1.

Canvas Images Ltd. sells goods to a customer and invoices them for $4,500, 2/10, n/30.

Required:

Drag and drop to journalize the entry to record the collection of this sale assuming the customer pays the invoice within 10 days.

Account Description	DEBIT	CREDIT
Cash	blank
blank	blank
blank		blank

2. Scotia Industries Ltd. purchased sprayer equipment for $430,000 that had an estimated useful life of 10 years and an estimated residual value of $30,000. If the carrying value of the equipment was $190,000 on the company's balance sheet, how many more years of use would the equipment have (until the end of its estimated useful life)? Assume Scotia Industries Ltd. uses the straight-line method of depreciation. If necessary, round your answer to one decimal place.

3.

Your company is considering investing in the following two bonds:

1. Rogers Communication 4.00% bonds, maturing June 6, 2022 trading at a price of 104.6385 to yield a market interest rate of .64%.

2. CIBC 1.1% bonds, maturing January 19, 2026 trading at a price of 98.2123 to yield a market interest rate of 2.96%.

Required:

Which bonds are trading at a discount?

4.

Cold Weather Accessories reports the following inventory transactions for its thermal underwear for the month of January. The company uses a periodic inventory system.

Date	Description	Units	Unit Cost	Total Cost
Jan 1	Beginning inventory	30	$55	$1,650
Jan 6	Purchases	15	$45	$675
Jan 9	Sales	(35)
Jan 14	Purchases	20	$40	$800
Jan 20	Sales	(25)
Jan 28	Purchases	20	$35	$700

Required:

Determine the cost of goods sold using the weighted average cost method assuming the company uses a periodic inventory system. Use unrounded numbers in your interim calculations but round to the nearest cent (2 decimal places) for your final answer.

5. Positive Voltage Ltd. purchased equipment on January 1, 2020, for $188000 on account. At that time, the equipment was estimated to have a useful life of 10,000 hours and no residual value. The equipment was disposed of on April 1, 2021 when the company declared bankruptcy. The equipment was used for 2,000 hours in 2020 and 500 hours in 2021. Positive Voltage Ltd. uses the units of production method of depreciation. What is the carrying value of equipment on the date of disposal (after all depreciation has been recorded)? Round your response to the nearest dollar.