Ayayai Corp. has just received its August 31, 2020 bank statement, which is summarized as follows:

Provincial Bank of ManitobaDisbursementsReceiptsBalanceBalance, August 1$9,300Deposits during August$32,00041,300Note collected for depositor, including $30 interest93042,230Cheques cleared during August$34,0008,230Bank service charges108,220Balance, August 318,220

The general ledger Cash account contained the following entries for the month of August:

Cash

Balance, August 1

10,000

Disbursements in August

34,978

Receipts during August35,000

Deposits in transit at August 31 are $3,500, and cheques outstanding at August 31 total $1,050. Cash currently on hand at August 31 is $250 and there were postdated cheques from customers (for September 1) in the amount of $500. The bookkeeper improperly entered one cheque in the books at $140.00. The cheque was actually written for $162.00 for supplies (expense) and cleared the bank during the month of August.

(a)

Prepare bank reconciliation dated August 31, 2020, proceeding to a correct balance.

Question 32

Concord Limited uses a periodic inventory system. On June 24, the company sold 720 units. The following additional information is available:

UnitsUnit

CostTotal

CostJune 1 inventory240$11$2,640June 15 purchase480146,720June 23 purchase480178,1601,200$17,520

(a)

Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula.(Round weighted average cost per unit to 2 decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,275.)

Ending inventory$ enter a dollar amount rounded to 0 decimal places

Cost of goods sold$ enter a dollar amount rounded to 0 decimal places

Question 33

Novak Corp. invested in a three-year, $100 face value 8% bond, paying $111.10. At this price, the bond will yield a 4% return. Interest is payable annually.

(a)

Prepare bond premium amortization table for Novak Corp., assuming Novak uses the effective interest method required by IFRS.(Round answers to 2 decimal places, e.g. 52.75.)

Bond Premium Amortization Table

DateCash Received

Interest Income

Bond Premium Amortization

Amortized Cost of Bond

Day 1

$

End Year 1

$

$

$

End Year 2

End Year 3

$

$

$