Part A (7 marks) You are working as an accountant in a local accounting firm. You have been approached by Luke and Leia, the owners of Skylark, a retailer of home entertainment. They have chosen Xero as their cloud-based accounting system and have employed you to set up their company in Xero and enter the first months transactions. You are required to enter a range of transactions and generate the reports requested by your client to assist with the startup of their business. All information has been supplied by the business owners for you to input. The setup and transactional data are available in Interact under Assessment Resources, Assessment Item 2. Task requirements: Process your clients' transactions for July 2020. Generate and submit the following reports to your client for the month of July 2020; Profit and Loss Balance Sheet Trial Balance Aged Payables (detail) Aged Receivables (detail) Inventory Item Summary. Part B (3 marks) Due to their concerns over the high rate of obsolescence of Skylark's inventory, Luke and Leia have requested you provide an inventory report for the month of July discussing the performance of their product lines. Provide a one (1) page recommendation to Luke and Leia which can be incorporated with the July 2020 reports for Skylark. Your recommendation should include the following: 1.An analysis of the relative performance for each of their product lines. 2.At least 2 recommendations relating to their product lines. The marks assigned for both parts of this assessment include the correctness of information and the presentation of your reports. Your report needs to look professional, as though it could be provided to a client.

AutoSave Off Hvar ACC539 202060 A2 Set up and Transactions updated - Protected View - Excel 8 7 File Home Insert Page Layout Formulas Data Review View Help o Search Share Comments i PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing X H40 X fox 19.08.20 A B D E F G H J L M N. 0 R s T v Y X Y z AA 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 (GST Transact Inclusive Date ion Date Type Summary Contact as Account Paid 01.07.20 P Purchase of Display Cabinets, Shelving and Storage Office Spex $ 26,400 Furniture and Fitting 29.07.20 01.07.20 P Purchase of Office Equipment Brummel's $ 4,400 Office Equipment 01.07.20 P Purchase of Stationery Office Mart $ 1,000 Printing and Stationery 23.07.20 01.07.20 P Purchase of Computer and Inventory Scanning System R&B Computer $ 12,100 Computer Equipment 01.07.20 P Marketing promotions and advertising Boomtown Marketing $ 5,500 Advertising 01.07.20 P Rent Real Estate Agent $ $ 6,600 Rent 15.07.20 01.07.20 P Accounting Advice and Business Registration | Local Accountants $ 3,850 Consulting & Accounting 01.07.20 P Sampong Ultra HD TV x 7 |Samsong Auto Auto 15.07.20 01.07.20 PLC UHD LED TV x 10; LC UHD Blu-ray Disc player x 12 LC Auto Auto 22.07.20 Linser HD TV with built in DVD x 40; Linser Home Theatre System 02.07.20 P x 30 Linser Auto Auto 16.07.20 04.07.20 P F Suny 4k Ultra HD TV x 20; Suny Blu-ray Player x 25 Suny Auto Auto 25.07.20 Samsong Ultra HD TV x 3; LC UHD LED TV x 7; LC UHD Blu-ray 04.07.20 S Disc player x 10; Linser Home Theatre System x 10 Cash Sales Auto Auto 04.07.20 05.07.20 S Suny 4k Ultra HD TV x 15; Suny Blu-ray Player x 15 Rox Motel and Restaurant Auto Auto 15.07.20 05.07.20 S Samsong Ultra HD TV x3 Budget Wise Motel Auto Auto 21.07.20 LC UHD LED TV X 3; Suny Blu-ray Player x 3; Linser Home 07.07.20 S Theatre System x3 Barry's Bar and Grill Auto Auto 21.07.20 08.07.20 P Samsong