Assignment StepsScenario: BizCon, a consulting firm, has just com

Assignment StepsScenario: BizCon, a consulting firm, has just completed its first year of operations. The company’s sales growth was explosive. To encourage clients to hire its services, BizCon offered 180-day financing – meaning its largest customers do not pay for nearly 6 months. Because BizCon is a new company, its equipment suppliers insist on being paid cash on delivery. Also, it had to pay upfront for 2 years of insurance. At the end of the year, BizCon owed employees for one full month of salaries, but due to a cash shortfall, it promised to pay them the first week of next year. As the senior accountant, the Chief Financial Officer has asked you to prepare a memo to be sent to management notifying them of the delayed wage payments. Prepare: the memo in a maximum 700 words including the following information to better outline the situation: Explain: how cash and accrual accounting differs for each of the events listed in the above scenario and describe the proper accrual accounting.Writing in APA format.  If you are citing external sources. There must be intext citations and a reference page.