SOCIE EDCGDate CODE Aabbe Le Paragraph Normal No Spacing Honda Retained Earnings Total Assets-Total Labuities Contributed Capital Total Assets 6 + 27 + 15 +2 +60 - 110 Total Liabilitiese 12+2 +50 64 Contributed Capital 10 Retained Earnings 110 - 64 -10 = 36 Retained Earnings at the end of 2019-36 Below is a list of the general ledger account total from the trial balance at the end of 2020 for the business. Name of Account Dr Cr Cash 2 Inventory 15,000 2 0 ? 2 22.000 Accounts Receivable Prepaid tease Property Plant & Equipment Accumulated Depreciation Suppliers Accounts Payable Taxes Payable Interest Only Bank Loan Contributed Capital Retained Earnings Credit Sales 0 50.000 10,000 2 170,000 30,000 Cash Sales Cost of Goods Sold 88,000 Wages Expense Lease Expense Utilities Expenses 27,000 8,000 5,000 I Interest on Bank Loan 3.000 Dividendi Pald 50,000 Interest on Bank Loan 3,000 Dividends Paid 50,000 Except for the cost of goods sold and new taxes, assume that all expenses are paid for in cash. The business had new equipment purchases during 2020 of $5,000 and depreciation on all property, plant & equipment is calculated using the reducing balance method with an annual depreciation rate of 30%. Question 1 continued. b) If the business pays a flat tax rate of 23%, construct a Statement of Financial Performance for the business for 2020 showing: (6 marks) 1) gross profit ii) operating profit iii) net profit after tax