Deanna Veale is the bookkeeper for Quality Products Ltd. Deanna has been trying to make the statement of financial position of Quality Products Ltd balance. It is finally balanced, but now she’s not sure it is correct.

Required

Prepare a correct statement of financial position.

Transcribed Image Text:

Cash Supplies Inventory Dividends Total assets Assets QUALITY PRODUCTS LTD Statement of financial position as at 30 June 2015 $15.000 5600 28 400 3000 $52000 Liabilities and equity Accounts payable Accounts receivable Share capital Retained earnings Total liabilities and equity $15.000 (6 000) 25 000 18 000 $52 000