Revesby Ltd started business on 1 July 2016 and had the following transactions on 1 July: 

a. Issued 500 000 shares of $1 for $500 000 cash.
b. Bought equipment for $400 000, paying cash. The equipment has a five-year life.

c. Bought $90 000 inventory on credit. 

d. Paid $10 000 for a year's rent on a building.
e. Took out a two-year $400 000 bank loan at an interest rate of 8 percent per annum. The interest is not payable until the end of the loan.
Between 1 July and 31 December, the following transactions occurred: 

f. Sold inventory that cost $80 000 for $140 000. All sales were on credit.

g. Paid $50 000 to suppliers of inventory for the credit purchases in (c) above.

h. Collected $90000 from customers.

i. Paid salaries of $20 000.
j. Received an $8000 deposit from a customer for work to be completed next February.
On 31 December:
k. Salaries of $6000 had been earned but not paid.
I. Owed $15 000 by the bank for interest.

For the period 1 July to 31 December 2016:
1. List all revenues (including dollar amounts) that will appear in the income statement.
2. List all expenses (including dollar amounts) that will appear in the income statement.
3. List all cash inflows and outflows. Which of them refer to operations?
4. Prepare a balance sheet at 31 December 2016.