Ultra HD TV x 7 Samsong Auto Auto 22.07.20 08.07.20 P LCUHD LED TV x 10; LC UHD Blu-ray Disc player x 10 LC Auto Auto 29.07.20 11.07.20 S 15 Banburra Secondary Colleg Auto Auto 25.07.20 12.07.20 LC UHD LED TV X 5; LC UHD Blu-ray Disc player x 5 Matrix Events and Conferen auto Auto 26.07.20 Suny 4k Ultra HD TV x 3; Samsong Ultra HD TV x 4; Suny Blu-ray 13.07.20 Player x7 Cash Sales Auto Auto 13.07.20 Linser HD TV with built in DVD x 40; Linser Home Theatre System 14.07.20 P x 30 Linser Auto Auto 30.07.20 15.07.20 P Staff Wagen Staff Wages $ $ 1,850 Wages and Salaries 15.07.20 18.07.20 $ LC UHD LED TV X 3; LC UHD Blu-ray Disc player x 3 Barry's Bar and Grill Auto Auto 31.07.20 18.07.20 F LC UHD LED TV x 10; LC UHD Blu-ray Disc player x 10 LC Auto Auto 18.07.20 S Linser HD TV with built in DVD x 20 Escape to the Beach Cabins Auto Auto Samsong Ultra HD TV x 3; LC UHD LED TV x 4;LC UHD Blu-ray 19.07.20 S $ Disc player x 6 Cash Sales Auto Auto 13.07.20 19.07.20 Linser HD TV with built in DVD x 10 Steppin' Out Gymnasium Auto Auto 21.07.20 LC UHD LED TV X 5; LC UHD Blu-ray Disc player x 5 Matrix Events and Conferen Auto Auto 22.07.20 P Advertising Campaign Boomtown Marketing $ 1,650 Advertising 25.07.20 P Suny 4k Ultra HD TV x20;Suny Blu-ray Player x 25 Suny Auto Auto 28.07.20 Linser HD TV with built in DVD x 3 Beach Rite Cobing Auto Auto 29.07.20 Linser HD TV with built in DVD x 4; Suny 4k Ultra HD TV x 2 Steppin' Out Gymnasium Auto Auto 29.07.20 LC UHD LED TV x 3; Suny Blu-ray Player x 4 Exotic Cocktails Auto Auto 29.07.20 P Staff Wages Staff Wages 1,850 Wages and Salarics 23.07.20 29.07.20 P Insurance Bridge's Insurance 5.632 Insurance 19.08.20 24 25 26 27 28 P 30 31 32 35 37 38 40 41 Cover Sheet Important Set Up Instructions Client Transactions + 3 + 56% Type here to search o BI ) ENG 9:28 PM 25/08/2020 AutoSave Off Hvar ACC539 202060 A2 Set up and Transactions updated - Protected View - Excel 8 File Home Insert Page Layout Formulas Data Review View Help Search Share Comments PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing X F43 X E E F H H 1 L M N P Q R s S T V X Y z AA AB AC AD AE AF AG 1 B D ACC539 202060 Assessment Item 2 Set up Instructions 1 The name of your organisation is 'Student Number - Client Name' 6 10 11 12 13 14 15 16 17 18 10 2 In the Chart of Accounts, your bank account should be account code '600' and named: 'Cash at bank - #Student number#'. When setting up your bank account, you can make up the name of your bank, BSB and Account Number The following accounts needs to be set up in the Chart Accounts for your client: Account Code Name TIP 240 Sales - Televisions Sales 250 Sales Other - Sales 340 Cost of Sales - Direct Costs 350 Cost of Sales - Other Direct Costs 640 Inventory - Televisions Inventory 650 Inventory - Other Inventory 730 Furniture and Fittings Fixed Agaat 910 Long Term Bank Loan Non-current liability More dx you mynd'!o sx y other cows or call acow was as you we compiling yow clw sy w processing 4 Your clients Conversion Date date is 30 June 2020. 