Hi There,

I need to fix all of the attached assignments.Budget is $90 in CDN for all.

All assignments are due by 1:00 PM. (Vancouver time)on Sunday.

Thanks

AP1-3 Comparing Net Earnings with Cash Flow (A Challenging Problem) (P1-3) LO11 New Delivery Company was organized on January 1, 2018. At the end of the first quarter (three months) of operations, the owner prepared a summary of its operations as shown in the first row of the following tabulation: Summary of Transactions Computation of Net Cash Earnings a.Services performed for customers, $66,000, of which one $66,000 $55,000 sixth remained uncollected at the end of the quarter. b.Cash borrowed from the local bank, $45,000 (oneyear note). c.Small service truck purchased at the end of the quarter to be used in the business for two years starting the next quarter: cost, $9,500; paid 20% down, balance on credit. d.Wages earned by employees, $21,000, of which onehalf remained unpaid at the end of the quarter. e.Service supplies purchased for use in the business, $3,800 cash, of which onefifth were unused (still on hand) at the end of the quarter. f. Other operating expenses, $36,000, of which onesixth remained unpaid at the end of the quarter. Based only on the above transactions, compute the following for the quarter: Net earnings (or loss) Cash inflow (or outflow) Required: 1. For each of the six transactions given in this tabulation, enter what you consider to be the correct amounts. Enter a zero when appropriate. The first transaction is illustrated. 2. For each transaction, explain the basis for your responses. P1-4 Using Financial Reports: Identifying and Correcting Deficiencies in a Statement of Earnings and a Statement of Financial Position LO1 1 Performance Corporation was organized on January 1, 2017. At the end of 2017, the company had not yet employed an accountant; however, an employee who was \"good with numbers\" prepared the following statements at that date: Performance Corporation December 31, 2017 Income from sales of merchandise $175,000 Total amount paid for goods sold during 2017 (90,000) Selling costs (25,000) Depreciation (on service vehicles used) (10,000) Income from services rendered 52,000 Salaries and wages paid (62,000) Performance Corporation December 31, 2017 Resources $ 32,000 Cash Merchandise inventory (held for resale) 42,000 Service vehicles 50,000 Retained earnings (net earnings of 2017) 30,000 Grand total $154,000 Debts Payable to suppliers Note owed to bank 25,000 Due from customers 13,000 Total $ 60,000 $ 22,000 Supplies on hand (to be used in rendering $ 15,000 services) Accumulated depreciation* (on service vehicles) 10,000 Contributed capital, 6,500 shares 65,000 90,000 Total Grand total $150,000 Required: 1. List all of the deficiencies that you can identify in these statements. Give a brief explanation of each one. 2. Prepare a proper statement of earnings for Performance Corporation for 2017 (correct net earnings is $30,000) and a proper statement of financial position at December 31, 2017 (correct total assets are $142,000). CP1-7 Evaluating Compliance with the Code of Professional Conduct and Auditor Responsibilities LO12 A key factor that an auditor provides is independence. CPA Canada's Independence Standards - Harmonized Rule of professional conduct 204 state that \"a member or firm shall not perform an audit or review engagement for an entity if the member, firm or a network firm, has a direct financial interest or a material indirect financial interest in the entity.\" (Source: https://www.cpacanada.ca/en/thecpaprofession/cpasand whatwedo/whatcpasdo/professionalconductauditorindependence rule204/rule204harmonizedstandards, June 2016 version, 204.4 (2) (b).) Required: Do you consider the following circumstances to suggest a lack of independence? Explain your position. (Use your imagination. Specific answers are not provided in the chapter.) 1. James Slater is a partner with a large audit firm and is assigned to the CGI audit. James owns 10 shares of CGI. 2. Maria Tsoukas has invested in a mutual fund company that owns 100,000 shares of Sears Canada Inc. She is the auditor of Sears. 