Analyze the statement of operations for the year 2020 and compare it with the year 2019. Identify and explain 5 of the most important issues. Shawanaga First Nation Consolidated Statements of Operations and Accumulated Surplus Year Ended March 31 2020 2019 Actual Actual Revenue Government funding (Note 16) $8,669,075 $6,530,279 Sales 5,093,432 4,510,928 Rental and other 350,082 555,231 Interest 44,027 24,225 Loss on disposal of equipment -673,192 -17,344 Loss from investment in government business enterprise (note5) -117,480 -56,619 13,365,944 11,546,700 Expenses Capital 152,153 143,708 Community operations 1,116,702 1,166,556 Economic development 5,152,423 4,527,794 Education 1,223,566 1,107,489 First Nation administration 1,939,337 1,741,586 Health services 2,006,262 1,615,067 Other 358,111 420,012 Social services 300,467 342,587 Total 12,249,021 11,064,799 Annual surplus before prior year subsidy settlements 1,116,923 481,901 Prior year subsidy settlements 25,572 -13,682 Annual surplus from operations 1,142,495 468,219 Road settlement payout - Hwy 7182 -52,288 19,608 Community distribution - Henvey Inlet Wind Farm Transmission Line Settlement -9,000 -11,000 Annual surplus 1,081,207 476,827 Accumulated surplus, beginning of year 5,775,907 5,299,080 Accumulated surplus, end of year (Note 14) $6,857,114 $5,775,907 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 3. Analyze the statement of cash flow 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 Cash Flows Year Ended March 31 2020 2019 Cash and cash equivalents derived from (applied to) Operating transactions Annual surplus Non-cash changes to operations: 1,081,207 476,827 Amortization of tangible capital assets Loss (earnings) from investment in government 564,921 579,751 business enterprise 117,480 56,619 Gain on disposal of tangible capital assets Changes in non-cash working capital items: 673,192 17,344 Receivables -240,880 -237,266 Inventory for resale 24,181 -69,820 Prepaids and deposits -1,733 -40,149 Payables and accruals 64,728 254,548 Funding repayable -6,245 61,353 Deferred contributions -667,028 350,631 1,609,823 1,449,838 Financing transactions Repayment of long-term debt -96,360 -67,381 Proceeds on issuance of long-term debt 545,142 182,400 Advances (repayments) from related parties -109 44,234 Repayment of obligation under capital lease -2,160 -2,032 446,513 157,221 Investing transactions Decrease (increase) in restricted cash -145,478 383,234 Distribution from investments 0 47,000 Payments received on mortgages receivable 84,119 33,859 Net advances of loan receivable 0 6,172 -61,359 470,265 Capital transactions Purchase of tangible capital assets -1,541,973 -1,933,142 -1,541,973 -1,933,142 Net increase in cash and cash equivalents Cash and cash equivalents 453,004 144,182 Beginning of year 1,928,561 1,784,379 End of Year 2,381,565 1,928,561

Analyze the statement of operations for the year 2020 and compare it with the year 2019. Identify and explain 5 of the most important issues. Shawanaga First Nation Consolidated Statements of Operations and Accumulated Surplus Year Ended March 31 2020 2019 Actual Actual Revenue Government funding (Note 16) $8,669,075 $6,530,279 Sales 5,093,432 4,510,928 Rental and other 350,082 555,231 Interest 44,027 24,225 Loss on disposal of equipment -673,192 -17,344 Loss from investment in government business enterprise (note5) -117,480 -56,619 13,365,944 11,546,700 Expenses Capital 152,153 143,708 Community operations 1,116,702 1,166,556 Economic development 5,152,423 4,527,794 Education 1,223,566 1,107,489 First Nation administration 1,939,337 1,741,586 Health services 2,006,262 1,615,067 Other 358,111 420,012 Social services 300,467 342,587 Total 12,249,021 11,064,799 Annual surplus before prior year subsidy settlements 1,116,923 481,901 Prior year subsidy settlements 25,572 -13,682 Annual surplus from operations 1,142,495 468,219 Road settlement payout - Hwy 7182 -52,288 19,608 Community distribution - Henvey Inlet Wind Farm Transmission Line Settlement -9,000 -11,000 Annual surplus 1,081,207 476,827 Accumulated surplus, beginning of year 5,775,907 5,299,080 Accumulated surplus, end of year (Note 14) $6,857,114 $5,775,907 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 3. Analyze the statement of cash flow 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 Cash Flows Year Ended March 31 2020 2019 Cash and cash equivalents derived from (applied to) Operating transactions Annual surplus Non-cash changes to operations: 1,081,207 476,827 Amortization of tangible capital assets Loss (earnings) from investment in government 564,921 579,751 business enterprise 117,480 56,619 Gain on disposal of tangible capital assets Changes in non-cash working capital items: 673,192 17,344 Receivables -240,880 -237,266 Inventory for resale 24,181 -69,820 Prepaids and deposits -1,733 -40,149 Payables and accruals 64,728 254,548 Funding repayable -6,245 61,353 Deferred contributions -667,028 350,631 1,609,823 1,449,838 Financing transactions Repayment of long-term debt -96,360 -67,381 Proceeds on issuance of long-term debt 545,142 182,400 Advances (repayments) from related parties -109 44,234 Repayment of obligation under capital lease -2,160 -2,032 446,513 157,221 Investing transactions Decrease (increase) in restricted cash -145,478 383,234 Distribution from investments 0 47,000 Payments received on mortgages receivable 84,119 33,859 Net advances of loan receivable 0 6,172 -61,359 470,265 Capital transactions Purchase of tangible capital assets -1,541,973 -1,933,142 -1,541,973 -1,933,142 Net increase in cash and cash equivalents Cash and cash equivalents 453,004 144,182 Beginning of year 1,928,561 1,784,379 End of Year 2,381,565 1,928,561

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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

Shawanaga First Nation
Consolidated Statements of Operations and Accumulated Surplus
Year Ended March 31	2020	2019
	Actual	Actual
Revenue
Government funding (Note 16)	$8,669,075	$6,530,279
Sales	5,093,432	4,510,928
Rental and other	350,082	555,231
Interest	44,027	24,225
Loss on disposal of equipment	-673,192	-17,344
Loss from investment in government business enterprise (note5)	-117,480	-56,619

	13,365,944	11,546,700
Expenses
Capital	152,153	143,708
Community operations	1,116,702	1,166,556
Economic development	5,152,423	4,527,794
Education	1,223,566	1,107,489
First Nation administration	1,939,337	1,741,586
Health services	2,006,262	1,615,067
Other	358,111	420,012
Social services	300,467	342,587
Total	12,249,021	11,064,799
Annual surplus before prior year
subsidy settlements	1,116,923	481,901
Prior year subsidy settlements	25,572	-13,682
Annual surplus from operations	1,142,495	468,219
Road settlement payout - Hwy 7182	-52,288	19,608
Community distribution - Henvey Inlet Wind Farm Transmission Line Settlement	-9,000	-11,000
Annual surplus	1,081,207	476,827
Accumulated surplus, beginning of year	5,775,907	5,299,080
Accumulated surplus, end of year (Note 14)	$6,857,114	$5,775,907

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

3. Analyze the statement of cash flow 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 Cash Flows Year Ended March 31	2020	2019
Cash and cash equivalents derived from (applied to)
Operating transactions
Annual surplus Non-cash changes to operations:	1,081,207	476,827
Amortization of tangible capital assets Loss (earnings) from investment in government	564,921	579,751
business enterprise	117,480	56,619
Gain on disposal of tangible capital assets Changes in non-cash working capital items:	673,192	17,344
Receivables	-240,880	-237,266
Inventory for resale	24,181	-69,820
Prepaids and deposits	-1,733	-40,149
Payables and accruals	64,728	254,548
Funding repayable	-6,245	61,353
Deferred contributions	-667,028	350,631
	1,609,823	1,449,838
Financing transactions
Repayment of long-term debt	-96,360	-67,381
Proceeds on issuance of long-term debt	545,142	182,400
Advances (repayments) from related parties	-109	44,234
Repayment of obligation under capital lease	-2,160	-2,032
	446,513	157,221
Investing transactions
Decrease (increase) in restricted cash	-145,478	383,234
Distribution from investments	0	47,000
Payments received on mortgages receivable	84,119	33,859
Net advances of loan receivable	0	6,172
	-61,359	470,265
Capital transactions
Purchase of tangible capital assets	-1,541,973	-1,933,142
	-1,541,973	-1,933,142
Net increase in cash and cash equivalents Cash and cash equivalents	453,004	144,182
Beginning of year	1,928,561	1,784,379
End of Year	2,381,565	1,928,561

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