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Trimester 1, 201 7 Accounting 100 Group Assignment (Minimum 3, maximum 4 members from the same class per group) The assignment must be typed, use Arial font, 12 and hard copy submitted in lecture Week 10 to your lectur er s at the commencement of lectures. Please ensure you attach a KOI assignment cover sheet with all members of the group, names & ID number and signed. The assignment is worth 20 course marks of your grade ( out of 40 total marks scaled to 20) . Late assignments will be penalised, 10% deduction per day . Ques tion 1 (1 0 marks) The accountant for George St Hairdressing has compiled the following information about the company and its accounts for the year ended 3 1 December 2016: Cash $30,000 Prepaid Rent $2,000 Revenues 99, 000 Expenses 54,000 Accounts Payable 9,000 Equipment 40, 000 Wages Payable 1,000 Loan Payable 4,000 Accounts receivable 1,000 (a) What is the total amount of assets belonging to the business ? (3 marks) (b) What is the total amount that business owes for liabilities? (3 marks) (c) Using the accounting equation, what is the amount of Owners’ Equity reported on the business balance sheet? (2 marks) (d) How much net profit or loss did the business earn in the year? (2 marks) Question 2 (1 5 marks) An accountant provided data for a small manufacturing business, trading under the name Regional Farm Equipment Pty Ltd . The following list of financial data relates to the business as at 3 1 December 2016 . Inventories Motor Vehicles (net) Cash Prepaid insurance Fuel supplies Accounts receivable $125,000 75,000 35 ,000 1,500 9,000 10,000 Plant & equipment (net) Accounts payable Salaries payable Loan Payable Contributed capital Retained profits $200 , 000 25,000 2,500 160,000 155 , 000 Additional information 20% of the figure for loan payable is payable within 12 months of 30 June. Required  Pre pare a fully classified balance sheet for the business as at 31 December 2016 . (1 5 marks) Question 3 ( 15 marks ) Review the CPA and ICANZ website s (links below) and write a short essay quoting three recent examples (2016 and 2017 only) to demonstrate how brea ches of ethical standards were seriously treated by the professional organisation . Required: 1. Explain why the penalties were imposed 2. Referring to APES 110 standards (available on Moodle), which sections should have applied to your three mentioned examples? 3. Were the penalties imposed by the accounting bodies sufficient? Note: Your essay should not exceed 500 words. Recent examples should be limited to between 201 6 and 201 7. Hint: You must to refer to : https://www.cpaaustralia.com.au/about -us/member -conduct -and - discipline/outcome -of-disciplinary -hearings http://www.charteredaccountants.com.au/The -Institute/Member -complaints -and - discipline/Tribunal -decisions )