Preparing a Statement of Financial Position LO1-1 Leon’s Furniture Limited Leon’s Furniture Limited is one of Canada’s largest retailers, selling a wide range of merchandise, including furniture, major appliances, and home electronics. Its statement of financial position at December 31, 2017 contained the following items (in millions).

Required:

1. Prepare a statement of financial position as at December 31, 2017, solving for the missing amount.
2. Explain how an investor should interpret the following items: dividends payable, retained earnings, and total assets.

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Cash and cash equivalents $ 36 Contributed capital 97 Dividends payable 9 Income taxes payable S Intangible assets and goodwill 696 Inventories 318 Loans and borrowings 194 Other assets 135 Other components of equity 1 Other liabilities 443 Property, plant, and equipment 337 Retained earnings 675 Total assets 1.661 Total liabilities and shareholders' equity ? Trade receivables 139 Trade and other payables 234