- Oblem 5 Low Are The Completed Financial Statement Columns Of The Work Sheet For Canned Heat Limited Canned Heat Limite 1 (150.54 KiB) Viewed 51 times
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oblem #5 low are the completed financial statement columns of the work sheet for Canned Heat Limited: Canned Heat Limited Work Sheet For the Year Ended December 31, 2020 Cr. Statement of Comprehensive Income Statement of Financial Position Dr. Cr. Dr. 18.000 Account No. Account Titles 42,000 101 Cash 1.800 112 Accounts receivable 25,500 130 Prepaid insurance 98.000 140 FV-OCI investments 28,600 157 31,600 167 7,200 Equipment Accumulated depreciation equipment Accounts payable Salaries and wages payable 201 80.000 212 60.000 301 Common shares 306 142,000 Retained earnings 400 Service revenue 13,200 622 28,800 Repairs and maintenance expense Depreciation expense 711 18,800 722 Insurance expense 106,600 726 Salaries and wages expense 3,500 732 Utilities expense 6.800 207,400 s01 185.300 Unrealized gain or loss-OCI 170.900 148.800 Totals 22.100 22.100 207,400 Net loss plus OCI 207,400 170,900 170.900 Instructions 2. Prepare a statement of comprehensive income, statement of changes in equity, and statement of financial position. During 2020, Canned Heat's shareholders invested $24,000 in exchange for common shares. Accumulated other comprehensive income had a balance of $0 on January 1, 2020. b. Prepare closing entries for the year ended December 31, 2020, and a post-closing trial balance. Income Summary is account number 350 and Accumulated Other Comprehensive Income is account number 310. c. Briefly discuss how the financial statements in part (a) would change if Canned Heat followed ASPE rathe d. Assume that Canned Heat operates as a partnership. What additional changes, beyond those discussed in (C), would affect the financial statements prepared in part (a)? than IFRS.