a) Following are the balance provided by Wilson Traders on December 31st 2019 before closing Opening Balance of Trade debtors $ 500 during the year Wilson Traders collected cash from customers $ 3156. Closing balance of A/c receivable $ 700. Mr. Tom who owed $ 785 to Wilson Traders showed a credit balance in his books of account to $ 115 which was not taken into account by Wilson Traders. You, being expert need to locate the amount of Total credit sales for the year of Wilson Traders.

b)With the help of the following information prepare an income Statement for the year ended December 31^st 2019 and Balance Sheet as on December 31^st 3019 of M/s Ellen Wood Traders.

i) Net Profit is $ 25,000 ie 5 % of the net credit sales of the year and 25% of G.P.

ii)Closing Stock is 20% of net Sales and Opening Stock is 20% 0f the closing stock

iii)Current Assets as on Dec 31^st $ 580,000 (excluding Inventory), Net Fixed Assets $ 700,000, Current Liabilities $0.1million, Bank Loan $ .2 million, Capital? , Drawings $ 20,000. Total Sales $505,000.

Returns in?, Purchases?, Operating expenses?, Opening and closing stock ?, and COGS ?