Refer to the information presented in E2-4 for Summit s Bowling Alley Ltd. Instructions (a)…

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Refer to the information presented in E2-4 for Summit s Bowling Alley Ltd. Instructions (a) Calculate profit and the ending balance of retained earnings at December 31, 2012. It is not necessary to prepare a formal income statement or statement of changes in equity. (b) Prepare a statement of financial position, listing items in order of reverse liquidity. Assume that $13,600 of the mortgage payable will be paid in 2013.

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