The following accounts were taken from the Trial Balance at the end of the accounting period: Fees Earned Depreciation Expense Equipment Accumulated Depreciation Insurance Expense Provisions for Employee Entitlements Prepayment Interest Receivable Goodwill Retained Profits Sales What was the balance for total assets based on above as at the end of the accounting period? [2 marks] Answer: $7,000 500 25,000 8000 1,200 1,500 4,000 700 1,000 8,000 10,000 Question 2 During 2021 a company makes credit sales of $300,000 (with 20% of the receivable uncollected at year-end) and cash sales of $250,000. It collects $100,000 from debtors. It pays $350,000 in expenses (of the $350,000 paid, $120,000 related to wages payable as at the financial year-end of 2020) and owes $150,000 for services it received in 2021 but are payable in 2022. It declares and pays $30,000 in dividends. The opening balance of retained profit was $100,000 as at the beginning of 2021. What is the closing balance of retained profit as at the end of 2021? [2 marks] Answer: