Finding missing values from ledgers Assets 2022

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2021

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Liabilities and shareholders’ equity 2022

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2021

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Cash 50 000 40 000 Accounts payable 45 000 30 000 Inventory 60 000 35 000 Retained profits 36 000 10 000 Accounts receivable 71 000 65 000 Share capital 100 000 100 000 181 000 140 000 181 000 140 000 Some other information related to the year ended 30 June 2022:

a Credit sales, $130 000.

b Purchase of inventory on credit, $70 000.

c No dividends were declared or paid.

Required:

1 What was cost of goods sold for the period?

2 Assume accounts payable only relate to inventory. How much in cash was paid to accounts payable?

3 How much cash was received from accounts receivable?

4 What was the profit for the year?