3. Sylvia Bertone borrowed $100,000 for a home mortgage from First City National Bank. The mortgage was granted on normal credit terms. Sylvia is the partner in charge of the First City audit. AP2-5 Recording Transactions, Preparing Journal Entries, Posting to T Accounts, Preparing a Statement of Financial Position, and Evaluating the Current Ratio (P2-5) LO25, 26 Alternate Problem 25: Excel Template(Please answer it to the Excel's file,name called Excel_Ch02_AP2_5.xlsx) BCE Inc. BCE Inc., Canada's largest communications company, provides a comprehensive and innovative suite of broadband communications and content services to consumer, residential, business, and government customers in Canada. The following is BCE's (simplified) statement of financial position from a recent year: Page 101 BCE INC. Statement of Financial Position At December 31, 2015 (in millions of Canadian dollars) ASSETS Current assets Cash and cash equivalents Receivables $ 613 3,009 Inventories 416 Prepaid expenses 393 Other assets 377 Total current assets 4,808 Noncurrent assets Property, plant, and equipment, net Longterm investments Intangible assets Goodwill 21,630 1,119 11,176 8,377 Other noncurrent assets 883 Total assets $47,993 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Trade payables and accrued liabilities $ 4,287 Income taxes payable 148 Dividends payable 576 Debt due within one year 4,895 Other current liabilities 86 Total current liabilities 9,992 Noncurrent liabilities Longterm debt 15,390 Other liabilities 5,282 Total liabilities 30,664 Shareholders' equity 17,329 Total liabilities and shareholders' equity $47,993 Source: BCE Inc., Annual Report 2015. Assume that the following transactions (in millions of dollars) occurred in fiscal year 2016 (ending on December 31, 2016): a. Issued additional shares for $200 in cash. b. Borrowed 6,300 from creditors; due in 10 years. c. Purchased additional investments for $1,500 cash; onefifth were long term and the rest were short term. d. Purchased property, plant, and equipment; paid $4,650 in cash and $850 with additional longterm bank loans. e. Lent $250 to associated companies that signed a sixmonth note. f. Sold shortterm investments costing $200 for $200 cash. Required: 1. Prepare a journal entry for each transaction. 2. Create a Taccount for each item on the statement of financial position and include the December 31, 2016, balances. Post each journal entry to the appropriate Taccount. 3. Prepare a trial balance as at December 31, 2016. 4. Prepare a statement of financial position for BCE based on the T account ending balances at December 31, 2016. 5. Compute BCE's current ratio for fiscal year 2016. What does this suggest about the company? CP2-7 Making a Decision as a Financial Analyst: Preparing and Analyzing a Statement of Financial Position LO21, 22, 26 Critical Thinking Case CP27: Excel Template(Please answer it to the Excel's file,name called Excel_Ch02_CP2_7.xlsx) Your best friend from home writes you a letter about an investment opportunity that has come her way. A company is raising money by issuing shares and wants her to invest $20,000 (her recent inheritance from her greataunt's estate). Your friend has never invested in a company before and, knowing that you are a financial analyst, asks that you look over the statement of financial position and send her some advice. An unaudited statement of financial position, in only moderately good form, is enclosed with the letter: DEWEY, CHEETUM, AND HOWE INC. Statement of Financial Position For the Year Ending December 31, 2018 Accounts receivable $ 8,000 Cash 1,000 Inventory 8,000 Furniture and fixtures 52,000 Delivery truck 12,000 Buildings (estimated market value) 98,000 Total assets $179,000 Accounts payable $ 16,000 Payroll taxes payable 13,000 Longterm notes payable 15,000 Mortgage payable 50,000 Total liabilities 94,000 Contributed capital Retained earnings 5,000 80,000 Total shareholders' equity 85,000 Total liabilities and shareholders' equity $179,000 Page 106 There is only one footnote, and it states that the building was purchased for $65,000, has been depreciated by $5,000 on the books, and still carries a mortgage (shown in the liability section). The footnote further states that, in the opinion of the company president, the building is \"easily worth $98,000.\" Required: 1. Draft a new statement of financial position for your friend, correcting any errors you note. (If any of the account balances need to be corrected, you may need to adjust the balance of retained earnings accordingly.) If no errors or omissions exist, say so. 2. Write a letter to your friend explaining the changes you made to the statement of financial position, if any, and offer your comments on the company's apparent financial condition based only on this information. Suggest other information your friend might want to review before coming to a final decision on whether to invest. AP3-2 Recording Journal Entries (P3-2) LO34 Sandro Spina is the president of TemPro Inc., a company that provides temporary employees for notforprofit companies. TemPro has been operating for five years; its revenues are increasing with each passing year. You have been hired to help Sandro in analyzing the following transactions for the first two weeks of April: AprilPurchased office supplies for $2,600 on account. 