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9. Identify differences in accounting between IFRS and ASPE,
and what changes are expected in the near future.
Summary of Questions by Learning Objectives and Bloom’s Taxonomy
LO Learning objective
Bloom's
BT Taxonomy
K Knowledge
C Comprehension
AP Application
AN Analysis
S Synthesis
E Evaluation
Difficulty: Level of difficulty
S Simple
M Moderate
C Complex
Time: Estimated time to complete in minutes
AACSB Association to Advance Collegiate Schools of Business
Communication Communication
Ethics Ethics
Analytic Analytic
Tech. Technology
Diversity Diversity
Reflec. Thinking Reflective Thinking
CPA CM CPA Canada Competency Map
Ethics Professional and Ethical Behaviour
PS and DM Problem-Solving and Decision-Making
Comm. Communication
Self-Mgt. Self-Management
Team & Lead Teamwork and Leadership
Reporting Financial Reporting
Stat. & Gov. Strategy and Governance
Mgt. Accounting Management Accounting
Audit Audit and Assurance
Finance Finance
Tax Taxation
ASSIGNMENT CLASSIFICATION TABLE
Brief
Topics Exercises Exercises Problems
6. Product guarantees, 25, 26, 27, 7, 19, 20, 21, 22, 3, 4, 10, 11, 12,
warranties, and other 28, 29 23, 24, 25, 26, 27, 13, 14, 15
customer programs 28
(a) Working capital is the excess of total current assets over total
current liabilities. It represents the liquid buffer that is available
to meet the financial demands of the company’s operating cycle.
Current liabilities place a demand on the company’s current
assets. Management of the due dates of current liabilities and
management of current assets to generate cash on a timely basis
are important for effective management of business operations.
Effective management of working capital to achieve high liquidity
may also contribute to positive cash from operating activities, as
seen on the statement of cash flows.
LO 3 BT: AP Difficulty: S Time: 5 min. AACSB: None CPA: cpa-t001 CM: Reporting
BRIEF EXERCISE 13.6
(a)
Using a financial calculator:
PV $ 60,000
I ? % Yields .744 % per month or 8.9% per year
N 3
PMT 0
FV $ (61,350)
Type 0
Result: .0074444
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BRIEF EXERCISE 13.6 (Continued)
(b)
11/01/20 Cash .................................................... 60,000
Notes Payable ........................... 60,000
(b) At year end, the company would report Income Tax Payable of
$7,200 in current liabilities.
LO 3 BT: AP Difficulty: S Time: 5 min. AACSB: None CPA: cpa-t001 CM: Reporting
(b) At year end, the company would report Income Tax Receivable of
$2,600 in current assets.
LO 3 BT: AP Difficulty: S Time: 5 min. AACSB: None CPA: cpa-t001 CM: Reporting
BRIEF EXERCISE 13.13
(a) Under IFRS, since the debt is due within 12 months from the
reporting date, it is classified as a current liability. This
classification holds even if long-term refinancing has been
completed before the financial statements are released. The only
exception for continuing long-term classification is if, at the
balance sheet date, the entity expects to refinance it or roll it over
under an existing agreement for at least 12 months and the
decision is solely at its discretion.
(b) Under IFRS, the whole $500,000 of maturing debt would still be
classified as a current obligation at December 31, 2020. The
international standard has a stringent requirement that the
agreement must be firm at the date of the SFP in order to qualify
for classification as long-term. (This assumes Burr had not
entered into a long-term agreement prior to the SFP date of Dec.
31, 2020.)
(c) For part (a), under ASPE, the debt would be classified as a long-
term liability. If there is irrefutable evidence by the time the
financial statements are completed and released that the debt has
been or will be converted into a long-term obligation, ASPE
allows currently maturing debt to be classified as long-term on
the balance sheet. In this case, the debt was refinanced before
the financial statements were completed and released.
For part (b), under ASPE, the debt would be classified as a current
liability since there was not irrefutable evidence by the time the
financial statements were completed that the debt has been or will
be converted into a long-term obligation. (This assumes Burr had
not entered into a long-term agreement prior to the release of the
financial statements of Dec. 31, 2020.) In addition, since
repayment occurred before funds were obtained through long-
term financing, the repayment used existing current assets.
