Use the Balance Sheet below to answer the questions that follow:

Cant Complain Ltd Balance Sheet As At 31 March 2015
	$	$
Assets:
Current:
Cash and cash equivalents	21,000
Accounts receivable	39,000
Inventory	40,000
Prepaid rent	11,000	111,000
Non-Current:
Property and Equipment	320,000
Intangible Assets	90,000	410,000
Total Assets		521,000
Liabilities
Accounts Payable	27,000
Unearned revenue	32,000
Total Liabilities		59,000
Net Assets		462,000
Owners Equity
Share Capital	420,000
Retained earnings	42,000
Total Owners Equity		462,000

1. As of 31 March 2015 what amount has been paid by Cant Complain Ltd shareholders to become owners of the company?
2. Which account in the balance sheet tells you that this company has been profitable since incorporation?
3. List at least 1 item that could be included in intangible assets.
4. Why is unearned revenue a liability? Give an example to demonstrate your understanding.
5. Give two examples of transactions that would cause retained earnings to decrease.
6. Why does the Balance Sheet have As At in the title? Explain fully with reference to the other financial statements.
7. What is a contingent liability? Could Cant Complain Ltd have any contingent liabilities? Give an example to demonstrate your understanding.