Task: This is an individual assignment in which the student is required to answer all of the problems included. Value: 40 marks (40% or total assessment) Due date: Week 8 (Sunday the 17th of January 2016 at 23.59pm Darwin time) Preparation: Topics 1-7. Presentation: Online submission through Learnline. Assessment Criteria: This task will generally be assessed in terms of the following criteria: 1. Effectiveness of communication: readability, grammar, spelling, neatness, completeness and presentation. 2. Demonstrated competency and understanding: This will be evidenced by the student's ability to be dialectical in the discussion of contentious issues. The marker will pay 2 attention to the accuracy of the content, coverage of relevant issues, structure of argument, English expressions, and absence of plagiarism, concise writing style, and referencing style. 3. Evidence of research - This will be evidenced by the references used and the inclusion of a bibliography. Submission of Assignments  Assignments must be submitted by the due date.  Failure to submit an assignment on or before the due date will result in an academic penalty of 5 % of the marks allocated for the assignment each day the assignment is overdue.  All assignments must be submitted online. (Submissions via email will not be accepted)  Students should include their names and students numbers clearly on the first page of the assignment. Please do not include a cover page.  Assignment should be typed and submission file should be either word or pdf  Each page of the assignment should be numbered. Assignment Extensions All requests for extensions must be in writing and received seven days before the due assignment submission date. (Refer to Learnline for more details) Assignment details: Problem one: (12 marks) For about a year, Frank Poppa has been operating a sausage stand in the parking lot of a major discount retailer in a suburban area. The stand appears to be a pushcart but is actually a small trailer that is towed from home each day. Frank cleverly designed the stand to include storage compartments, napkins, and the like. What started out as a "weekend gig" to pick up 3 a few extra dollars has turned into a full-time occupation. Frank soon found that on a weekend, he could easily take in more than $1,000 from sales of a full line of fancy hot dogs and cold soft drinks. About four months ago, Frank decided to expand to more locations. He found that large discount retailers were quite happy to provide him adequate space near the front door because customers enjoyed the convenience and the stand helped build traffic for the retailer. Frank formed Poppas Dogs Company and negotiated contracts with several retailers to provide pushcart operations outside their stores. The contracts generally call for Poppas Dogs to pay a location fee to the retailer plus 3% of the pushcarts sales. Frank plans to be very careful when hiring the people necessary to operate the five new pushcart locations. He is confident that he can assess good moral character and avoid hiring anyone who would take advantage of him. Frank will have to spend about $3,000 for each new pushcart and related equipment. In addition, he will have to finance an inventory of sausages, bread, condiments, and soft drinks for each location. A local bank has agreed to provide financing. Until now, Frank has maintained an informal accounting system consisting of an envelope full of receipts and his personal account. The system has served him well enough so far, but he is finding that more and more he is getting his personal financial activities confused with those of his business. Frank is positive that the business is profitable because he seems to have more money left at the end of the month than he did when he was working full time as an auto mechanic. He has decided he needs a better accounting system and has decided to consult with a CPA he knows to see what she might recommend. Required a) What information does Frank's current accounting system provide him? (4 marks) b) What additional information should Frank want from an improved accounting system?