Reference no: EM132479609

Question 1: Prepare current liabilities section and calculate ratios.

Suncor Energy Inc. reported the following current assets and current liabilities (in millions) at December 31, 2014:

Accounts payable and accrued liabilities                  $5,704

Accounts receivable                                             4,275

Cash and cash equivalents                                    5,495

Current portion of long-term debt                               34

Current portion of provisions                                    752

Income taxes payable                                          1,058

Income taxes receivable                                         680

Inventories                                                        3,466

Short-term debt                                                  806

Question (a) Prepare the current liabilities section of the balance sheet.

Question (b) Calculate the current and acid-test ratios.

Question : Calculate CPP and EI deductions.

Cecilia Hernandez earned $60,100 in 2015 and was paid monthly. She worked for HillSide Tours for all of 2015. Using the formulas, what were her CPP and EI deductions in (a) January 2015 and (b) December 2015?

Question 2: Calculate current and non-current portion of notes payable. Diamond Dealers has two notes payable outstanding on December 31, 2017, as follows:

Question (a) A ?ve-year, 5.5%, $60,000 note payable issued on August 31, 2017. Diamond Dealers is required to pay $12,000 plus interest on August 31 each year starting in 2018.

Question (b) A four-year, 4.5%, $96,000 note payable issued on September 30, 2017. Diamond Dealers is required to pay $2,000 plus interest at the end of each month starting on October 31, 201?