Incomplete financial statements for Wu, Inc. follow:

Instructions
(a) Calculate the missing amounts [1] to [13]. Note that you may not be able to be solve each item in numerical order.
(b) Explain (1) the sequence for preparing and presenting the financial statements, and (2) the interrelationships between the income statement, statement of changes in equity, and statement of financial position.

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WU, INC Statement of Financial Position August 31, 2012 Assets Liabilities and Shareholders' Equity Cash Accounts receivable Land Buildings Equipment Total assets $ [1]Liabiliies 15,000 20,000 40,000 Accounts payable Shareholders' equity Common shares Retained earnings $19,000 $ 2 Total liabilities and shareholders' equity $85,000 WU, INC. Income Statement Year Ended August 31, 2012 Service revenue Operating expenses Profit before income tax Income tax expense Profit $85,000 5 35,000 9,000 6 WU, INC. Statement of Changes in Equity Year Ended August 31, 2012 Common Shares Retained Earnings Total Equity Balance, September 1, 2011 Issued common shares Profit Dividend.s Balance, August 31, 2012 $25,000 10,000 $20,000 [10] 12] S(13] $35,000 $31,000