Please provide high quality answers for the 4 questions in the pdf file. Everything should be based on IFRS in Canada. Please read the journal entry and F/S format file before you start wokring on the

Any work from Excel should use a basic copy/paste into Word so that I can edit your work or add comments. Do not copy as a picture.

Please use a Word table like the one below to do your journal entries. This format is easy to use and you can just copy the table into your Word assignment. It makes inserting a comment or correction easier to do.

You may omit the PR column.

Use proper account titles that clearly indicate the correct account.

No abbreviations of any account titles.

Number column is right justified and numbers in 000’s contain commas.

The credit account title is indented 3 letters (about 5 spacebar taps).

Do not write Dr. or Cr. In front of your account titles.

Journal entries do not have $ signs.

Dates are in accounting format, not an Excel default format.

The month is written only once on a journal page.

Any explanation you wish to include goes on the line below the credit account title. This includes calculations such as “2,580 * 6% * 7/12” which would be a calculation for interest expense or revenue.

The example below has almost every format error. Try to find 10 errors. (Answers below)

15-May Dr. A/R $1400

CR. Sales $1400

17-May Dr. Tax 1,200

CR. Cash 1,200

Errors:

1. “Dr.” and “Cr.” should not be part of the journal entry. That is why we have Dr. and Cr. Columns.

2. Date must be in standard accounting form, not an Excel default.

3. A/R is an abbreviation. Write out titles in full.

4. Indent the credit account title 3 spaces.

5. All numbers over 999 need commas.

6. There are no debit and credit columns here.

7. A Word table allows you to right justify your numbers.

8. No $ signs on journal entries.

9. Write the month once per journal page.

10. “Tax” is unclear. Is this Income tax expense, deferred income tax, income tax payable, or employee’s income tax payable?

Marks on assignments will be deducted for journal entries presented in non-standard format.

All your statements need to be in good form and should include the calculations in parenthesis beside the account title. Please include each calculated number separately instead of adding them, as this way you can earn part marks even if the account total is incorrect.

In almost all consolidation questions, I mark the statements at one mark per changed number.  So COGS could be worth 5 and DTA could be about 4, whereas GW is normally just one mark.

Going through students’ underlying work to assign marks isn’t feasible because even a correct answer in an underlying calculation is no guarantee that the student will include these adjustments in the statements, or add or subtract as appropriate, or put them into the correct account.  Also, when an account balance on a statement is wrong, I have no way of knowing if one, two, three or more numbers making up that balance are incorrect unless you include the calculations in parenthesis beside the account title.

Some components of good form include:

Statements have a $ sign on the first number in a column and the statement total as well as a standard title.

Double underline statement totals.

No abbreviations on statements.

Income statement is for a period of time.

Balance sheet is for a single day.

Please use this format for your balance sheets. (It’s from assignment 1, so I inserted “xxx” for the numbers you need to calculate.)

Happy Company

Consolidated Balance Sheet

January 1, 2017