These are our reference questions for the upcoming test, please provide detailed explanation with formulas used to derive the answers, please revert ASAP:

Terry Lloyd and Joan Lopez organized Read More Store as a corporation; each contributed $50,000 cash to start the business and received 4,000 shares of capital. The store completed its first year of operations on December 31, 2020. On that date, the following financial items were determined: cash on hand and in the bank, $48,900; amounts due from customers from sales of books, $25,000; unused portion of store and office equipment, $49,000; amounts owed to publishers for books purchased, $7,000; one-year note for $3,000, signed on January 15, 2020, and payable to a local bank. No dividends were declared or paid to the shareholders during the year. Required: 1. Complete the following statement of financial position as at December 31, 2020. READ MORE STORE Statement of Financial Position As at December 31, 2020 Assets Cash Accounts receivable Store and office equipment Total assets Liabilities Accounts payable Note payable Interest payable 120 1. Complete the following statement of financial position as at December 31, 2020. READ MORE STORE Statement of Financial Position As at December 31, 2020 Assets Cash Accounts receivable Store and office equipment Total assets Liabilities 120 Accounts payable Note payable Interest payable Total liabilities Shareholders' Equity Contributed capital Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 12,780 ------ 120 Note payable Interest payable Total liabilities Shareholders' Equity Contributed capital Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 12,780 2. What was the amount of net earnings for the year? Amount of net earnings Sysco Corporation is one of North America's leading distributors of food and related products to restaurants, universities, hotels, and other customers. A simplified version of its recent statement of earnings contained the following items (in millions). Cost of sales Income tax expense Interest expense Net earnings Sales Selling, general, and administration expenses Other revenues Total revenues $47,642 525 396 1,431 58,727 8,756 23 58,750 Required: Prepare a statement of earnings for the year ended June 30, 2018. (Enter your answers in millions.) SYSCO CORPORATION Statement of Earnings For the Year Ended June 30, 2018 (in millions of Canadian dollars) Revenues: Required: Prepare a statement of earnings for the year ended June 30, 2018. (Enter your answers in millions. SYSCO CORPORATION Statement of Earnings For the Year Ended June 30, 2018 (in millions of Canadian dollars) Revenues Total revenues Expenses: Total pretax expenses Earnings before income taxes Net earnings Ducharme Corporation was organized by five individuals on January 1, 2020. At the end of January 2020, the following monthly financial data are available: Total revenues Total expenses (excluding income taxes) Income tax expense (all unpaid as at January 31) Cash balance, January 31, 2020 Receivables from customers (all considered collectible) Merchandise inventory (by inventory count at cost) Payables to suppliers for merchandise purchased from them (will be paid during February 2020) Contributed capital (2,600 shares) $299,000 189,000 34,500 65, 150 34,500 96, 600 26,450 59,800 No dividends declared in January 2020. Required: 1. Prepare a summarized statement of earnings for the month of January 2020. DUCHARME CORPORATION Summary Statement of Earnings For the Month of January 2020 Total revenues No dividends declared in January 2020. Required: 1. Prepare a summarized statement of earnings for the month of January 2020. DUCHARME CORPORATION Summary Statement of Earnings For the Month of January 2020 Total revenues Earnings before income taxes 2. Prepare a statement of financial position at January 31, 2020. DUCHARME CORPORATION Statement of Financial Position As at January 31, 2020 Assets Total assets Liabilities and Shareholders' Equity Liabilities: Total liabilities Shareholders' equity: Total assets Liabilities and Shareholders' Equity Liabilities: Total liabilities Shareholders' equity: Total liabilities and shareholders' equity 1. A manufacturing firm pays dividends of $100,000 to shareholders in cash. m. A company pays $1,500 principal on its note payable. Required: 1. Indicate the appropriate elements on the classified statement of financial position (use account titles), if any, that are affected in each of the preceding events. Consider what is given and what is received. (In cases where no entry is required, please select the option "No exchange transaction" for your answer to grade correctly.) Given Received a. b C. d. e. f. g. h. Cash i. Cash and note payable j. Computer equipment k. Construction in progress I. m. As described in a recent annual report, WestJet Airlines provides quality travel services to many destinations in North America. Required: For each of the following accounts from WestJet's recent statement of financial position, complete the following chart by indicating whether the account is classified as a current asset (CA), a non-current asset (NCA), a current liability (CL), a non-current liability (NCL), or shareholders' equity (SE), and whether the account usually has a debit or a credit balance. Account Statement of Financial Position Classification Debit or Credit Balance 1. Advance ticket sales (deferred revenue) 2. Cash and cash equivalents 3. Contributed capital 4. Intangible assets 5. Inventory 6. Long-term borrowings 7. Prepaid expenses 8. Property and equipment 9. Retained earnings 10 Accounts payable 11 Accounts receivable W