The following trial balance was extracted from the books of ATEC as at 31.12.X9

The following matters have not been taken into account in the preparation of the above trial balance:

You are required to prepare an income statement for the year ended 31.12.X9 and a balance sheet as at that date for ATEC.

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Dr Cr Sales 53,500 Purchases 29,200 Inventory 1.1.X9 5,400 Office expenses 150 Electricity 700 Salaries and wages 12,100 Rates 600 Telephone 280 Other expenses 120 Premises 30,000 Rents received 550 Equipment 12,000 Vehicles 12,000 Provisions for depreciation: Premises 4,200 Equipment 8,400 Vehicles 3,000 Drawings 16,000 Debtors and creditors 4,800 5,200 Provision for bad debts 90 Capital 1.1.X9 46,500 Bank 2,000 Cash 90 123,440 123,440