Refer to TELUS's financial statements in Appendix A at the end of the book .
1. In the notes to the financial statements are the following:
Note 1(c)
Short-term marketable securities investments are accounted for as held-for-trading and thus are measured at fair value through net income.
Assume that cash and cash equivalents, which included short-term money market instruments, were $100 at December 31, 2011, and $200 at December 31, 2010. Further assume that there were no fair value adjustments in 2010 and that the statement of cash flows reports that TELUS sold money market instruments for $150. How much gain or loss would TELUS have on the sale of the money market instruments?
2. How much were TELUS's receivables at December 31, 2011, and December 31, 2010? What can you assume from this information?
3. Assume that TELUS wrote off 1% of 2011 sales as uncollectible. How much did TELUS collect from customers during 2011?