VISU 4 B D E F H K L M D P A S T V X Y 2 AUA AB AC 41 Instruction From the information on the reciperplab the ressary adjusting tries to read the tructura stut have not backed, and proper med balance stredis for the year, keping in mind that comparative yures wil nerd tuslae raad Darthies camell pastal olish us in good former indirect method for the year wished Cerer $1,2020. ANME sun mens vereported in Caas 4 46 Hinta: Mes at the formu s lumulated-update in content mihi eraldurclerul the sun. Tom your skin wechsprachel, carry the amas ir nossary francese la nuit by fummo.bes. 51 52 Assume that prutyu's stilpen for reparing AS 53 54 Make sure that an Financial plug and Sundheit 55 56 Amunud Depreciation and beer Der 31, 2020 is 56,175.000 Bukirudiment 57 Can's wide bera O 31, 2020 $40.270.00 Accordinate allatu 58 the Cipkit's competition will need how much as we bine from these 5 Dersdattery page ho 61 President's transfer of it and to the company must be done from the fair valinta mer 62 2019 issud be carried forward to 2020 in arce to upchle the opening tulangus in 2020 64 Do not incucke dividents received on your cash now because that wady been induced in your netirar glich in the prom). 66 67 Lo step by step 68 1. Da thaduting is for 2019 4. 2. Preclare the best for 2019 pe 5. 70 3.Carry the 2019 adeta 202010 pdate the per balances (6). 71 4.Fird 2020 adjusting entries and other req-ird balances and entries for 2020 e 61. 72 5.mpte Pandal statements on paa? 73 a. Tresfor the 2019 rette balance sheet figura 74 .Write 2020 ww balance brouges on ME. 75 Wie the 2020 rawicare statement Tigures on cum Eeuw. 76 c.Write the street to udane te 2020 balance sheet and income statement 77 Oltain the related and balances both for balance sheet and income Stemer for 2020 IAK 7. 78 I.Calculate the diferenciar belarshally burcing 2020 figum from 2019% on me 79 5. Compk te the cash flow on page start from restatad net income figure or pose 7. 7. Place not forget that your cash balances (lanar 1 and December 31, 2020 shok record to your car few statement 81 B. Reference column on page 5 and 7 refers to your need 82 9. Pl_RiRre on pares des ct require any try just add to Retained Earnings 82 10. Please submit Bages of the term project on time, pod to Dropbox 84 phase do not be project by emel 85 1.Cover Sheet 2. Term Project 3.2019-20 Financial Stat. 4. Adjustments 2019 5.Financial Stat. 2019 6.Adjustments 2020 7.Financial Stat. 2020 8.Cash Flow + F G H 1 X L M a F 0 5 w X 2 AE AE F NH C D NIREYELIL RESTOS LLSTORT SL . Melhetstest 29 ASSETS-Current sur T.COOOOO JOJO Terreira , ARTISTS Addis Totalren 5 249,000 L 200.900 SALI - 14,524, 10 1 14/16 290.00 apicals Lure El amron Teslastal ZURE 56.21 - 25.11 ins 44 l 1,272,00 IA Total 03.2016 _ELHELM MES DE SPORTY All 20 2000 B 4.10 19 299,999 200.000 4.41 Invest die Toalceata Laras Longbarber Bord Futus Thy Total de 1.149.00 20.000.000 17.JE 21.UK 49,000,000 50.000 21.95,000 Total de 25,50 17122,721 Sharnhout Ouro HIRTS Taalwe JOURS 1 11/2016 L000.000 14.45 Toalhiday Omer Ante Startokira sculty 0 ME INC. Yrahad D1, 22243 3.300.000 Buka TEM SILLE 33,40 Duperdre Dan prata, and irger Lad det Magnes Red PPU Total 3.4. LDC SOLO HO 1 Inste before other war ITTET. INTE BARU rebbe Ire 1.Cover Sheel 2.Term Project 1.00.200 ZUJE - 19 3,164,16 G. 3.2019-20 Financial Stal 4.Adjustments 2019 5.Financial Slal. 2019 6.Adjustments 2020 7.Financial Slal. 2020 8.Cash Flow + Ready 2 + 70% A B C D F H 1 I 1 K 3 M N 0 P Q 5 T u V w X 1 1 Imark mark 2 1 1 1 mark mark mark 2 2 mark mark 2 2 2 mark rark 2 2 mark Irark 3 Lanc adjusting entry carried from last year to update the opening balances in 2020. 4 1) Dr. Land 15,000,000 5 C Building $15,000,000 G Adjustment for prior year end's accumulated depreciation, income tax payable and retained earnings. Carried in 2020 to update 2019 opening balances 9 2) 10 11 12 13 Depreciation adjusting entry in 2020. 143) 15 16 17 Income tax expense adjustment due to above in 2020. 18 4) 19 20 21 Owner's transfer of land atfair value in 2020. 225) Ur. Lanc 23 CH 24 25 Plurred in number to update the Retained Earnings as at December 31, 2020. 26 Credit adjustment in 2020 income Statement from entry (9) above: 27 Debit ljustment in 2020 Income Statement from entry 4) Abave: 28 Plugged in numberto RE to show the effect of adjustments on net income 29 30 Accumulated depreciation balance at January 1, 2020: 31 Depreciation charge for 2010 32 Would be accumulated depree, balance at January 1, 2020 33 Accumulated cepreciation balance given at December 31, 2020: 34 Accumulated cepreciation cebit entry for the equipment sold in 2020: 35 36 Cost of the equipment sold: 37 Building and equipment balance at January 1, 2020 38 Equipment purchased during the year-2020: 39 Building and equipments would be balanceat December 31, 2020: 40 Building and equipment's balance given at December 31, 2020: 42 Cost of the equipment sold: 42 43 Entry must have been made by the company regarding the cuipment disposal-sale: 44 45 Cash Noriuscisti otthonumento 1. Cover Sheet 2.Term Project 3.2019-20 Financial Siat. 4.Adjustments 2019 mark mark 1 1 1 1 mark mark mark 1 1 mark mark a a # # ### ### ## 1 1 mark Irark 1 1 1 mark mark 1 mark AC 5.Financial Stat. 2019 B.Adjustments 2020 7.Financial Stat. 2020 a.Cash Flow + 2020 Adjustments OR CR Restated 2020 Restated 2019 2020 HEF 1 1 mark MAT 1 1 mars mark 1.5 mars 1 1 1 1 1 2- mark mark 1 MC TRAVEL INC. Balance Sheet December 31, $ 2 3 4 ASSETS Current assets 5 Cash 6 Temporary investments 7 Accounts receivabla # Allowance for doubtful accounts 9 Total current Assets 10 11 Capital assets 12 Land 13 Building and equipment 14 Accumulated depreciation 15 Tot capital assets 16 17 Total assets 18 19 LIABILITIES AND SHAREHOLDERS' EQUITY 20 Accounts payable 2: Interese pable 22 Income taxes payable 23 Dividents payable 24 Total current liabilities 25 26 Long term liabilities 27 Long term bank loan 28 Bond payable 55 Meti ya 2015 29 Future income tax liability 30 Total long term liabilities 3: 32 Tot liabilities 33 34 Shareholders' equity 35 Common shares 36 Retained earning 37 Total shareholders' equity 1 mark 1 1 1 mark mark mare 1 1 1 mark mars MAT 5 2 1 1 1 mark mara 39 Total liabilities and shareholders' equity 40 Difference: Assets - Liabilities + Shareholders' equity 42 43 MC TRAVEL INCIncome Statement For The Year Ended December 31, 2020, $ Pentated 1. Cover Sheet 2.Term Project 3.2019-20 Financial Stat, 4.Adjustments 2019 5.Financial Stat, 2019 6. Adjustments 2020 7.Financial Stat. 2020 8.Gash Flow + HH = . 