Question

AP1-11B introduced Lydia Cravette and her fl orist shop, Scents Unlimited Ltd. At the end of May, the

following items were in her records:

Inventory

$ 1,100

Wages owed to employees

950

Loan owed to the bank

8,000

Cash held in a chequing account

8,361

Cost of refrigerator used to store the fl owers

18,695

Prepaid rent for June

1,500

Common shares

18,000

Retained earnings

2,706

prepare a statement of financial position