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-Mar20202019Financial assets Cash and cash equivalents2,381,5651,928,561Restricted cash (Note 3)914,810769,332Receivables2,187,4641,946,584Inventory for resale123,789147,970Investments in government business enterprise (Note 5)326,802444,282Mortgages receivable, net of unamortized discount (Note 18)917,666632,185Long-term loan receivable1,2401,240 6,853,3365,870,154Liabilities Payables and accruals1,546,1211,481,393Funding repayable (Note 19)472,591478,836Due to related parties (Note 11)44,12544,234Deferred contributions (Note 7)576,4081,243,436Long term debt (Note 12)1,328,572879,790Obligations under capital lease (Note 13)6542814 3,968,4714,130,503Net financial assets2,884,8651,739,651Non-financial assets Prepaids and deposits53,41251,679Tangible capital assets (Note 6)3,918,8373,984,577 3,972,2494,036,256Accumulated surplus (Note 14)6,857,1145,775,907

Consolidated statement of financial position is a statement which depicts the resources owned by the…

Answered: 2. Analyze the statement of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

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

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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