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please solve all the 6 parts as soon as possible Assessment Instructions Large Mart, in its mission to simplity student iffe, has been working on

please solve all the 6 parts as soon as possible image text in transcribed
Assessment Instructions Large Mart, in its mission to simplity student iffe, has been working on a "ilinin Charge Pillow', a product that would allow students to absort made Large Mart inconider it development efflorts, and it has now decided to sell the Beeple product instead. To market iDrean. Large Mart has leased an adfitional storefroent in Armidale for 12 months starting 1 Myy 202x. Rent, at $4000 monthy. muat be prepaid in full for the contract duration on 1May. Simultaneously, Lage Mart has hired a UNE student, Rose Dawson, to manuge an Diean fan-site on Facebook. Rose will work for three hours daily (all weck, beginning 1 May. Her wage in 130 per hous, to be paid on 5 June for her May work. The new store's furniture, including a large bed for teating iDream, is designed in Shanghai and made in Mebourne. The bed is delivered on 1 June, accompanied by a $50,000 invoice fram the Melbourne manufacturer and a $10,000 invoice from the Shangha designeis. Large Marrs sales directoc, during a business trip to Melbourne, approved the beds final design. The dinector's trip, costing 12.500 fincluding an addfional taxi fare to the manufactuted is payable on 15 July. On 1 June, Large Mart orders 30 . Dream units from Berple 2 \$ $800 each paid on 20 June. The subtequent thamsactions occur: - UNE buys 10 iDream units for the library at 51,500 per unit on credit on 10 lune, paying on 15 lune atter a 10k ealy payment discount - On 17 June, UNE returns two damaged Dream units. Large Mart updates UNE ss invoice and destroys the damaged units - On 18 June, Large Mart orders another 60 iDream units from Bleeple at a special price of $650 each. Payment is made two days luser Mart offers a 5\% trade discount to Wright College for this trancaction. On 1 July 202x. Large Mart leases a company car for the service department of the new store (called the Nerd Heid?) The duration of the iease of each year during the lease period. The lease contract states that Lage Mart may cancel the lease once the contract is signed, but thut Large Mart wall have to pay a fee of vansaction fee of $100 of the leane is canceled prior to the end of the contact. As the end of the lease period. is able to exercise the panchase option. The interest rate in the lease is 12%. Lage Mart decided to enter into the lease agreement instead of purchase at that time. Please answer the following questions about the scenario outlined above: Question 1) Piovide all journal entries that are necessary in the bools of Large Mart to accoumt for the signing of the renting coneract. the payment of iest for the duration of the contract, and the incurrence of ient for the months of May and June 2.5 marks:. Question 2) Provide all journal entries that aie necessary in the books of Large Mart to account for the wages of Rose Dawson between 1 May 202x and the end of that month, as well as the paymeet of wages on 5 June 20x1 (1.5 marka) Question 3) Provide a detailed explanation whether or not the expendtures associated with the directors brip to Merbourse are part of the cont of the bed (1.5 marks) and calculate the cost of the bed (0.5 marks) Question 4) Provide all journal entries that are necessary in the books of Large Mart to account for all inventory punchase and ales transactions (including the payment and rectipt of fonds) of the new store, assuming that targe Mart uses a PERPETUAL awvENToky SYStEM and the First-in first-out flow assumption ( 40 marka) Question 5) Uhing the information outlined in shis mignment question, calculate the total Cost of Goods Sold (CoCs) for Bhe fmancial yea ended 30 fune 20x ) (1.0 markh, the value of all Dream that remain in the inventory account fincluding any adjustments for reievant freight and discounts of any exist) at the end of the year (the 30 June 202x ) (1.0 mark), and the lotal amount of revenue that Large Makk colected through the sale of the iDrearn during the year ended 30 lune 203105 marki) AND provide a detailed outine of all necestary calculations: Question 6) Determine if the iessor will have to account for the outlined car lease as an operating irase or a finance lease, AvD provide a detailed explanation for your decision 12.5 marks)

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