19. The following list of accounts, in alphabetical order, is for Zen Inc. at May 31, 2019: Accounts payable $ 26,200 Accounts receivable 19,500 Bank loan payable 34,000 Buildings 100,000 Cash 20,000 Common shares 20,000 30,000 Equipment Income tax payable 6,000 18,000 Inventory Land 44,000 97,500 Mortgage payable Retained earnings Supplies 48,500 700 Instructions (a) For each of the above accounts, identify whether it is an asset (A), liability (L), or shareholders' equity (SE) item. (b) Prepare a statement of financial position at May 31. 20. The liabilities and shareholders' equity items (in millions) that follow were taken from the January 31, 2015, balance sheet for Steel's Inc.: Accounts payable and accrued liabilities $ 896.6 Bank loans payable (current) 423.1 Common shares 821.0 475.6 37.1 Deferred income taxes payable (non-current) Income taxes payable Long-term debt Other long-term liabilities Retained earnings 1,208.3 61.8 3,180.8 Instructions Prepare the liabilities and shareholders' equity sections of the statement of financial position. 21. The following information is available for Texada Corporation for the year ended May 31 (in thousands, except share price): 2017 2016 $65,286 $185,234 Income available for common shareholders Weighted average number of common shares Share price 395,793 395,740 $17.07 $18.62 Instructions (a) Calculate the basic earnings per share and price-earnings ratio for each year. (b) Based on your calculations above, how did the company's profitability change from 2016 to 2017? 22. Atlas' Calculators Corporation had the following opening account balances at the end of July: Cash $5,000; Accounts Receivable $6,000; Accounts Payable $2,000; Common Shares $5,000; and Retained Earnings $4,000. It entered into the following transactions during the month of August: 1. Purchased equipment on account for $8,000. 2. Paid $1,600 for rent for the month of August. 3. Provided computer services for $3,800 on account. T 4. Paid Ontario Hydro $300 cash for utilities used in August. 5. Borrowed $20,000 from the bank. 6. Paid supplier for equipment purchased in transaction 1. 7. Purchased a one-year accident insurance policy for $500 cash. 8. Received $3,000 cash in partial payment of the account owed in transaction 3. 9. Declared and paid $500 of dividends to shareholders. 10. Paid income tax of $250 for the month. Instructions Prepare an equation analysis of the effects of the opening balances and above transactions on the expanded accounting equation, similar to those shown in Illustrations 3-3 and 3-4 in your textbook. 23. Selected transactions for the Basler Corporation during its first month of operations are presented below: Sept. Issued common shares for $20,000 cash. 1 2 4 10 25 Performed $9,000 of services on account for a customer. Purchased equipment for $12,000, paying $5,000 in cash and borrowing the balance from the bank. Purchased $500 of supplies on account. Received $4,500 cash in advance for architectural services to be provided next month. Paid $300 on account in partial payment of amount owing for supplies. (See September 10 transaction.) Collected $5,000 on account owing from customer. (See September 2 transaction.) 30 30 Instructions For each of the above transactions, do the following: (a) Prepare an equation analysis. (b) Journalize the transactions. (c) Set up T accounts, post the journal entries to the general ledger, and determine the ending balance in each account