Answer these questions as soon as possible.

Answer the following Questions: 1. Prepare Income Statement dated 30 September, 2021 & Balance Sheet dated 15 September, 2021 by using the following accounts. Please make sure you properly follow the classification shown in the class. (5+5=10) Account Amount in CAD Account Amount in CAD Cash 2000 Salary 4000 Car Insurance 450 Car 9000 Rent 1200 Utility Expense SO Phone 700 Transportation Expense 200 Credit Card Debt 300 Child Benefit 300 Car Loon 6500 Wifi Bill Entertainment Expense 100 Borrowed from friends 200 for 6 months 2. Suppose you want to save money to pay for a down payment on an apartment in 5 years' time. One year from now, you will invest your $30,000 year-end bonus for the down payment. If you can invest at 15% per year, how much money will you receive on your cash in 5 years? If you need $210,000 for the down payment, and you would like to top-up the remaining amount by investing a lump sum today, what is the amount you should invest? (5) 3. Assume that you just won the state lottery. Your prize can be taken either in the form of $10,000 at the end of each of the next 20 years (that is, $200,000 over 20 years) or as a single amount of $150,000 paid immediately. If you expect to be able to earn 2% annually on your investments over the next 20 years, ignoring taxes and other considerations, which alternative should you take? Why? (5) 4. State 2 differences between stocks and bonds. What are the 3 C's that may be considered before you are approved for credit? What is RESP and TFSA? (2+1+2=5) 5. State one short term and one long term financial goals of yours. What are the some of the requirements to qualify for HBP and LLP? Explain with your own words. (2+3=5) Page 1