Elliot's Auto Supplies runs and owns a vehicle repair garage.She Supplies the following information for the year ended 31 May 2017:

Premises	180000
Break Down Recovery Truck	24000
Office Furniture	8000
Trade Receivables	3450
Trade Payables	1673
Inventory at 1 June 2014	945
Purchases	48620
Sales	92431
Wages and General Expenses	23789
Local Taxes	872
Insurance	2150
Advertising	450
Stationery	357
Mortgage on Premises	160000
Drawings	15750
Bank Balance Capital at 1 June 2014	849
Capital at 1 June 2014	55128

Elliot has valued his inventory at 31 May 2015 at $1045

Required: Prepare an Income Statement for the year ended 31 My 2015