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Question 3 (5 marks) Maria acquired Central Delivery Services in 2018 providing a courier service for non-refrigerated goods within the City of Melbourne. Due to Covid the business has expanded rapidly and needs to obtain finance for an additional delivery van to expand the business. Maria's accountant is ill and cannot assist for another month. As Maria has no experience in accounting she watched "how to prepare financial statements" Youtube videos and then prepared the financial statements below: Page 2 of 4 BUS1AFB - Assignment 1 (1,000 words), Sem 2, 2020 Central Delivery Services Pty Ltd Central Delivery Services Pty Ltd Income Statement Statement of Financial Position For the year ended 30 June 2020 As at the 30 June 2020 Revenues Assets Service revenue 250,000 Current Assets Revenue received in advance 18,000 Delivery Vehicles 165,000 Cash 275,000 Non-current assets Accounts receivable 35,000 Supplies 28,000 578,000 Total assets 193,000 Expenses Accumulated depreciation-motor vehicle (30,000) Liabilities Accounts payable 20,000 Current liabilities Depreciation expense-motor vehicle 25,000 Interest payable 8,000 Fuel expense 35,000 Long-term bank loan 160,000 Insurance expense 10,000 Salaries payable 5,000 Interest expense 10,000 Total liabilities 173,000 Salaries expense 105,000 Total expenses 175,000 Net assets 20,000 Profit 403,000 Equity Central Delivery Services Pty Ltd Capital 41,500 Statement of Changes in Equity Total Equity 262,000 For the year ended 30 June 2020 Owners' Investment 41,500 Retained earnings beginning balance 155,500 Retained earnings ending balance 220,500 Closing Equity 262,000 After learning that you are currently studying accounting at La Trobe University, Maria has asked you for advice in the form of a brief written report. Your report should: a) Describe the purpose of each of the financial statements above (100 words). (1 mark) b) List any errors Maria has made in these financial statements and then briefly explain to Maria the correct treatment (300 words). (4 marks)