5 The Opening Balances for your client are: Cash at bank 200,000 Current asset Owners 150,000 Equity Long Term Bank 50,000 Non-current Liability Mix: Irxat you dits d'arcas you se yo the opening dabas for your clow 6 You need to set up the following inventory items (note, make sure you 'track' cach of these 20 22 24 25 26 27 LV --- 2 = e. :-: RAZ:45&ESS::* * * * *: 4654453833 29 31 32 34 35 37 40 Code Hand Bu Sell T10001 Someong Ultra HD TV 1498.33 $1,495.00 T10002 LC UHD LED TY 1731.67 12.195.00 T10003 Suny 4k Ultra HD TV 1331.67 $995.00 T 10004 Linser HD TV with built in $ $133.00 $399.00 DVD 010001 LC UHD Blu-ray Disc 198.33 1235.00 010002 Suny Blu-ray Player 478.33 1235.00 010003 Linser Home Theatre $199.67 1599.00 Note: 7'nicates the item is a Talcivision o'licates is a threw. Hint is good practice to rwarport to swed yow iwory is set w correctly prior to 7 The default due dates for your client are: - Purchases (bills) are duc 30 day(s) after the end of the bill month - Sales invoices are duc 30 day(s) after the invoice date 8 The invoice auto prefix for Sales should be 'SI-' with the next invoice number being 1000001 9 Purchases auto prefix should be: 'PO-' with the next invoice number being 5000001 42 45 47 49 51 Cover Sheet Important Set Up Instructions Client Transactions + B + 53% Type here to search > PI ) ENG 9:28 PM 25/08/2020 D AutoSave Off Hvar ACC539 202060 A2 Set up and Transactions updated - Protected View - Excel 8 7 File Home Insert Page Layout Formulas Data Review View Help o Search Share Comments i PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing X H40 X fox 19.08.20 A B D E F G H J L M N. 0 R s T v Y X Y z AA 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 (GST Transact Inclusive Date ion Date Type Summary Contact as Account Paid 01.07.20 P Purchase of Display Cabinets, Shelving and Storage Office Spex $ 26,400 Furniture and Fitting 29.07.20 01.07.20 P Purchase of Office Equipment Brummel's $ 4,400 Office Equipment 01.07.20 P Purchase of Stationery Office Mart $ 1,000 Printing and Stationery 23.07.20 01.07.20 P Purchase of Computer and Inventory Scanning System R&B Computer $ 12,100 Computer Equipment 01.07.20 P Marketing promotions and advertising Boomtown Marketing $ 5,500 Advertising 01.07.20 P Rent Real Estate Agent $ $ 6,600 Rent 15.07.20 01.07.20 P Accounting Advice and Business Registration | Local Accountants $ 3,850 Consulting & Accounting 01.07.20 P Sampong Ultra HD TV x 7 |Samsong Auto Auto 15.07.20 01.07.20 PLC UHD LED TV x 10; LC UHD Blu-ray Disc player x 12 LC Auto Auto 22.07.20 Linser HD TV with built in DVD x 40; Linser Home Theatre System 02.07.20 P x 30 Linser Auto Auto 16.07.20 04.07.20 P F Suny 4k Ultra HD TV x 20; Suny Blu-ray Player x 25 Suny Auto Auto 25.07.20 Samsong Ultra HD TV x 3; LC UHD LED TV x 7; LC UHD Blu-ray 04.07.20 S Disc player x 10; Linser Home Theatre System x 10 Cash Sales Auto Auto 04.07.20 05.07.20 S Suny 4k Ultra HD TV x 15; Suny Blu-ray Player x 15 Rox Motel and Restaurant Auto Auto 15.07.20 05.07.20 S Samsong Ultra HD TV x3 Budget Wise Motel Auto Auto 21.07.20 LC UHD LED TV X 3; Suny Blu-ray Player x 3; Linser Home 07.07.20 S Theatre System x3 Barry's Bar and Grill Auto Auto 21.07.20 08.07.20 P Samsong Ultra HD TV x 7 Samsong Auto Auto 22.07.20 08.07.20 P LCUHD LED TV x 10; LC UHD Blu-ray Disc player x 10 LC Auto Auto 29.07.20 11.07.20 S 15 Banburra Secondary Colleg Auto Auto 25.07.20 12.07.20 LC UHD LED TV X 5; LC UHD Blu-ray Disc player x 5 Matrix Events and Conferen auto Auto 26.07.20 Suny 4k Ultra HD TV x 3; Samsong Ultra HD TV x 4; Suny Blu-ray 13.07.20 Player x7 Cash Sales Auto Auto 13.07.20 Linser HD TV with built in DVD x 40; Linser Home Theatre System 14.07.20 P x 30 Linser Auto Auto 30.07.20 15.07.20 P Staff Wagen Staff Wages $ $ 1,850 Wages and Salaries 15.07.20 18.07.20 $ LC UHD LED TV X 3; LC UHD Blu-ray Disc player x 3 Barry's Bar and Grill Auto Auto 31.07.20 18.07.20 F LC UHD LED TV x 10; LC UHD Blu-ray Disc player x 10 LC Auto Auto 18.07.20 S Linser HD TV with built in DVD x 20 Escape to the Beach Cabins Auto