Four (7 marks) The following represents the draft (i.e. incomplete) financial statements for Boyce Industries Limited as at 30th June 2021. Required (a) Calculate the missing balances A to H in the draft financial statements below for Boyce Industries Limited.(4 marks) (b) Make three (3) recommendations to correct the format/presentation of the draft financial statements before they are finalised. (3 marks) Total 7 marks Boyce Industries Limited Statement of Financial Performance For the year ending 30 June 2021 Revenue Sales Revenue Interest Revenue Total Revenue Expenses $ 145,000 5,000 150,000 Cost of sales A Rent expense 12,000 Depreciation expense 2,800 Supplies expense 1,600 Insurance Expense 3,200 Wages and Salaries expense 52,000 Total expenses Profit C Boyce Industries Limited Statement of Changes in Equity As at 30 June 2021 $ Retained Earnings - 1 July 2020 42,800 Add: Profit for the year 20,400 Less: Dividends paid D Retained Earnings - 30 June 2021 57,600 Assets Cash Boyce Industries Limited Statement of Financial Position As at 30 June 2021 Accounts Receivable Inventory $ 30,000 14,900 25,000 12,000 Supplies Equipment Less: Accumulated depreciation (11,400) Total assets F Liabilities Accounts payable 12,000 Wages and Salaries payable 3,100 Revenue received in advance 4,000 Bank Loan 20,000 Total liabilities 39,100 Equity Share Capital 40,000 Retained Earnings G Total equity H