LO 3,9 BT: C Difficulty: M Time: 15 min. AACSB: None CPA: cpa-t001 CM: Reporting
BRIEF EXERCISE 13.15
(a)
Payroll Tax Expense.......................................... 1,578
EI Premiums Payable ($420 X 1.4) ........... 588
CPP Contributions Payable ..................... 990
(b)
Employee Income Tax Deductions Payable .... 3,426
CPP Contributions Payable ($990 X 2) ............. 1,980
EI Premiums Payable ($420 + $588) ................. 1,008
Cash .......................................................... 6,414
LO 4 BT: AP Difficulty: S Time: 5 min. AACSB: None CPA: cpa-t001 CM: Reporting
December 1, 2020:
Employee Benefit Expense1.............................. 11,952
Parental Leave Benefits Payable............. 11,952
To record expense for parental leave
1
Salary for 17 weeks ($74,000 ÷ 52 X 17) $24,192
Less: employment insurance
payments ($720/week X 17 weeks) (12,240)
Employee Benefit Expense $11,952
For each of the 4 weeks in December 2020, Laurin Corporation will pay
Ruzbeh Awad a top-up amount and record the payments as follows:
Result: $500,248.97
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Language: English
SPIRITUAL ENERGIES
IN DAILY LIFE
BY
RUFUS M. JONES, Litt.D., D.D.
Professor of Philosophy in Haverford College
Author of Studies in Mystical Religion; The Inner Life;
The World Within, etc.
New York
THE MACMILLAN COMPANY
1922
All rights reserved
Copyright, 1922,
By THE MACMILLAN COMPANY
Set up and electrotyped. Published September, 1922
CHAPTER I
THE CENTRAL PEACE
I. Peace That Passes Understanding 1
II. The Search for a Refuge 5
III. What We Want Most 10
CHAPTER II
THE GREAT ENERGIES THAT WORK
I. Trying the Better Way 15
II. He Came to Himself 23
III. Some New Reasons for “Loving Enemies” 29
CHAPTER III
THE POWER THAT WORKETH IN US
I. Where the Beyond Breaks Through 35
II. Conquering by an Inner Force 41
III. Living in the Presence of the Eternal 46
CHAPTER IV
THE WAY OF VISION
I. Days of Greater Visibility 50
II. The Prophet and His Tragedies 54
III. A Long Distance Call 60
CHAPTER V
THE WAY OF PERSONALITY
I. Another Kind of Hero 65
II. The Better Possession 69
III. The Greatest Rivalries of Life 74
CHAPTER VI
AGENCIES OF CONSTRUCTION
I. The Church of the Living God 79
II. The Nursery of Spiritual Life 83
III. The Democracy We Aim At 86
IV. The Essential Truth of Christianity 91
CHAPTER VII
THE NEAR AND THE FAR
I. Things Present and Things to Come 98
II. Two Types of Ministry 102
III. We Have Seen His Star 106
CHAPTER VIII
THE LIGHT-FRINGED MYSTERY
I. The Religious Significance of Death 111
II. The New Born out of the Old 127
CHAPTER IX
THE MYSTIC’S EXPERIENCE OF GOD 133
CHAPTER X
PSYCHOLOGY AND THE SPIRITUAL LIFE 160
SPIRITUAL ENERGIES IN
DAILY LIFE
CHAPTER I
THE CENTRAL PEACE
I
PEACE THAT PASSES UNDERSTANDING
We are all familiar with the coming of a peace into our life at the
terminus of some great strain or after we have weathered a
staggering crisis. When a long-continued pain which has racked our
nerves passes away and leaves us free, we suddenly come into a
zone of peace. When we have been watching by a bedside where a
life, unspeakably precious to us, has lain in the grip of some terrible
disease and at length successfully passes the crisis, we walk out into
the fields under the altered sky and feel a peace settle down upon
us, which makes the whole world look different. Or, again, we have
been facing some threatening catastrophe which seemed likely to
break in on our life and perhaps end forever the calm and even
tenor of it, and just when the hour of danger seemed darkest and
our fear was at its height, some sudden turn of things has brought a
happy shift of events, the danger has passed, and a great peace has
come over us instead of the threatened trouble. In all these cases
the peace which succeeds pain and strain and anxiety is a
thoroughly natural, reasonable peace, a peace which comes in
normal sequence and is quite accessible to the understanding. We
should be surprised and should need an explanation if we heard of
an instance of a passing pain or a yielding strain that was not
followed by a corresponding sense of peace. One who has seen a
child that was lost in a crowded city suddenly find his mother and
find safety in her dear arms has seen a good case of this sequential
peace, this peace which the understanding can grasp and
comprehend. We behold it and say, “How otherwise!”
There is, St. Paul reminds us, another kind of peace of quite a
different order. It baffles the understanding and transcends its
categories. It is a peace which comes, not after the pain is relieved,
not after the crisis has passed, not after the danger has
disappeared; but in the midst of the pain, while the crisis is still on,
and even in the imminent presence of the danger. It is a peace that
is not banished or destroyed by the frustrations which beset our
lives; rather it is in and through the frustrations that we first come
upon it and enter into it, as, to use St. Paul’s phrase, into a garrison
which guards our hearts and minds.
Each tested soul has to meet its own peculiar frustrations. All of us
who work for “causes” or who take up any great piece of moral or
spiritual service in the world know more about defeats and
disappointments than we do about success and triumphs. We have
to learn to be patient and long-suffering. We must become
accustomed to postponements and delays, and sometimes we see
the work of almost a lifetime suddenly fail of its end. Some turn of
events upsets all our noble plans and frustrates the result, just when
it appeared ready to arrive. Death falls like lightning on a home that
had always before seemed sheltered and protected, and instantly life
is profoundly altered for those who are left behind. Nothing can
make up for the loss. There is no substitute for what is gone. The
accounts will not balance; frustration in another form confronts us.
Or it may be a breakdown of physical or mental powers, or
peradventure both together, just when the emergencies of the world
called for added energy and increased range of power from us. The
need is plain, the harvest is ripe, but the worker’s hand fails and he
must contract when he would most expand. Frustration looks him
straight in the face. Well, to achieve a peace under those
circumstances is to have a peace which does not follow a normal
sequence. It is not what the world expects. It does not accord with
the ways of thought and reasoning. It passes all understanding. It
brings another kind of world into operation and reveals a play of
invisible forces upon which the understanding had not reckoned. In
fact, this strange intellect-transcending peace, in the very midst of
storm and strain and trial, is one of the surest evidences there is of
God. One may in his own humble nerve-power succeed in acquiring
a stoic resignation so that he can say,
He may, by sheer force of will, keep down the lid upon his
emotions and go on so nearly unmoved that his fellows can hear no
groan and will wonder at the way he stands the universe. But peace
in the soul is another matter. To have the whole heart and mind
garrisoned with peace even in Nero’s dungeon, when the imperial
death sentence brings frustration to all plans and a terminus to all
spiritual work, calls for some world-transcending assistance to the
human spirit. Such peace is explained only when we discover that it
is “the peace of God,” and that it came because the soul broke
through the ebbings and flowings of time and space and allied itself
with the Eternal.
II
THE SEARCH FOR A REFUGE
Few things are more impressive than the persistent search which
men have made in all ages for a refuge against the dangers and the
ills that beset life. The cave-men, the cliff-dwellers, the primitive
builders of shelters in inaccessible tree tops, are early examples of
the search for human defenses against fear. Civilization slowly
perfected methods of refuge and defense of elaborate types, which,
in turn, had to compete with ever-increasing ingenuity of attack and
assault. But I am not concerned here with these material
strongholds of refuge and defense. I am thinking rather of the
human search for shelter against other weapons than those which
kill the body. We are all trying, in one way or another, to discover
how to escape from “the heavy and weary weight of all this
unintelligible world,” how to bear the slings and arrows of
outrageous fortune. We are sensitively constructed, with nerves
exposed to easy attack. We are all shelterless at some point to the
storms of the world. Even the most perfectly equipped and
impervious heroes prove to be vulnerable at some one uncovered
spot. Sooner or later our protections fail, and the pitiless enemies of
our happiness get through the defenses and reach the quick and
sensitive soul within us. How to rebuild our refuge, how to find real
shelter, is our problem. What fortress is there in which the soul is
safe from fear and trouble?
