Comparative balance sheets at 31 December 2013 and 2014 for Chartowers Ltd are shown below

SECTION B - PROBLEMS Comparative balance sheets as at 31 December 2013 and 2014 for 15 points Chartowers Ltd are shown below. ' Glimmer: Ltd Balance sheet as at 31 December 2014 2013 Assets Cash 3 4 835 S 3 554 Accounts receivable 11 372 S 529' hmry 22 034 15 637" Prepaid expenses 1 421 2 132 Property: pian'E and equipment 63 912 49 7"55 Less : Accumulated depreciation (18 480} (14 215) Total assets 5 85 154 S 65 392 Liabilities and equity Amounts payable 7 108 10 490' Debentures 12 T94 Paidup capital (ordinary shares, par value $1) 35 000 35 000' Retained earnings 30 252 19 902 Total liabilities and equity 3 85 154 S 65 392 Sales for 2014 were $130 000, and prot after tax was $16 350. Cost of sales was $136 456. Dividends of $5000 were declared and paid during the year. Interest earned and received was $2340, and interest incurred and paid was $1654. Tax expense for the period was $3000 and this was paid in the period. Other expenses (including depreciation) were $24 880. Property, plant and equipment were purchased for cash. 3. Add File