free scanning app such as Camscanner, OfficeLens, or Google Drive. 
Record any required journal entries from the bank reconciliation.  Task: 4 Bad debt management and financial decision Find THE A2 MILK COMPANY LIMITED’s financial report through the link below: You are an investment advisor with accounting expertise. Write a business report, addressing issues below:
  • What was the bad debt method that the company used? How much was their bad debt expense for the year 2016?
  • Is there any other method of estimating bad debt? What are their differences?
  • Analyse the company financial information through at least three ratios and two charts. For any ratios used, you have to justify why these ratios are relevant to your analysis.
  • Comment on the company report on sustainability.
In your report, you have to provide your advice as to whether your client should invest in the company or not. Task: 5 Presentation You are required to provide a quality presentation of the total assignment including referencing throughout and a bibliography. Details are listed under the presentation and spreadsheet requirement sections. This assessment task will assess the following learning outcome/s:
  • be able to apply the conceptual and technical aspects of accounting and prepare relevant business financial statements.
  • be able to appraise the use of information technology including spreadsheet software in accounting problem solving, and evaluate the Internet as a professional resource.
  • be able to demonstrate relevant business communication skills including report writing.
  • be able to contextualise and evaluate accounting information for decision-making purposes.
Assessment task 2 is designed to give you further opportunity to demonstrate knowledge and skills in more in-depth aspects of accounting and information systems including bank reconciliation, inventory systems, financial reports, accounting for bad debts and notes receivable, as well as concepts and the application of spreadsheet software to the presentation and solution of accounting problems. In today’s business environment we need verbal skills, writing skills, numeracy skills AND digital literacy skills. All of these skills are assessed throughout this subject. The early questions in this assignment are designed to assess your digital literacy in a business/accounting environment. It is suggested that you attempt the assignment questions week by week.
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