2.     Analyze the statement of financial position for the year 2020 and compare it with the year 2019. Identify and explain 5 of the most important issues. Shawanaga First Nation     Consolidated Statement of Financial Position      31-Mar 2020 2019 Financial assets     Cash and cash equivalents 2,381,565 1,928,561 Restricted cash (Note 3) 914,810 769,332 Receivables 2,187,464 1,946,584 Inventory for resale 123,789 147,970 Investments in government business enterprise (Note 5) 326,802 444,282 Mortgages receivable, net of unamortized discount (Note 18) 917,666 632,185 Long-term loan receivable 1,240 1,240   6,853,336 5,870,154 Liabilities     Payables and accruals 1,546,121 1,481,393 Funding repayable (Note 19) 472,591 478,836 Due to related parties (Note 11) 44,125 44,234 Deferred contributions (Note 7) 576,408 1,243,436 Long term debt (Note 12) 1,328,572 879,790 Obligations under capital lease (Note 13) 654 2814   3,968,471 4,130,503 Net financial assets 2,884,865 1,739,651 Non-financial assets      Prepaids and deposits 53,412 51,679 Tangible capital assets (Note 6) 3,918,837 3,984,577   3,972,249 4,036,256 Accumulated surplus (Note 14) 6,857,114 5,775,907

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

2.     Analyze the statement of financial position for the year 2020 and compare it with the year 2019. Identify and explain 5 of the most important issues.

Shawanaga First Nation    
Consolidated Statement of Financial Position     
31-Mar 2020 2019
Financial assets    
Cash and cash equivalents 2,381,565 1,928,561
Restricted cash (Note 3) 914,810 769,332
Receivables 2,187,464 1,946,584
Inventory for resale 123,789 147,970
Investments in government business enterprise (Note 5) 326,802 444,282
Mortgages receivable, net of unamortized discount (Note 18) 917,666 632,185
Long-term loan receivable 1,240 1,240
  6,853,336 5,870,154
Liabilities    
Payables and accruals 1,546,121 1,481,393
Funding repayable (Note 19) 472,591 478,836
Due to related parties (Note 11) 44,125 44,234
Deferred contributions (Note 7) 576,408 1,243,436
Long term debt (Note 12) 1,328,572 879,790
Obligations under capital lease (Note 13) 654 2814
  3,968,471 4,130,503
Net financial assets 2,884,865 1,739,651
Non-financial assets     
Prepaids and deposits 53,412 51,679
Tangible capital assets (Note 6) 3,918,837 3,984,577
  3,972,249 4,036,256
Accumulated surplus (Note 14) 6,857,114 5,775,907
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 4 images

Blurred answer
Knowledge Booster
Cash Flow Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education