Quote:
Originally Posted by salmanmufc
Hi Folks,
Does anyone know the missing values for Total Liabilities, Expenses and Retained Earnings for this question?
If someone has solved, can you comment if Total Liabilities are 21,500?
And Expenses 16,500?
Thanks.
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Both your answers are correct in my opinion. In exam, I would suggest making a statement of retained earnings, an income statement and a balance sheet to find the correct values even though a quick mental calculation can give you the correct answer. This question may be considered too simple to be worth 20 marks. What do you think?