1 3Received the April telephone bill for $1,950 to be paid in May. 5Billed the local United Way $23,500 for temporary services provided. 8Paid $3,005 for supplies purchased and recorded on account last period. 8Placed an advertisement in the local paper for $1,400 cash. 9Purchased a new computer for the office costing $2,300 cash. 10Paid employee wages of $11,900. Of this amount, $3,800 had been earned and recorded in the wages payable account in the prior period. 11Received $12,500 on account from the local United Way office for services provided on April 5. 12Purchased land as the site of a future office for $50,000. Paid $10,000 down and signed a note payable for the balance. The note is due in five years and has an annual interest rate of 10 percent. 13Issued 3,000 additional shares for cash at $45 per share in anticipation of building a new office. 14Billed Family & Children's Service $14,500 for services rendered. Required: Prepare a journal entry to record each of the transactions. Be sure to categorize each account as an asset (A), a liability (L), shareholders' equity (SE), a revenue (R), or an expense (E). AP3-5 Analyzing the Effects of Transactions by Using TAccounts, Preparing Financial Statements, and Evaluating the Total Asset Turnover Ratio and the Return on Assets (P3-5) LO34, 35, 36 (Prepare journal entries only for items a - j only) Canada Post The following are several December 31, 2014, account balances (in millions of dollars) from a recent annual report of Canada Post Corporation, followed by several typical transactions. The corporation's vision is described in the annual report as follows: Canada Post will be a world leader in providing innovative physical and electronic delivery solutions, creating value for our customers, employees, and all Canadians. Account Balance Account Balance Property, plant, and equipment, net $2,676 Equity (debit) $2,011 Accounts payable 583 Receivables 894 Shortterm investments 689 Other noncurrent assets 2,097 Accrued liabilities 487 Cash 677 Longterm borrowings 551 Deferred revenues 7,258 1,134 Investments (longterm) 133 Other noncurrent liabilities These accounts have normal debit or credit balances, but are not necessarily in good order. The following hypothetical transactions (in millions of dollars) occurred the next month (from January 1, 2015, to January 31, 2015): a. Provided delivery service to customers, receiving $564 in accounts receivable and $60 in cash. b. Purchased new equipment costing $540; signed a longterm note. c. Paid $74 in cash to rent equipment, with $64 for rental this month and the rest for rent for the first few days in February. d. Spent $396 in cash to maintain and repair facilities and equipment during the month. e. Collected $675 from customers on account. f. Borrowed $90 by signing a longterm note (ignore interest). g. Paid employees $279 earned during the month. h. Purchased for cash and used $49 in supplies. i. Paid $184 on accounts payable. j. Ordered $72 in spare parts and supplies. Required: Page 165 1. Prepare Taccounts for the preceding list and enter the respective balances. (You will need additional Taccounts for statement of earnings accounts.) 2. For each transaction, record the effects in the Taccounts. Label each by using the letter of the transaction. Compute ending balances. 3. Show the effects (direction and amount) of each transaction on net earnings and cash. 4. Prepare in good form a multiplestep statement of earnings for January 2015. 5. Prepare in good form a classified statement of financial position as at January 31, 2015. 6. Compute the company's total asset turnover ratio and its return on assets. What do these ratios suggest to you about Canada Post? Assume that the longterm note of $90 was signed on January 31, and that interest has not accrued yet. CP3-6 Proper Measurement of Net Earnings LO33 (Requirment 1 only) Paula Manolakos purchased La Fort Inc., a bakery, from Gianni Fiori. The purchase agreement included a provision that required Paula to pay Gianni 25 percent of the bakery's net earnings in each of the next five years. The agreement stated that the bakery's net earnings would be measured in a \"fair and reasonable manner,\" but did not state that it would be measured in accordance with the applicable financial reporting standards. Neither Paula nor Gianni was familiar with accounting concepts. In measuring net earnings, Paula used the following accounting policies: a. Revenue was recognized when cash was received from customers. Because of the nature of the business, most customers paid in cash, but a few customers purchased merchandise on account and were allowed to pay in 30 days. b. Paula set her annual salary at $60,000, which Gianni has agreed was reasonable. She also paid $30,000 per