1. Use the following statement and find:

Cash	$	71,600
Accounts Receivable		29,600
Supplies		5,600
Accounts Payable		11,600
Notes Payable		5,800
Retained Earnings, beginning of year		18,600
Common Shares		56,000
Service Revenue		42,600
Wages Expense		9,600
Advertising Expense		6,600
Rent Expense		11,600

1. Current Assets (2)
2. Current Liabilities (2)

2. Use the accounting equation to find the missing balance: (4)

1. Assets $103,000; Liabilities $33,000; Common Shares -- ?; Retained Earnings $7,000.
2. Assets -- ?; Liabilities $55,000; Common Shares $1,500,000; Retained Earnings $4,000.

3. Create Journal Entries for the following: (3)

1. XYZ buys $150,500 of new equipment on credit from Stores Ltd.
2. XYZ pays off $43,500 of accounts payable.
3. XYZ collected cash $10,525 from the debtor Bain & Co. Ltd.

4. Calculate the missing information in the following table: (5)

Case	Beginning Inventory	Purchases	Cost of Goods Sold	Ending inventory (perpetual system)	Ending inventory (counted)	Shrinkage
A	$100	$700	$300	?	$420	?
B	$200	$800	?	$150	$150	?