Jeff Andringa, a former Aussie Rules player, quit his job and started Footy Camp, a football camp for children aged 8 to 17. Eventually he would like to open football camps nationwide. Jeff has asked you to help him prepare financial statements at the end of his first year of operations. He relates the following facts about his business activities.

In order to get the business off the ground, he decided to incorporate. He issued shares in Footy Camp Pty Ltd to a few close friends, as well as buying some of the shares himself. He initially raised $83,000 through the issue of these shares. In addition, the company took out a $100,000 loan at a local bank. A bus for transporting children was purchased for $36,000 cash. Balls and other miscellaneous equipment were purchased with $3,000 cash. The company earned camp fees during this year of $227,000, but had collected only $172,000 of this amount. Thus, at the end of the year it was still owed $55,000. The company rents time at a local school oval for $136 per day. Total oval rental costs during the year were $16,000, insurance was $33,000, salary expense was $58,000, and administrative expenses totaled $28,000, all of which were paid in cash. The company incurred $2,000 in interest expense on the bank loan; the interest was still owed at the end of the year.

The company paid dividends during the year of $15,000 cash. The balance in the companys bank account at the end of the year, 30 June 2019, was $183,000.

Footy Camp Pty Ltd
Statement of profit or loss
for the year ended 30 June 2019
Revenues
Camp fees revenue
Expenses
Salaries expense
Insurance expense
Administrative expense
Oval rental expense
Interest expense
Total expense
Profit

Footy Camp Pty Ltd
Calculation of retained earnings
for the year ended 30 June 2019
Retained earnings, 1 July 2018
Profit
Less: Dividends
Retained earnings, 30 June 2019

Fill in the above tables/ statements and enter the amount for ending retained earnings at 30 June 2019 in the answer space below: