Problem #10 ( 6 Marks ) PART B - ANALYSIS/SHORT ANSWER ( 20 Marks ) TMZ Company had the below payroll data for the monthly pay period ended on June 30,2022. Total gross payroll amounted to $448,000. The following deductions were withheld from the employees' 1. Use the following information from the financial statements of Cage Company to answer the below salaries and wages: questions. Federal and provincial income taxes .... $125,000 Current assets 2021 2020 CPP . 22,000 Cash and cash equivalents $14,667 $32,666 8,000 Union dues..... 5,000 Receivables, less allowance of Charitable donations ..... 2,000 $25,474 in 2021 and $18,550 in 2020 $396,444 $267,452 TMZ contributes 3% of its gross payroll to workers compensation. Vacation pay is 4% of its gross payroll. Total net credit sales for 2021 were $1,745,657. Instructions: Instructions: a) Calculate the receivables turnover and the collection period ratios for 2021. (6 Marks) Prepare the necessary journal entries to record the employees' monthly payroll and the employer's benefits expense related to the monthly payroll on June 30, 2022. b) List two ( 2 ) other sources of information that would make the ratios more useful for analysis. (2 Marks) Date Accounts Debit Credit c) List two ( 2 ) ways to improve the collection of receivables for the company. (2 Marks) a) b) C)A client has come to you with the below questions related to goodwil. Your task is to answer them as concisely as possible for the client. a) What creates goodwill for a company? Provide two [ 2 ) examples. (2 Marks) b) When is goodwill recorded? (2 Marks) c) How is the amount of goodwill calculated? (2 Marks) Compare the accounting for the reversal of impairment losses under ASPE and IFRS. (4 Marks) ASPE FRS