63 Difference : Debits - Credits MC TRAVEL INC. Statement of Cash Flows For The Year Ended December 31, 2020, 2 3 Nct income 1 mark 4 Depreciation expense 1 mark 5 Doubtful receivables written off 1 mark 6 Bad debt expense 1 mark 7 Chargeir accounts receivable 1 mark & Charga in temporary investments 1 mark 9 9 Change in xccounts payable 1 mark 10 Chargeir interest payable 1 mark 11 Change in income tax payable 1 mark 12 Gain on sale of equipment 1 mark 13 Charge in future income tax liability 1 mark 14 Cash flow from operating activities 15 16 New equipment purchased 1 mark 17 Old equipment sold 1 mark 18 Cash flow from Investing activities 15 20 Change in dividends payable 1 mark 21 Change in LT bank loan 1 mark 22 Cash flow from financing activities 23 24 Total cash increase/(decrease) 1 mark 25 26 Beginning cash balance 1 mark 27 Cash increase/Idecresce 1 mark 28 Ending cash balance 1 mark 29 19 marks 30 Ending cash balance balance sheet 31 32 Dirence 33 34 35 36 37 38 39 10 42 13 44 1. Cover Sheet 2.Term Project 3.2019-20 Financial Stat. 4.Adjustments 2019 5.Financial Stat 2019 6.Adjustments 2020 7.Financial Stat. 2020 8.Cash Flow + 1 2 The method of solution requires Indirect method. 4 Durt 2020. you were hired as the Chlef Finandal oficer for MC Travel Inca farty your travel 5 company that is groute quiety. A key accounting staff memberhas prepared the firandal statements, 6 but there are a couple of transactions that have not been recorded yes because she swaling for your 7 Eulance regarding how these transactions should be recorded. In addition, the stat memberis nos 8 confident is preparing cash flow statements, 20 you have been asked to prepare this statement for 9 the 2020 year. MC Travel INC. pots under ASPE 10 11 Tre transactions that have no recorded yet are as follows 12 11 On.anary 1, 2018, the company pudrased a small hotel property in Miami for $50 milion 13 510 mikaritrasher dieuiriga SN 540 milion bond as par to cover 14 the balance. The band indulis papaliwan January 1, 2022. When you were kired, and began to 15 view the financial information from previous years, you quickly led the land portion of the 16 Lill purchase orice tud beneplaced with silding, Ch. Darlic hesten 1. indly rented on the bridge for 2018 2014 and 2003 and the begin 1x stil included in the building want. The band pertineft purch WAN pada $15 19 minin 2013, and the band is currently worth $12 mil the entry the property to be 20 amortired evera 20 year pened using the straight ne tase, and a resdal clue of 55 21 milion. The company's tax rate 22 23 2) Durg 2020, the president, who is also the prindpal shareholder in the business, transferred ownership 24 of a vacant plece of land in the Caribbean to the company. A hotel will be constructed on the property 25 beginning in 2021 The cost when the president purchased this property was $10 milion 25 and the tar market value, based on the professional appraisal, at the met was trastered to the 27 company was $25 milion. The president was sued 50.co common are in 28 cecharge for this land. This transaction has not yet been booked. 29 30 Additional information that you have gathered to a distin preparing the cash flowstant is a flow 31 32 1) In 2020,4- ler was purchased to 5.250,000. In addition some equem was disposed or 33 turity Pyal. 34 2 Ilmenieme in skladas $150,000 Hind on my investment. Interest 35 in at SSC00 ww THITHI in materyments s WY Foungsre the final statements for MC Travel For 2004 2019 frayers [Please see financial statements on sheet 39 90 Instructions: 41 the Information on the next page, complete the necessary acting entries to record the transactions that have not been booked, and prepare the revbed balance sheet and income statemen tarthe year, keeping in mind that comparative figures wined to be restated. Once this is complete. 44 prepare a statement of cash flows in good for using the Indirect method for the year ended Decora 31, 2020. Assume al transaction amounts have been reported in CAD$. 