This question has three (3) parts. Part A Tony's Gardening Services reports $30,000 sales revenue for...

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This question has three (3) parts. Part A Tony's Gardening Services reports $30,000 sales revenue for the current year, $10,000 of which was from credit sales and still outstanding at the end of the year. During the year, operating expenses of $15,000 were incurred. Of these expenses, $8,000 were paid in cash and the remainder will be paid next year. In addition, the business paid $10,000 for rent expense of which $5,000 related to next year. Calculate the profit or loss earnt by the business for the current year using the accrual basis of accounting (4 marks). Part B Sabrina opened a photography business in a small shop that she rented in a large shopping centre on the 1st March 2022. She paid the first month's rent of $2,000 and purchased new photography equipment for $5,500 from her personal bank account to commence her business. State which accounting concept is violated in this case and explain why the concept is violated (2 marks). Part C The purpose of financial reporting is to provide accounting information that is useful for decision making by external users. For accounting information to be useful it must have certain qualitative characteristics. Describe two fundamental qualitative characteristics of accounting information (2 marks). This question has three (3) parts. Part A Tony's Gardening Services reports $30,000 sales revenue for the current year, $10,000 of which was from credit sales and still outstanding at the end of the year. During the year, operating expenses of $15,000 were incurred. Of these expenses, $8,000 were paid in cash and the remainder will be paid next year. In addition, the business paid $10,000 for rent expense of which $5,000 related to next year. Calculate the profit or loss earnt by the business for the current year using the accrual basis of accounting (4 marks). Part B Sabrina opened a photography business in a small shop that she rented in a large shopping centre on the 1st March 2022. She paid the first month's rent of $2,000 and purchased new photography equipment for $5,500 from her personal bank account to commence her business. State which accounting concept is violated in this case and explain why the concept is violated (2 marks). Part C The purpose of financial reporting is to provide accounting information that is useful for decision making by external users. For accounting information to be useful it must have certain qualitative characteristics. Describe two fundamental qualitative characteristics of accounting information (2 marks).