Q1: Bello Co. is an event organizer business. Bello was established in 2018. You are provided with the following financial statement with some missing values for the years 2018, 2019 and 2020. You are requested to complete those statements. In order to solve the question you have to start with 2018 statements and work forward to subsequent years. Remember that Bello was established in 2018, thus the beginning balance for retained earnings in 2018 is zero. (2 Marks)

Bello Co. Income statement For the year ended December 31 20XX
	2020		2019		2018
Revenues		100,000		?		50,000
Expenses:
Rent	?		58,500		?
Salaries	1,500	?	1,500	?	2,500	?
Net Income		?		20,000		?

Bello Co. Retained Earnings statement For the year ended December 31 20XX
	2020	2019	2018
Beginning retained earnings	?	?	0
Plus: Net income	?	20,000	?
	?	?	12,500
Less: Dividends	15,000	?	?
Ending retained earnings	30,000	?	?

Bello Co. Balance Sheet As of December 31 20XX
	2020		2019		2018
Assets:
Cash		?		?		25,000
A/R		32,500		25,000		?
Building		90,000		90,000		90,000
Total Assets		?		144,500		?
Liabilities:
A/P	?		500		1,000
Notes payable	5,000		?		?
Total Liabilities		5,500		15,500		?
Equity:
Common stock	?		?		114,000
Retained earnings	?		15,000		?
Total Equity		?		?		119,000
Total Equity and Liabilities		149,500		?		150,000