PSB1.8 Prepare financial statements. LO6 An extract from the general ledger of Retail Limited for the year ended 30 June 2018 appears as follows: Item Item Accounts payable Accounts receivable Advertising expense Bank loan Cash Cost of sales Equipment Insurance expense Intangibles 3300 8320 5000 15000 24250 82000 83000 1 300 6300 Inventory Other expenses Rent expense Repairs expense Opening retained earnings Salaries expense Sales Share capital Dividends paid 21 500 6250 2500 15000 12 500 35 000 167 420 100000 7 800 Additional information: . Cash paid to suppliers $84 500 . All other expenses were paid in cash . Cash received from customers $172 350 . Cash paid to purchase equipment $36000 . The bank loan was taken out in the current year and is repayable in May 2020. Required (a) Prepare a statement of profit or loss for the year ended 30 June 2018. (b) Prepare a calculation of retained earnings for the year ended 30 June 2018. (c) Prepare a statement of financial position as at 30 June 2018. (d) Prepare a statement of cash flows for the year ended 30 June 2018. (e) Calculate the cash account balance at 1 July 2017 (i.e. the opening balance)