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What is the balance of liabilities at 31 december 2019

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Reference no: EM132379075

Question

1. During 2019 Corleone Ltd declared dividends for $500. Retained profits at 1 January 2019 were $4,000, and at 31 December 2019, $4,400. At 31 December 2019, total assets were $10,000 and share capital $2,000. There were no transfers to reserves in 2019.
Calculate profit for 2019.

2. During 2019 Camaleone Ltd declared dividends for $800. At 31December 2019 retained profits were $4,000, total assets $10,000 and share capital $2,000. There were no transfers to reserves in 2019. What is the balance of liabilities at 31 December 2019?

Reference no: EM132379075

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