On Apr 1, 2021 SOF received a bank loan of $30,000 from Conexus Credit Union. On Apr 5, 2021 SOF spent $40,000 to purchase a new point of sale systems (POS) for a total cost of $40,000. The POS system will be used to scan groceries upon the customer purchasing them. The POS system will have a 5-year useful life. The interest rate on the loan from Conexus is 7% (compounded only on the loan principle outstanding). The loan is for 3 years and will be paid back evenly over 3 years. As part of the financing SOF only needs to make the required loan payments each year on Mar 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: Apr 1, 2021 Apr 5, 2021 Dec 31, 2021 > Mar 31, 2022 Dec 31, 2022 Mar 31, 2023 Dec 31, 2023 > Mar 31. 2024 You must show all supporting calculations. b) Financial Statements What will the NBV of the equipment be on the Dec 31, 2024 statement of linancial position? Task #2 - Ratios: For Save of Foods Inc., please calculate and explain the following ratios for 2021 and 2020: 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 Value 2020 Notes 2021 2019 Sales - Cash basis Sales On account 120.000 115,000 5.000 3.000 110,000 Customers pay SOF Immediately with cash. 2,000 Customers are given 30 days to pay SOF. Sales - Tota 125,000 118.000 112,000 Round as follows: Percentage 95.44% = 94.4% 95.45% = 94.59 Do not show percentages as "0.30". show as 30% Numbers 95.44 = 94.4 95.45 = 94.5 On Apr 1, 2021 SOF received a bank loan of $30,000 from Conexus Credit Union. On Apr 5, 2021 SOF spent $40,000 to purchase a new point of sale systems (POS) for a total cost of $40,000. The POS system will be used to scan groceries upon the customer purchasing them. The POS system will have a 5-year useful life. The interest rate on the loan from Conexus is 7% (compounded only on the loan principle outstanding). The loan is for 3 years and will be paid back evenly over 3 years. As part of the financing SOF only needs to make the required loan payments each year on Mar 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: Apr 1, 2021 Apr 5, 2021 Dec 31, 2021 > Mar 31, 2022 Dec 31, 2022 Mar 31, 2023 Dec 31, 2023 > Mar 31. 2024 You must show all supporting calculations. b) Financial Statements What will the NBV of the equipment be on the Dec 31, 2024 statement of linancial position? Task #2 - Ratios: For Save of Foods Inc., please calculate and explain the following ratios for 2021 and 2020: 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 Value 2020 Notes 2021 2019 Sales - Cash basis Sales On account 120.000 115,000 5.000 3.000 110,000 Customers pay SOF Immediately with cash. 2,000 Customers are given 30 days to pay SOF. Sales - Tota 125,000 118.000 112,000 Round as follows: Percentage 95.44% = 94.4% 95.45% = 94.59 Do not show percentages as "0.30". show as 30% Numbers 95.44 = 94.4 95.45 = 94.5