45 47 Here From the VISU 4 B D E F H K L M D P A S T V X Y 2 AUA AB AC 41 Instruction From the information on the reciperplab the ressary adjusting tries to read the tructura stut have not backed, and proper med balance stredis for the year, keping in mind that comparative yures wil nerd tuslae raad Darthies camell pastal olish us in good former indirect method for the year wished Cerer $1,2020. ANME sun mens vereported in Caas 4 46 Hinta: Mes at the formu s lumulated-update in content mihi eraldurclerul the sun. Tom your skin wechsprachel, carry the amas ir nossary francese la nuit by fummo.bes. 51 52 Assume that prutyu's stilpen for reparing AS 53 54 Make sure that an Financial plug and Sundheit 55 56 Amunud Depreciation and beer Der 31, 2020 is 56,175.000 Bukirudiment 57 Can's wide bera O 31, 2020 $40.270.00 Accordinate allatu 58 the Cipkit's competition will need how much as we bine from these 5 Dersdattery page ho 61 President's transfer of it and to the company must be done from the fair valinta mer 62 2019 issud be carried forward to 2020 in arce to upchle the opening tulangus in 2020 64 Do not incucke dividents received on your cash now because that wady been induced in your netirar glich in the prom). 66 67 Lo step by step 68 1. Da thaduting is for 2019 4. 2. Preclare the best for 2019 pe 5. 70 3.Carry the 2019 adeta 202010 pdate the per balances (6). 71 4.Fird 2020 adjusting entries and other req-ird balances and entries for 2020 e 61. 72 5.mpte Pandal statements on paa? 73 a. Tresfor the 2019 rette balance sheet figura 74 .Write 2020 ww balance brouges on ME. 75 Wie the 2020 rawicare statement Tigures on cum Eeuw. 76 c.Write the street to udane te 2020 balance sheet and income statement 77 Oltain the related and balances both for balance sheet and income Stemer for 2020 IAK 7. 78 I.Calculate the diferenciar belarshally burcing 2020 figum from 2019% on me 79 5. Compk te the cash flow on page start from restatad net income figure or pose 7. 7. Place not forget that your cash balances (lanar 1 and December 31, 2020 shok record to your car few statement 81 B. Reference column on page 5 and 7 refers to your need 82 9. Pl_RiRre on pares des ct require any try just add to Retained Earnings 82 10. Please submit Bages of the term project on time, pod to Dropbox 84 phase do not be project by emel 85 1.Cover Sheet 2. Term Project 3.2019-20 Financial Stat. 4. Adjustments 2019 5.Financial Stat. 2019 6.Adjustments 2020 7.Financial Stat. 2020 8.Cash Flow + F G H 1 X L M a F 0 5 w X 2 AE AE F NH C D NIREYELIL RESTOS LLSTORT SL . Melhetstest 29 ASSETS-Current sur T.COOOOO JOJO Terreira , ARTISTS Addis Totalren 5 249,000 L 200.900 SALI - 14,524, 10 1 14/16 290.00 apicals Lure El amron Teslastal ZURE 56.21 - 25.11 ins 44 l 1,272,00 IA Total 03.2016 _ELHELM MES DE SPORTY All 20 2000 B 4.10 19 299,999 200.000 4.41 Invest die Toalceata Laras Longbarber Bord Futus Thy Total de 1.149.00 20.000.000 17.JE 21.UK 49,000,000 50.000 21.95,000 Total de 25,50 17122,721 Sharnhout Ouro HIRTS Taalwe JOURS 1 11/2016 L000.000 14.45 Toalhiday Omer Ante Startokira sculty 0 ME INC. Yrahad D1, 22243 3.300.000 Buka TEM SILLE 33,40 Duperdre Dan prata, and irger Lad det Magnes Red PPU Total 3.4. LDC SOLO HO 1 Inste before other war ITTET. INTE BARU rebbe Ire 1.Cover Sheel 2.Term Project 1.00.200 ZUJE - 19 3,164,16 G. 3.2019-20 Financial Stal 4.Adjustments 2019 5.Financial Slal. 2019 6.Adjustments 2020 7.Financial Slal. 2020 8.Cash Flow + Ready 2 + 70% A B C D F H 1 I 1 K 3 M N 0 P Q 5 T u V w X 1 1 Imark mark 2 1 1 1 mark mark mark 2 2 mark mark 2 2 2 mark rark 2 2 mark Irark 3 Lanc adjusting entry carried from last year to update the opening balances in 2020. 4 1) Dr. Land 15,000,000 5 C Building $15,000,000 G Adjustment for prior year end's accumulated depreciation, income tax payable and retained earnings. Carried in 2020 to update 2019 opening balances 9 2) 10 11 12 13 Depreciation adjusting entry in 2020. 143) 15 16 17 Income tax expense adjustment due to above in 2020. 18 4) 19 20 21 Owner's transfer of land atfair value in 2020. 225) Ur. Lanc 23 CH 24 25 Plurred in number to update the Retained Earnings as at December 31, 2020. 26 Credit adjustment in 2020 income Statement from entry (9) above: 27 Debit ljustment in 2020 Income Statement from entry 4) Abave: 28 Plugged in numberto RE to show the effect of adjustments on net income 29 30 Accumulated depreciation balance at January 1, 2020: 31 Depreciation charge for 2010 32 Would be accumulated depree, balance at January 1, 2020 33 Accumulated cepreciation balance given at December 31, 2020: 34 Accumulated cepreciation cebit entry for the equipment sold in 2020: 35 36 Cost of the equipment sold: 37 Building and equipment balance at January 1, 2020 38 Equipment purchased during the year-2020: 39 Building and equipments would be balanceat December 31, 2020: 40 Building and equipment's balance given at December 31, 2020: 42 Cost of the equipment sold: 42 43 Entry must have been made by the company regarding the cuipment disposal-sale: 44 45 Cash Noriuscisti otthonumento 1. Cover Sheet 2.Term Project 3.2019-20 Financial Siat. 4.Adjustments 2019 mark mark 1 1 1 1 mark mark mark 1 1 mark mark a a # # ### ### ## 1 1 mark Irark 1 1 1 mark mark 1 mark AC 5.Financial Stat. 2019 B.Adjustments 2020 7.Financial Stat. 2020 a.Cash Flow + 2020 Adjustments OR CR Restated 2020 Restated 2019 2020 HEF 1 1 mark MAT 1 1 mars mark 1.5 mars 1 1 1 1 1 2- mark mark 1 MC TRAVEL INC. Balance Sheet December 31, $ 2 3 4 ASSETS Current assets 5 Cash 6 Temporary investments 7 Accounts receivabla # Allowance for doubtful accounts 9 Total current Assets 10 11 Capital assets 12 Land 13 Building and equipment 14 Accumulated depreciation 15 Tot capital assets 16 17 Total assets 18 19 LIABILITIES AND SHAREHOLDERS' EQUITY 20 Accounts payable 2: Interese pable 22 Income taxes payable 23 Dividents payable 24 Total current liabilities 25 26 Long term liabilities 27 Long term bank loan 28 Bond payable 55 Meti ya 2015 29 Future income tax liability 30 Total long term liabilities 3: 32 Tot liabilities 33 34 Shareholders' equity 35 Common shares 36 Retained earning 37 Total shareholders' equity 1 mark 1 1 1 mark mark mare 1 1 1 mark mars MAT 5 2 1 1 1 mark mara 39 Total liabilities and shareholders' equity 40 Difference: Assets - Liabilities + Shareholders' equity 42 43 MC TRAVEL INCIncome Statement For The Year Ended December 31, 2020, $ Pentated 1. Cover Sheet 2.Term Project 3.2019-20 Financial Stat, 4.Adjustments 2019 5.Financial Stat, 2019 6. Adjustments 2020 7.Financial Stat. 2020 8.Gash Flow + HH = . 63 Difference : Debits - Credits MC TRAVEL INC. Statement of Cash Flows For The Year Ended December 31, 2020, 2 3 Nct income 1 mark 4 Depreciation expense 1 mark 5 Doubtful receivables written off 1 mark 6 Bad debt expense 1 mark 7 Chargeir accounts receivable 1 mark & Charga in temporary investments 1 mark 9 9 Change in xccounts payable 1 mark 10 Chargeir interest payable 1 mark 11 Change in income tax payable 1 mark 12 Gain on sale of equipment 1 mark 13 Charge in future income tax liability 1 mark 14 Cash flow from operating activities 15 16 New equipment purchased 1 mark 17 Old equipment sold 1 mark 18 Cash flow from Investing activities 15 20 Change in dividends payable 1 mark 21 Change in LT bank loan 1 mark 22 Cash flow from financing activities 23 24 Total cash increase/(decrease) 1 mark 25 26 Beginning cash balance 1 mark 27 Cash increase/Idecresce 1 mark 28 Ending cash balance 1 mark 29 19 marks 30 Ending cash balance balance sheet 31 32 Dirence 33 34 35 36 37 38 39 10 42 13 44 1. Cover Sheet 2.Term Project 3.2019-20 Financial Stat. 4.Adjustments 2019 5.Financial Stat 2019 6.Adjustments 2020 7.Financial Stat. 2020 8.Cash Flow + 1 2 The method of solution requires Indirect method. 4 Durt 2020. you were hired as the Chlef Finandal oficer for MC Travel Inca farty your travel 5 company that is groute quiety. A key accounting staff memberhas prepared the firandal statements, 6 but there are a couple of transactions that have not been recorded yes because she swaling for your 7 Eulance regarding how these transactions should be recorded. In addition, the stat memberis nos 8 confident is preparing cash flow statements, 20 you have been asked to prepare this statement for 9 the 2020 year. MC Travel INC. pots under ASPE 10 11 Tre transactions that have no recorded yet are as follows 12 11 On.anary 1, 2018, the company pudrased a small hotel property in Miami for $50 milion 13 510 mikaritrasher dieuiriga SN 540 milion bond as par to cover 14 the balance. The band indulis papaliwan January 1, 2022. When you were kired, and began to 15 view the financial information from previous years, you quickly led the land portion of the 16 Lill purchase orice tud beneplaced with silding, Ch. Darlic hesten 1. indly rented on the bridge for 2018 2014 and 2003 and the begin 1x stil included in the building want. The band pertineft purch WAN pada $15 19 minin 2013, and the band is currently worth $12 mil the entry the property to be 20 amortired evera 20 year pened using the straight ne tase, and a resdal clue of 55 21 milion. The company's tax rate 22 23 2) Durg 2020, the president, who is also the prindpal shareholder in the business, transferred ownership 24 of a vacant plece of land in the Caribbean to the company. A hotel will be constructed on the property 25 beginning in 2021 The cost when the president purchased this property was $10 milion 25 and the tar market value, based on the professional appraisal, at the met was trastered to the 27 company was $25 milion. The president was sued 50.co common are in 28 cecharge for this land. This transaction has not yet been booked. 29 30 Additional information that you have gathered to a distin preparing the cash flowstant is a flow 31 32 1) In 2020,4- ler was purchased to 5.250,000. In addition some equem was disposed or 33 turity Pyal. 34 2 Ilmenieme in skladas $150,000 Hind on my investment. Interest 35 in at SSC00 ww THITHI in materyments s WY Foungsre the final statements for MC Travel For 2004 2019 frayers [Please see financial statements on sheet 39 90 Instructions: 41 the Information on the next page, complete the necessary acting entries to record the transactions that have not been booked, and prepare the revbed balance sheet and income statemen tarthe year, keeping in mind that comparative figures wined to be restated. Once this is complete. 44 prepare a statement of cash flows in good for using the Indirect method for the year ended Decora 31, 2020. Assume al transaction amounts have been reported in CAD$. 45 47 Here From the