Case 1 (3 Marks) Statement of Financial Position Preparation. Presented below is the adjusted trial balance of Venus Corporation USA at December 31, 2020. (Book exercise)

Additional Information:

1. Net loss for the year was $2,500

2. No dividends were declared during 2020

Required

Prepare a statement of retained earnings and a classified statement of financial position as of December 31, 2020.

Venus Corporation USA

Adjusted Trial Balance

	December 31, 2020
	Debit	Credit
Cash	?
Office supplies	1,200
Prepaid insurance	1,000
Equipment	48,000
Accumulated Depreciation Equipment		9,000
Trademarks	950
Accounts Payable		10,000
Wages payable		500
Unearned service revenue		2,000
Bonds payable due in 2022		9,000
Share capital ordinary		10,000
Retained earnings		20,000
Sales revenue		10,000
Wages expense	9,000
Insurance expense	1,400
Rent Expense	1,200
Interest expense	900
Total	?	?