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1. Savina will need $30,000 at the end of four years time to fund her daughters college education. Savina intends to make four annual contributions to an investment fund, with the first contribution being made today. The investment fund guarantees a return of 4% per annum, compounded semi-annually. What amount must Savina contribute each year to ensure that she can fund her daughters education? Round to the nearest dollar. a) $6,786 b) $6,793 c) $7,060 d) $7,065 2. Leah of Leahs Running Store has asked you to help her determine the expected value of the stores sales next year. The range of sales that could be generated by the store and Leahs estimated probability of the store attaining these sales are as follows: Sales Estimated probability Nil 5% $700,000 10% $900,000 70% $1,100,000 to $1,300,000 15%, with all outcomes in the range equally probable What is the expected value of the stores sales next year? a) $865,000 b) $880,000 c) $895,000 d) $900,000 3. Muir Corp.s year end is December 31. It borrowed US$100,000 on December 1, 20X5, payable in full together with accrued interest on January 31, 20X6. Interest expense incurred on the loan by Muir for the month ending December 31, 20X5, was US$1,000. Exchange rates of significance are as follows: December 1, 20X5 US$1.00 = C$1.20 December 31, 20X5 US$1.00 = C$1.26 Average rate for December 20X5 US$1.00 = C$1.23 What is the total liability relating to the indebtedness (principal and accrued interest) that Muir will report on its statement of financial position for the year ended December 31, 20X5, in Canadian dollars? a) $121,230 b) $121,260 c) $127,230 d) $127,260 4. We Love Customers Corp. (WLCC) offers a reward program to interested customers. Select details of the reward plan are as follows: ? 90% of sales are expected to be made to customers enrolled in the reward plan. ? 80% of points awarded are expected to be subsequently redeemed. ? One point is awarded for each dollar spent on purchases. Points expire four years after issuance. ? Points awarded may be exchanged for a variety of goods, all of which are normally sold by WLCC. ? In 20X5, sales totalled $15,000,000, and 13,500,000 points were awarded. ? 12,500,000 points were redeemed in 20X5. ? Based on the relative stand-alone sales price of the performance obligations, the fair value of each point expected to be redeeme was determined to be $0.01. Based on this information, what is the total amount that WLCC must have initially credited to deferred revenue for the points issued in 20X5? a) $108,000 b) $125,000 c) $135,000 d) $150,000 5. Gail was injured when she slipped on a wet floor while shopping at Glamour Inc. Gail subsequently sued Glamour for $500,000 in damages. Glamours legal counsel advises that there is an 80% probability that the company will be found liable. If Glamour loses the case, the plaintiff (Gail) will be awarded damages between $50,000 and $70,000, with all outcomes equally probable. Glamour is considered to be a publicly accountable enterprise. What is the appropriate accounting treatment with regard to this event on Glamours financial statements? a) Recognize a provision for $48,000 b) Recognize a provision for $50,000 c) Recognize a provision for $60,000 d) Recognize a provision for $500,000