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Below are incomplete financial statements for Road Ltd. Calculate the missing amounts. Road Ltd Statement of financial position Assets Liabilities and equity Cash $11,490 Liabilities
Below are incomplete financial statements for Road Ltd. Calculate the missing amounts.
Road Ltd Statement of financial position | |||||||
Assets | Liabilities and equity | ||||||
Cash | $11,490 | Liabilities | |||||
Inventory | 15,190 | Accounts payable | $24,430 | ||||
Property | 82,260 | Equity | |||||
Contributed equity | (a) | ||||||
Retained earnings | (b) | ||||||
Total assets | $108,940 | Total liabilities and equity | $108,940 |
Statement of profit or loss | |||
Revenues | $180,050 | ||
Cost of sales | (c) | ||
Administrative expenses, including tax | 14,010 | ||
Profit | $ | (d) |
Statement of changes in equity | |||
Beginning retained earnings | $12,910 | ||
Profit | (e) | ||
Dividends | (7,430) | ||
Ending retained earnings | $52,260 |
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