Part A – 15 marks – Spreadsheet 1. Learning from assignment 1 and from your own experience,… 1 answer below »

 
   

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Part A – 15 marks – 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 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.

2. VLOOKUP function: Describe its purposes Demonstrate this function by using Excel spreadsheet. Show your demonstration in both normal and formula views with row and column headings.

Part B – 25 marks – 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? (7 marks) 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. (10 marks) 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? (8 marks)

Part C – 20 marks – 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: 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. (4 marks) 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. (8 marks) Record any required journal entries from the bank reconciliation. (8 marks)

Part D – 30 marks – Bad debt management and financial decision

Find THE A2 MILK COMPANY LIMITED’s financial report through the link below:

https://thea2milkcompany.com/wp-content/uploads/A2ML0029-a2-2016-AR_Spreads.pdf

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.