Auto Samsong Ultra HD TV x 3; LC UHD LED TV x 4;LC UHD Blu-ray 19.07.20 S $ Disc player x 6 Cash Sales Auto Auto 13.07.20 19.07.20 Linser HD TV with built in DVD x 10 Steppin' Out Gymnasium Auto Auto 21.07.20 LC UHD LED TV X 5; LC UHD Blu-ray Disc player x 5 Matrix Events and Conferen Auto Auto 22.07.20 P Advertising Campaign Boomtown Marketing $ 1,650 Advertising 25.07.20 P Suny 4k Ultra HD TV x20;Suny Blu-ray Player x 25 Suny Auto Auto 28.07.20 Linser HD TV with built in DVD x 3 Beach Rite Cobing Auto Auto 29.07.20 Linser HD TV with built in DVD x 4; Suny 4k Ultra HD TV x 2 Steppin' Out Gymnasium Auto Auto 29.07.20 LC UHD LED TV x 3; Suny Blu-ray Player x 4 Exotic Cocktails Auto Auto 29.07.20 P Staff Wages Staff Wages 1,850 Wages and Salarics 23.07.20 29.07.20 P Insurance Bridge's Insurance 5.632 Insurance 19.08.20 24 25 26 27 28 P 30 31 32 35 37 38 40 41 Cover Sheet Important Set Up Instructions Client Transactions + 3 + 56% Type here to search o BI ) ENG 9:28 PM 25/08/2020 AutoSave Off Hvar ACC539 202060 A2 Set up and Transactions updated - Protected View - Excel 8 File Home Insert Page Layout Formulas Data Review View Help Search Share Comments PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing X F43 X E E F H H 1 L M N P Q R s S T V X Y z AA AB AC AD AE AF AG 1 B D ACC539 202060 Assessment Item 2 Set up Instructions 1 The name of your organisation is 'Student Number - Client Name' 6 10 11 12 13 14 15 16 17 18 10 2 In the Chart of Accounts, your bank account should be account code '600' and named: 'Cash at bank - #Student number#'. When setting up your bank account, you can make up the name of your bank, BSB and Account Number The following accounts needs to be set up in the Chart Accounts for your client: Account Code Name TIP 240 Sales - Televisions Sales 250 Sales Other - Sales 340 Cost of Sales - Direct Costs 350 Cost of Sales - Other Direct Costs 640 Inventory - Televisions Inventory 650 Inventory - Other Inventory 730 Furniture and Fittings Fixed Agaat 910 Long Term Bank Loan Non-current liability More dx you mynd'!o sx y other cows or call acow was as you we compiling yow clw sy w processing 4 Your clients Conversion Date date is 30 June 2020. 5 The Opening Balances for your client are: Cash at bank 200,000 Current asset Owners 150,000 Equity Long Term Bank 50,000 Non-current Liability Mix: Irxat you dits d'arcas you se yo the opening dabas for your clow 6 You need to set up the following inventory items (note, make sure you 'track' cach of these 20 22 24 25 26 27 LV --- 2 = e. :-: RAZ:45&ESS::* * * * *: 4654453833 29 31 32 34 35 37 40 Code Hand Bu Sell T10001 Someong Ultra HD TV 1498.33 $1,495.00 T10002 LC UHD LED TY 1731.67 12.195.00 T10003 Suny 4k Ultra HD TV 1331.67 $995.00 T 10004 Linser HD TV with built in $ $133.00 $399.00 DVD 010001 LC UHD Blu-ray Disc 198.33 1235.00 010002 Suny Blu-ray Player 478.33 1235.00 010003 Linser Home Theatre $199.67 1599.00 Note: 7'nicates the item is a Talcivision o'licates is a threw. Hint is good practice to rwarport to swed yow iwory is set w correctly prior to 7 The default due dates for your client are: - Purchases (bills) are duc 30 day(s) after the end of the bill month - Sales invoices are duc 30 day(s) after the invoice date 8 The invoice auto prefix for Sales should be 'SI-' with the next invoice number being 1000001 9 Purchases auto prefix should be: 'PO-' with the next invoice number being 5000001 42 45 47 49 51 Cover Sheet Important Set Up Instructions Client Transactions + B + 53% Type here to search > PI ) ENG 9:28 PM 25/08/2020 D