Marks Required: Prepare a bank reconciliation on 30 June 2016 based on the information provided below. Show all your calculations The following information relates to the cash position of Canada Ltd. 1. Cash at Bank account balance on 30 June 2020: $45 351 debit 2. Bank statement balance on 30 June 2020: 547512 credit 3. On 30 June receipts amounting to $1 420 have not been deposited. 4. Cheques issued but not presented total $3 268. 5 A $312 cheque was returned marked dishonored (NSF). The cheque had been received from B Simpson, a new customer. 6. A $550 deposit made by L. Rich was incorrectly credited to the bank account of Canada. 7. The bank statement shows that the bank has charged the business's account with fees and charges of $25. Question 2 Marks Required: Using a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of sales for the year. Show all your calculations. The following information relates to the inventory of a bookseller in the records of BCD Books Ltd. tuy Opening inventory to $355350 14 Aug Purchased 10388 380 25 Sept Sold at selling price 560 540 8 jan Purchased 10 540 400 3 March Purchased 50 $42210 13 Aprl Sold at selling price 1 @ 565 715 10 June Soldating price 570 350 Question 3 Marks Required: A Prepare general journal entries to record the four transactions and to adjust the Allowance for Doubtful Debts account. B Show how accounts receivable and the allowance for doubtful debts would appear on the balance sheet at 30 June C. On 29 June, Toronto Ltd, whose $2400 account had been written off as uncollectable in June, paid its account in full. Prepare journal entries to record the collection On 1 June, Canada Ltd had Accounts Receivable and Allowance for Doubtful Debts accounts as below. Ignore GST Accounts Receivable 116 Balance 140 566 collection On 1 June, Canada Ltd had Accounts Receivable and Allowance for Doubtful Debts accounts as below. Ignore GST Accounts Receivable 18 Balance 840556 Allowance for Double Debts 16 Balance 12100 During June, the following transactions occurred. 1 Fees eamed on credit. $1 195 000. 2. Fees refunded, $24 100. 3. Accounts receivable collected. S1 400 000 4. Accounts written off as uncollectable, $15 851. Based on an ageing of accounts receivable on 30 June, the firm determined that the Allowance for Doubtful Debts account should have a credit balance of $13 500 on the balance sheet as at 30 June. Ignore GST Question 4 Marks Required: Canada Ltd purchased a vehicle costing $52 000. It is expected to have a residual value of $12 000 at the end of its useful life of 4 years or 200 000 kilometres. Required A. Assume the vehicle was purchased on 1 July 2019 and that the accounting period ends on 30 June. Calculate the depreciation expense for the year 2019-20 using each of the following depreciation methods: 1. straight-line 2. units of production (assume the van was driven 78 000 kilometres during the financial year). 3 diminishing balance (use 31%) Question 5 Marks Required: From the information given, complete the table given below: Prepare an income statement and a statement of changes in equity for the year ended 30 June 2021. Prepare a balance sheet as at 30 June 2021. The financial year for Canada Services ends on 30 June. Use the following information and make the necessary adjusting entries at the end of the financial year. Answer the question using the schedule given below. 1. On 15 February, Canada borrowed 516 000 from ARC Bank at 8% interest The princinal and interest are 3. diminishing balance (use 31%) Question 5 Marks Required: From the information given, complete the table given below: Prepare an income statement and a statement of changes in equity for the year ended 30 June 2021 Prepare a balance sheet as at 30 June 2021. The financial year for Canada Services ends on 30 June Use the following information and make the necessary adjusting entries at the end of the financial year. Answer the question using the schedule given below. 1. On 15 February, Canada borrowed $16 000 from ABC Bank at 8% interest. The principal and interest are payable on 15 August. 2. Rent of $3 600 for the 6-month period ending 31 July is due to be paid in August. 3. The annual depreciation on equipment is estimated to be $7 200. The 1 July balance in the Accumulated Depreciation account was $15 600. 4. Canada Services purchased a 1-year insurance policy on 1 March of the current year for $660. A 3-year policy was purchased on 1 November of the previous year for $2700. Both purchases were recorded by debiting Prepaid Insurance. 5. The business has two part-time employees who each earn $220 a day. They both worked the last 3 days in June for which they have not yet been paid. 6. On 1 June, a customer paid the Canada Services $2 100 in advance for doing for the next 3 months. This was recorded by a credit to Uneamed Revenue. 7. Water for June of $850 is unpaid and unrecorded. 8. The supplies account had a $280 debit balance on 1 July. Supplies of $1 560 were purchased during the year and $190 of supplies are on hand as at 30 June. Balance Entry Account Balance in Dollar reported Balance sheet the account effect of in 306 classification before adjusting Balance adjustment entries sheet Eramp Name of account given the Amount in Appear in the le amount the balance sheet balance adjustme sheet nt S. z 4