Goodwin Ltd was started on 1 May 2016 with an investment of $60 000 cash. Following are
Question:
Goodwin Ltd was started on 1 May 2016 with an investment of $60 000 cash. Following are the assets and liabilities of the company on 31 May 2016, and the revenues and expenses for the month of May, its first month of operations.
No further shares were issued in May, but a dividend of $750 in cash was paid.
Required
Prepare a statement of profit or loss and calculate retained earnings for the month of May and prepare a statement of financial position as at 31 May 2016.
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