Account Name Balance (2020) Income tax Expense $ 600,000 Decrease in porperty valulation 35,000 Property, Plant, Equipment ? Solve Current Assets 6,500,000 Cost of Sales 7,500,000 Distribuiton Costs 900,000 Common Shares Issued 895,000 Finance Costs 90,000 Stock Option Compenstation 40,000 Profit before Taxes 1,750,000 Retained Earnings(end of year) 5,000,000 Dividends Paid 150,000 Other Income 40,000 Gross Profit 3,500,000 Share Captial (end of year 2020) 3,395,000 Contributed surplus (beginnning of year) 60,000 Non-Current Liablilities 5,000,000 Change in Currency Translation (income) 40,000 Retained Earnings(beginning of year) 4,000,000 Administrative Expenses 800,000 Total Liabilities 8,000,000 Total Assets 16,500,000 The Statement of Financial Position has sub-components for Current Assets and Current Liabilities, but these amounts are not given directly. Current Asset - Components Often these sub-component amounts might be percentages of other Inventories 50% of Cost of Sales amounts. For example, Inventories, Trade Receivables and Prepaid Trade Receivables 25% of Cost of Sales Expenses are associated with Cost of Sales. Also, Trade and other Prepaid expenses 5% of Cost of Sales payables (i.e. Accounts Payable) might also be linked to Costs of Sales. Cash and cash equivalents Solve Current position of long-term borrowings will be often a portion of Non- Current Liabilities (Long Term Debt). Current Liabilities - Components Trade and other payables 25% of Cost of Sales Short-term borrowings Solve 10% of Non-Reed Geophysical Inc. Statement of Income For the year ended December 31,2020 Revenue Cost of sales Purchases this should be subtracted Gross Profit Other income Expenses Administrative expenses Distribution costs I Total I - .I Finance costs Total - Profit before taxes Income tax expense Profit for the year Reed Geophysical Inc. Statement of Comprehensive Income For the year ended December 31,2020 (in $) Profit for the year Other comprehensive income/loss Change in currency Translation Decrease in property valuation Total Comprehensive income Statement of Changes in Equity For the year ended December 31, 2020 (in $) Share Capital Balance at beginning of year Common shares issued Balance at end of year Contributed Surplus Balance at beginning of year Stock option compensation Balance at end of year Retained Earnings Balance at beginning of year Profit applicable to common share holders Dividends paid Balance at end of year Total Other Comprehensive Income/Loss for the year Balance at beginning of year Change in currency translation Change in property revaluation Balance at end of year Total Equity 2020 2019 The previous year ending balance is equal to the next year beginning balance. Or reverse you have the balance for either the ending or begining- therefore complete as 60,000 - 60,000 Reed Geophysical Inc. Statement of Financial Position As at December 31, 2020 (in $) Assets Non-current assets Property, plant, and equipment Decrease in property revaluation Total non-current assets Current assets Inventories Trade Receivables Prepaid expenses Cash and cash equivalents Total current assets il | Total assets Equity and liabilities Equity Contributed equity Share capital Retained eamings Other Comprehensive Income/Loss B Total equity Non-current liabilities Current liabilities Trade and other payables Short-term borrowings Current position of long-term borrowings Total current liabilities Total liabilities Total equity and liabilities ASSETS = LIABILTIES + EQUITY 1 10 G Please keep in mind that if you have the Totals for the account categories.You should enter amounts for the unknown account balances to demonstrate that the values will equate to the total given. You know the total assests is $16,500,000 so therefore enter amounts for the unknown accounts- do not leave anything blank as long as the Non current assets and current assets equal the total Assets. You should also apply some basic accounting knowledge in that your current assests such as cash, receiveables should not be as high as you fixed assests such as Property Plant and Equipment or non-current assets. You do not likely have more money in your Bank account than what your home or Building is valued at. Therefore the Non-current assets should be a higher value than the Remember the Basic Accounting Equation States Therefore the amount in Cell C40 should equal the amount in Cell C20