Question 7 Sham Sales Ltd has just completed its first year of operations. Presented below are its Statement of Earnings and Balance Sheet. No dividends were declared or paid for the year Sham Sales Ltd Statement of Earnings Year Ended July 31, 2021 Sales A Operating expenses 31.000 Depreciation expense Earnings before income tax expense Income tax 1.000 Net carnings D S Sham Sales Lid Balance Sheet E Assets Cash Accounts receivable Inventory Prepaid rent Equipment (net of Depreciation of $2,000) Total assets F 200 5.500 600 11.000 S 7.500 Liabilities and Shareholders' Equity Accounts payable $5.500 Notes payable H Shareholders' equity Share capital (5.000 shares issued) $9.300 Retained camings Total shareholders' equity Total liabilities and shareholders' equity Required: Solve for the missing amounts. Hint: It is not always best to start at the beginning and do things in alphabetical order. $10.800 A F B G H D 1 E