Account Name		Balance (2019)
Income tax Expense	$	600,000
Decrease in porperty valulation		35,000
Property, Plant, Equipment		? Solve
Current Assets		6,500,000
Cost of Sales		7,500,000
Distribuiton Costs		900,000
Common Shares Issued		895,000
Finance Costs		90,000
Stock Option Compenstation		40,000
Profit before Taxes		1,750,000
Retained Earnings(endof year)		5,000,000
Dividends Paid		150,000
Other Income		40,000
Gross Profit		3,500,000
Share Captial (end of year)		3,395,000
Contributed surplus (beginnning of year)		60,000
Non-Current Liablilities		5,000,000
Change in Currency Translation(income)		40,000
Retained Earnings(beginning of year)		4,000,000
Administrative Expenses		800,000
Total Liabilities		8,000,000
Total Assets		16,500,000

Reed Geophysical Inc.
Statement of Income
For the year ended December 31, 2020
Revenue
Cost of sales
Purchases	this should be subtracted	(7,500,000)
Gross Profit
Other income
Expenses
Administrative expenses
Distribution costs
Total
Finance costs
Total
Profit before taxes		1,750,000
Income tax expense		600,000
Profit for the year		1,150,000
Reed Geophysical Inc.
Statement of Comprehensive Income
For the year ended December 31, 2020
(in $)
Profit for the year		1,150,000
Other comprehensive income/loss
Change in currency Translation
Decrease in property valuation
Total other comprehensive income/loss for the year
Total Comprehensive income

Reed Geophysical Inc.
Statement of Changes in Equity
For the year ended December 31, 2020
(in $)
	2020		2019
Share Capital
Balance at beginning of year	3,395,000
Common shares issued	895,000
Balance at end of year			3,395,000
Contributed Surplus
Balance at beginning of year			60,000
Stock option compensation
Balance at end of year			60,000
Retained Earnings
Balance at beginning of year
Profit applicable to common share holders
Dividends paid
Balance at end of year	5,000,000
Total Other Comprehensive Income/Loss for the year
Balance at beginning of year
Change in currency translation
Change in property revaluation
Balance at end of year
Total Equity

Reed Geophysical Inc.
Statement of Financial Position
As at December 31, 2020
(in $)
Assets
Non-current assets
Property, plant, and equipment
Decrease in property revaluation
Total non-current assets		-
Current assets
Inventories
Trade Receivables
Prepaid expenses
Cash and cash equivalents
Total current assets		-
Total assets
Equity and liabilities
Equity
Contributed equity
Share capital
Retained earnings
Total equity		-
Non-current liabilities
Current liabilities
Trade and other payables
Short-term borrowings
Current position of long-term borrowings
Total current liabilities		-
Total liabilities		-
Total equity and liabilities		-

Please keep in mind that if you have the Totals for the account categories.You should enter amounts for the unknown account balances to demonstrate that the values will equate to the total given.

You know the total assests is $16,500 so therefore enter amounts for the unknown accounts- do not leave anything blank as long as the Non current assets and current assets equal the total Assets.

You should also apply some basice accounting knowledge in that your current assests such as cash, receiveables should not be as high as you fixed assests such as Property Plant and Equipment or non-current assets.

You do not likely have more money in your Bank account than what your home or Building is valued at. Therefore the Non-current assets should be a higher value than the current assets.

PLEASE show all calculations, NOT to be done using EXCEL FORMULAS. Please show all formulas used as well.