Question: i need the the answer Painter Borders On December 31, 2016, the following lodger balances appeared on the book of Raze Inc. Details $ Account
Painter Borders On December 31, 2016, the following lodger balances appeared on the book of Raze Inc. Details $ Account Receivables 15,400 Account Payables 14.156 Cash 200 Bank overdraft 7982 Provision for doubtful debts 162 General Reserve 1 January 2015 10,000 4% Mortgage Loan 40,000 Provision for depreciation of non current assets 12,500 Inventory 16,300 Retained Profits 1 January 2015 2.000 Equity 140,000 Non current assets at cost 206,000 Additional information: a) The profit for the year ended December 31, 2016, before interest on Mortgage interest was $24,800 b) During the year ended December 31, 2016, a dividend of S14,000 was paid c) On December 31, 2016, a whole year sinterest on Mortgage was accrued d) It was proposed to transfer $5000 to the gmeral reserve Required Calculate the retained profit for the year ended December 31, 2016, b. Balance Sheet as of 31 December 2016
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