Question: The following balances are taken from the books of company ABC at the end of its first year trading on 31 December 2017. Intangible Assets

The following balances are taken from the books of company ABC at the end of its first year trading on 31 December 2017.

Intangible Assets 22,150

Retained Earnings 20,000

Heating and Electricity machines 900

Cash 2200

Loans (due in 2020) 1500

Payables 1300

Furniture and fittings 10,000

Trucks and vehicles 8,000

Buildings and equipment 30,000

Paid in capital 45,450

Dividends declared 10,000

Goodwill 5000

Prepare a balance sheet as at 31 December 2017. (2 Marks)

Based on the balance sheet created, discuss within your team the financial state of the company and answer.

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