year to her spouse and to each of her two teenage children. These family members did not work in the business on a regular basis, but they did help during busy periods. c. Weekly expenditures for eggs, milk, flour, and other supplies were charged directly to supplies expense, as were the weekly groceries for Paula's family. d. The bakery had modern baking equipment valued at $50,000 at the time Paula purchased the company. The statement of earnings for the first year included a $50,000 equipment expense related to these assets. e. Income taxes expense included the amount paid by the corporation (which was computed correctly), as well as the personal income taxes paid by various members of Paula's family on the salaries they earned for working in the business. Gianni was disappointed, however, when Paula reported net earnings for the first year that was far below his expectations. Required: 1. Discuss the fairness and reasonableness of Paula's accounting policies. Identify the accounting principle or assumption that may have been violated. 2. Do you think that the net cash flow from operations (cash receipts minus cash payments) is higher or lower than the net earnings reported by Paula? Explain. 3. What advice would you give Gianni to ensure that the bakery's net earnings would be measured properly in future years? Excel Templates Alternate Problem 2-5 Student Name: Class: Given Data: BCE INC. Statement of Financial Position At December 31, 2015 (in millions of Canadian dollars) ASSETS Current assets Cash and cash equivalents Receivables Inventories Prepaid expenses Other assets Total current assets Non-current assets Property, plant, and equipment, net Long-term investments Intangible assets Goodwill Other non-current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Trade payables and accrued liabilities Income taxes payable Dividends payable Debt due within one year Other current liabilities Total current liabilities Non-current liabilities Long-term debt Other liabilities Total liabilities Shareholders' equity Total liabilities and shareholders' equity a) b) c) d) e) f) $ $ $ $ 613 3,009 416 393 377 4,808 21,630 1,119 11,176 8,377 883 47,993 4,287 148 576 4,895 86 9,992 15,390 5,282 30,664 17,329 47,993 Assume that the following transactions (in millions of dollars) occurred in fiscal year 2016 (ending on December 31, 2016): Cash received for issuing shares 200 Borrowed 6,300 from creditors; due in 10 years. 6,300 Cash paid to purchase additional investments 1,500 Portion of investments that were long-term 20% Cash paid to purchase property, plant and equipment 4,650 Long-term bank loans received to pay for the property, plant and equipment 850 Cash lent to associated companies in exchange for a sixmonth note 250 CA$200 200 Account Titles for Journal Entries Cash Short-term investments Receivables Inventories Prepaid expenses Other assets (current) Property, plant, and equipment Long-term investments Intangible assets Goodwill Other non-current assets Trade payables and accrued liabilities Income taxes payable Dividends payable Debt due within one year Other current liabilities Long-term debt Other liabilities (long-term) Contributed capital Retained earnings Financial Statement Effects +A -A +L -L + SE - SE INSTRUCTIONS FOR PREPARING JOURNAL ENTRIES DATES-Instead of dates for each journal entry, use the letter of each entry. ACCOUNT NAMES-When you click on a cell in the "Accounts" column, a downward-pointing arrow will appear at the far right of the cell. Clicking on the arrow will cause a menu of account names to appear. The names are listed in the following order: assets, liabilities, equity, revenues and expenses. To select an account name, simply click on it. To indent names of accounts you are crediting, do not type blank spaces in front of the account name (that is normally poor practice when building spreadsheets). Instead, do the following: 1. Click on the tab for the Home ribbon. 2. Select the cell containing the account name you wish to indent. 3. Click on the \"Increase Indent\" icon in the Alignment section of the Home ribbon. FINANCIAL STATEMENT EFFECTS-When you click on a cell in the "FSE" column, a downwardpointing arrow will appear at the far right of the cell. Clicking on the arrow will cause a menu of financial statement effects to appear. For each line of the journal entry indicate whether: 1) Assets increased (choose + A) 2) Assets decreased (choose - A) 3) Liabilities increased (choose + L) 4) Liabilities decreased (choose - L) 5) Shareholders' equity increased (choose + SE) 6) Shareholders' equity decreased (choose - SE) EXPLANATIONS-Four rows are given for each entry; the fourth row can be used for an explanation if your instructor requires one. If your explanation uses more than one row, you will have to increase the height of the row as follows: 1. Select the row header at the far left of the worksheet. (For example, if you wish to increase the height of Row 52, click on the \"52\" at the far left of the worksheet. The entire row should then be selected.) 