Presented below is an incorrectly prepared balance sheet for Malkin Yard Service Ltd at 31 December 2019. MALKIN YARD SERVICE LTD Balance Sheet For the Year Ending 31 December 2019 Assets Equipment Supplies $11,000 9,000 Equity and Liabilities Equity Share capital Retained earnings Liabilities Accounts payable Loan payable Total equity & liabilities $9,000 7,000 Accounts receivable Cash 13,000 8,000 15,000 $39,000 Total assets $39.000 The following additional data are available for the financial year, which began on 1 January 2019: • All expenses (not including supplies expense) total $6,000. Supplies on 1 January were $11,000, and the business purchased an additional $5,000 during the year. The balance of $9,000 shown above represents an estimate of the supplies remaining on 31 December 2019. Profit for the year was $8,000 and dividends declared and paid were $5,000. The Loan Payable is due on January 31, 2020. All balances shown above are correct. Instructions a) Prepare a corrected balance sheet as at 31 Dec 2019, in the form and format required in this course. b) Determine the following: 1) Supplies used for the 12 months ending 31 Dec 2019. Total revenues for the year. 3) Balance of retained earnings on January 1, 2019.
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