Refer to the TELUS financial statements in Appendix A at the end of the book . Suppose

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Refer to the TELUS financial statements in Appendix A at the end of the book . Suppose TELUS's year-end bank statement has just arrived at company headquarters. Further assume the bank statement shows TELUS's cash balance at $36,025 and that TELUS's Cash and Temporary Investments, Net account has a balance of $35,346 on the books.
1. You must determine how much to report for cash and temporary investments, net, on the December 31, 2011, balance sheet. Suppose you uncover these reconciling items (all amounts are assumed and in thousands):
a. Interest earned on bank balance, $5
b. Outstanding cheques, $7,525
c. Bank collections of various items, $12,000
d. Deposits in transit, $17,500
e. Transposition error-TELUS overstated cash by $1,350
f. Bank charges of $1
Prepare a bank reconciliation to show how TELUS arrived at the correct amount of cash and temporary investments, net, to report on its December 31, 2011, balance sheet. Prove that your answer is the actual amount TELUS reported. Journal entries are not required.
2. NI 52-109 requires the CEO and CFO to certify compliance with the disclosures required under the standard. Locate the statement of compliance in TELUS's MD&A in MyAccountingLab and compare it to the requirements under NI 52-109 reported in
Chapter 4 .
a. Does TELUS meet the requirements with respect to certification by the certifying officers? Who are identified as TELUS's certifying officers?
b. Does the MD&A identify the control framework used? If so, what framework was used?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Financial Accounting

ISBN: 978-0133472264

5th Canadian edition

Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin

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