2. Put the mouse cursor over the bottom border of the row. The cursor's appearance will change to two arrows (one pointing up, the other down) separated by a line. 3. Holding the left mouse key down, drag the mouse until the row is the desired height. If a transaction does not require a journal entry, type "No entry required" for an explanation. Excel Templates Alternate Problem 2-5 Part 1 Date a) Explanation: b) Accounts FSE Debit Credit Explanation: c) Explanation: d) Explanation: e) Explanation: f) Explanation: INSTRUCTIONS FOR FILLING IN T-ACCOUNTS For each figure you enter in a T-account, indicate beside it one of the following: 1) "Beg. Bal." for beginning balance 2) The letter of the corresponding journal entry 3) "End. Bal." for ending balance. You should enter a beginning balance for each account (it may be zero). The T-accounts may have more lines than required. See below for an example (the figures are made up): Example: Beg. Bal. a) Trade receivables 10 40 c) End. Bal. 20 30 Excel Templates Alternate Problem 2-5 Part 2 Cash and cash equivalents Short-term investments Receivables Inventories Prepaid expenses Other assets (current) Property, plant, and equipment Long-term investments Intangible assets Goodwill Other non-current assets Trade payables and accrued liabilities Income taxes payable Dividends payable Debt due within one year Other current liabilities Long-term debt Other liabilities (long-term) Shareholders' equity Excel Templates Alternate Problem 2-5 Part 3 BCE Inc. Trial Balance At December 31, 2016 (in millions of dollars) Debit Cash and cash equivalents Short-term investments Receivables Inventories Prepaid expenses Other assets (current) Property, plant, and equipment Long-term investments Intangible assets Goodwill Other non-current assets Trade payables and accrued liabilities Income taxes payable Dividends payable Debt due within one year Other current liabilities Long-term debt Other liabilities (long-term) Shareholders' Equity Totals Credit INSTRUCTIONS FOR PREPARING THE STATEMENT OF FINANCIAL POSITION INSTRUCTIONS FOR PREPARING THE STATEMENT OF FINANCIAL POSITION In preparing the statement of financial position, use the same format in which it is presented In preparing the statement of financial position, use the same format in which it is presented on the GivenData sheet. on the GivenData sheet. Excel Templates Alternate Problem 2-5 Part 4 BCE Inc. Trial Balance At December 31, 2016 (in millions of dollars) ASSETS Current assets Cash and cash equivalents Short-term investments Receivables Inventories Prepaid expenses Other assets (current) Total current assets Non-current assets Property, plant, and equipment Long-term investments Intangible assets Goodwill Other non-current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Trade payables and accrued liabilities Income taxes payable Dividends payable Debt due within one year Other current liabilities Total current liabilities Non-current liabilities Long-term debt Other liabilities (long-term) Total liabilities Shareholders' equity Total liabilities and shareholders' equity Excel Templates Alternate Problem 2-5 Part 5 Current ratio Current assets Divide by ? Current ratio What does the current ratio suggest about BCE Inc.? Excel Templates Critical Thinking Case CP2-7 Student Name: Class: Given Data: DEWEY, CHEETUM AND HOWE, INC. Statement of Financial Position For the year ending December 31, 2018 Accounts receivable Cash Inventory Furniture and fixtures Delivery truck Buildings (estimated market value) Total assets $ Accounts payable Payroll taxes payable Long-term notes payable Mortgage payable Total liabilities Contributed capital Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ Other information: Purchase price of building Depreciation on books Value of building according to footnote $ $ $ 8,000 1,000 8,000 52,000 12,000 98,000 179,000 16,000 13,000 15,000 50,000 94,000 80,000 5,000 85,000 179,000 65,000 5,000 98,000 Excel Templates Critical Thinking Case CP2-7 Part 1 DEWEY, CHEETUM AND HOWE, INC. Statement of Financial Position Excel Templates Critical Thinking Case CP2-7 Part 2 Write a letter to your friend explaining the changes you made to the statement of financial position, if any, and offer your comments on the company's apparent financial condition based only on this information. Suggest other information your friend might want to review before coming to a final decision on whether to invest