need as soon as possible

Task #1 - Loan: On Aug 1, 2022 SOF received a bank loan of $50,000 from Conexus Credit Union. On Sep 1, 2022 SOF spent $70,000 to purchase a new point of sale systems (POS) for a total cost of $70,000. The POS system will be used to scan groceries upon the customer purchasing them. The POS system will have a 10-year useful life. The interest rate on the loan from Conexus is 5% (compounded only on the loan principle outstanding). The loan is for 4 years and will be paid back evenly over 4 years. As part of the financing SOF only needs to make the required loan payments each year on Jul 31. Each loan payment will be for $10,000 plus any interest owing. Required: a) Journal Entries: Prepare the required journal entries for each of the following dates relating to both the asset and the loan: Aug 1, 2022 Sep 1, 2022 Dec 31, 2022 Jul 31, 2023 Dec 31, 2023 Jul 31, 2024 Dec 31, 2024 Jul 31, 2025 Dec 31, 2025 Jul 31, 2026 You must show all supporting calculations. b) Financial Statements: What will the NBV of the equipment be on the Jul 31, 2026 statement of financial position? Business Administration 285 Assignment #2 Fall 2021 Task #2 - Ratios: For Save of Foods Inc., please calculate and explain the following ratios for 2022 and 2023: 1) Current 2) Debt as a % of Assets 3) Equity as a % of Assets 4) Gross profit margin 5) Profit margin 6) Accounts receivable turnover 7) Accounts receivable turnover - Day in accounts receivable 8) Inventory turnover 9) Inventory turnover - Day in inventory Notes: Account Notes Value 2022 2023 2021 Sales - Cash basis Sales - On account 120.000 115,000 110.000 Customers pay SOF immediately with cash 5.000 3.000 2.000 Customers are given 30 days to pay SOF Sales - Total 125 000 118.000 112.000 Round as follows: Percentage 95.44%= 95.4% 95.45%= 95.5% Do not show percentages as "0.30, show as 30% Numbers 95.44 = 95.4 . 95.45 = 95.5 Task#3 - Accounts Receivable - Direct Write-off Method: Save of Food Inc. had the following events occur in 2022 and 2023 in relation to accounts receivable. Notes: Assume that all months are 30 days long. Assume that the allowance for doubtful accounts was at balance of 0 on Dec 1, 2022. On Dec 1, 2022 SOF made the following sales on account: Customer Sale Date Amount (S) Browns Social House Extreme Pita Regina Pho Dec 1, 2022 Dec 1, 2022 Dec 1, 2022 200 100 60 THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. SOF already had made previous sales on account that were still outstanding as of Dec 1, 2022 Customer Sale Date Amount (S) Joey Milu Regina Pho Nov 1, 2022 Nov 1, 2022 Oct 1, 2022 400 100 40 O THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. Business Administration 285 Assignment #2 Fall 2021 Events: Dec 28, 2022 - SOF feels that there is a chance that the $400 of A/R from Joey could not be collected. This is due to the customer not being happy with the product(s) they purchased; however, they are not able to return food after 10 days. Dec 30, 2022 - SOF updates its allowance for doubtful accounts (if needed). Jan 10, 2023 - SOF is notified that Joey will not be paying their 5400 of A/R. Based upon this notification SOF decided to officially write off the $400 of A/R. Jan 30, 2023 - SOF updates its allowance for doubtful accounts (if needed), Feb 15, 2023 - SOF receives the following cheques Customer Sale Date Cheque Amount (5) . 180 100 60 150 40 | . Browns Social House Dec 1.2022 Extreme Pita Dec 1, 2022 Regina Pho Dec 1. 2022 Joey Nov 1.2022 Milu Nov 1.2022 Regina Pho Oct 1, 2022 No other indications of not paying has been received from customers. Feb 28, 2023 - SOF updates its allowance for doubtful accounts (if needed). Required: a) Journal Entries: Joumal Entries - Prepare the required journal entries for the above dates using the "Direct Write-off" method. b) Financial Statements: What will the NBV of the Accounts Receivable be on the Dec 31, 2022 statement of financial position? c) Financial Statements: What will the NBV of the Accounts Receivable be on the Feb 28, 2023 statement of financial position? Task #4 - Accounts Receivable - Allowance Method: Save of Food Inc. had the following events occur in 2022 and 2023 in relation to accounts receivable. Notes: Assume that all months are 30 days long. Assume that the allowance for doubtful accounts was at balance of SO on Dec 1, 2022 On Dec 1, 2022 SOF made the following sales on account: Customer Sale Date Amount (S) . Browns Social House Dec 1, 2022 200 Extreme Pita Dec 1.2022 100 Regina Pho Dec 1, 2022 60 O THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. SOF already had made previous sales on account that were still outstanding as of Dec 1, 2022. Customer Sale Date Amount (S) Joey Milu Regina Pho Nov 1, 2022 Nov 1, 2022 Oct 1, 2022 400 100 40 THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. Business Administration 285 Assignment #2 Fall 2021 Events: Dec 28, 2022-SOF feels that there is a chance that the 5400 of AR from Joey could not be collected. This is due to the customer not being happy with the products) they purchased; however, they are not able to retum food atter 10 days. Dec 30, 2022 - SOF has determined that its allowance for doubtful accounts need to be $100. The allowance for doubtful accounts is sitting at SO SOF updates its allowance for doubtful accounts (if needed) Jan 10, 2023 - SOF is notified that Joey will not be paying their 5400 of NR. Based upon this notification SOF decided to officially write of the 5400 of AR Jan 30, 2023 - SOF has determined that its allowance for doubtful accounts need to be $150. SOF updates is allowance for doubtful accounts (if needed Feb 15,2023 - SOF receives the following cheques Customer Sale Date Cheque Amount 19 Browns Social House Dec 1 2022 180 Extreme Pita Dec 1 2022 100 Regina Pho Dec 1, 2022 60 Joey Nov 1.2022 150 Milu Nov 1, 2022 Regina Pho Od 1.2002 No other indications of not paying have been received from customers Feb 28, 2023 - SOF has determined that its allowance for doubtful accounts need to be $90. SOF updates is allowance for doubtful accounts (if needed). Resuired a) Journal Entries Journal Entries - Prepare the required journal entries for the above dates using the "Allowance" method b) Financial Statement What will the NBV of the Accounts Receivable bec te Dec 31, 2022 statement of financial position? c) Financial Statements: What will the NBV of the Accounts Receivable be on the Feb 28, 2023 statement of financial position