The following trial balance was prepared by Vantage Electronics Corporation, a Canadian private enterprise, as of 31 December 20X5. The adjusting entries for 20x5 have been made, except for any related to the specific Information noted below. Vantage Electronics Trial Balance 31 December 2005 Cash sze, eee Accounts receivable ze, een Inventories 16.ee Equipment 23,600 Land 6,7ee Building 6,460 Prepaid expenses 920 Accounts payable $ 6,05e flote payable, 9 18,888 Share capital, 2,515 shares outstanding 22, 4ee Retained earnings 54,400 Totals $93,680 $93,689 Other information: You find that certain errors and omissions are reflected in the trial balance below. a. The $20,000 balance in accounts receivable represents the entire amount owed to the company of this amount $18.900 is from trade customers and 3% of that amount is estimated to be uncollectible. The remaining amount owed to the company represents a long-term advance to its president. b. Inventories include $1.200 of goods incorrectly valued at double their cost (.e reported at $2.400). No correction has been recorded. Office supplies on hand of $500 are also included in the balance of inventories c When the equipment and building were purchased new on 1 January 20X0 Le.. six years earlier), they had estimated lives of 10 and 25 years, respectively. They have been amortized using the straight-line method on the assumption of zero residual value and depreciation has been credited directly to the asset accounts Amortization has been recorded for 20X5 d. The balance in the land account includes a $1.400 payment made as a deposit on the purchase of an adjoining tract. The option to buy it has not yet been exercised and probably will not be exercised during the coming year. e. The interest-bearing note dated 1 April 20x5 matures 31 March 20X6. Interest on it has not been recorded for 20x5 Required: 1. Prepare a balance sheet (List accounts in order of their liquidity) VANTAGE ELECTRONICS CORPORATION Balance Sheet 31 December 20X5 (Amounts in Canadian dollars) Assets Current assets here to search 9 As Total current assets Long-term investment Capital assets Total capital assets Other assets Total assets Labtes Current anes Total abbes Shareholders Equity Contributed capital Toutes and shareholders equity Total Taberes Shareholders' Equity Contributed capital Total shareholders' equity Total liabilities and shareholders' equity 2. Calculate the ending balance in retained earnings. Opening balance Ending balance The following trial balance was prepared by Vantage Electronics Corporation, a Canadian private enterprise, as of 31 December 20X5. The adjusting entries for 20x5 have been made, except for any related to the specific Information noted below. Vantage Electronics Trial Balance 31 December 2005 Cash sze, eee Accounts receivable ze, een Inventories 16.ee Equipment 23,600 Land 6,7ee Building 6,460 Prepaid expenses 920 Accounts payable $ 6,05e flote payable, 9 18,888 Share capital, 2,515 shares outstanding 22, 4ee Retained earnings 54,400 Totals $93,680 $93,689 Other information: You find that certain errors and omissions are reflected in the trial balance below. a. The $20,000 balance in accounts receivable represents the entire amount owed to the company of this amount $18.900 is from trade customers and 3% of that amount is estimated to be uncollectible. The remaining amount owed to the company represents a long-term advance to its president. b. Inventories include $1.200 of goods incorrectly valued at double their cost (.e reported at $2.400). No correction has been recorded. Office supplies on hand of $500 are also included in the balance of inventories c When the equipment and building were purchased new on 1 January 20X0 Le.. six years earlier), they had estimated lives of 10 and 25 years, respectively. They have been amortized using the straight-line method on the assumption of zero residual value and depreciation has been credited directly to the asset accounts Amortization has been recorded for 20X5 d. The balance in the land account includes a $1.400 payment made as a deposit on the purchase of an adjoining tract. The option to buy it has not yet been exercised and probably will not be exercised during the coming year. e. The interest-bearing note dated 1 April 20x5 matures 31 March 20X6. Interest on it has not been recorded for 20x5 Required: 1. Prepare a balance sheet (List accounts in order of their liquidity) VANTAGE ELECTRONICS CORPORATION Balance Sheet 31 December 20X5 (Amounts in Canadian dollars) Assets Current assets here to search 9 As Total current assets Long-term investment Capital assets Total capital assets Other assets Total assets Labtes Current anes Total abbes Shareholders Equity Contributed capital Toutes and shareholders equity Total Taberes Shareholders' Equity Contributed capital Total shareholders' equity Total liabilities and shareholders' equity 2. Calculate the ending balance in retained earnings. Opening balance Ending balance