The most common expedient is one which will drug the sensitive
nerves and produce an easy relief from strain and worry. There is a
magic in alcohol and kindred distillations, which, like Aladdin’s genie,
builds a palace of joy and, for the moment, banishes the enemy of
all peace. The refuge seems complete. All fear is gone, worry is a
thing of the past. The jargon of life is over, the pitiless problem of
good and evil drops out of consciousness. The shelterless soul
seems covered and housed. Intoxication is only one of the many
quick expedients. It is always possible to retreat from the edge of
strenuous battle into some one of the many natural instincts as a
way of refuge. The great instinctive emotions are absorbing, and
tend to obliterate everything else. They occupy the entire stage of
the inner drama, and push all other actors away from the footlights
of consciousness, so that here, too, the enemies of peace and joy
seem vanquished, and the refuge appears to be found.
That multitudes accept these easy ways of defense against the ills
of life is only too obvious. The medieval barons who could build
themselves castles of safety were few in number. Visible refuges in
any case are rare and scarce, but the escape from the burdens and
defeats of the world in drink and drug and thrilling instinctive
emotion is, without much difficulty, open to every man and within
easy reach for rich and poor alike, and many there be that seize
upon this method. The trouble with it is that it is a very temporary
refuge. It works, if at all, only for a brief span. It plays havoc in the
future with those who resort to it. It rolls up new liabilities to the ills
one would escape. It involves far too great a price for the tiny
respite gained. And, most of all, it discounts or fails to reckon with
the inherent greatness of the human soul. We are fashioned for
stupendous issues. Our very sense of failure and defeat comes from
a touch of the infinite in our being. We look before and after, and
sigh for that which is not, just because we can not be contented
with finite fragments of time and space. We are meant for greater
things than these trivial ones which so often get our attention and
absorb us; but the moment the soul comes to itself, its reach goes
beyond the grasp, and it feels an indescribable discontent and
longing for that for which it was made. To seek refuge, therefore, in
some narcotic joy, to still the onward yearning of the soul by
drowning consciousness, to banish the pain of pursuit by a barbaric
surge of emotions, is to strike against the noblest trait of our
spiritual structure; it means committing suicide of the soul. It cannot
be a real man’s way of relief.
In fact, nothing short of finding the goal and object for which the
soul, the spiritual nature in us, is fitted will ever do for beings like
us. St. Augustine, in words of immortal beauty, has said that God
has made us for himself, and our hearts are restless until we rest in
him. It is not a theory of poet or theologian. It is a simple fact of life,
as veritable as the human necessity for food. There is no other
shelter for the soul, no other refuge or fortress will ever do for us
but God. “We tremble and we burn. We tremble, knowing that we
are unlike him. We burn, feeling that we are like him.”
In hours of loss and sorrow, when the spurious props fail us, we
are more apt to find our way back to the real refuge. We are
suddenly made aware of our shelterless condition, alone, and in our
own strength. Our stoic armor and our brave defenses of pride
become utterly inadequate. We are thrown back on reality. We have
then our moments of sincerity and insight. We feel that we cannot
live without resources from beyond our own domain. We must have
God. It is then, when one knows that nothing else whatever will do,
that the great discovery is made. Again and again the psalms
announce this. When the world has caved in; when the last
extremity has been reached; when the billows and water-spouts of
fortune have done their worst, you hear the calm, heroic voice of the
lonely man saying: “God is our refuge and fortress, therefore will not
we fear though the earth be removed, though the mountains be
carried into the midst of the sea.” That is great experience, but it is
not reserved for psalmists and rare patriarchs like Job. It is a
privilege for common mortals like us who struggle and agonize and
feel the thorn in the flesh, and the bitter tragedy of life unhealed.
Whether we make the discovery or not, God is there with us in the
furnace. Only it makes all the difference if we do find him as the one
high tower where refuge is not for the passing moment only, but is
an eternal attainment.
III
WHAT WE WANT MOST
I
TRYING THE BETTER WAY