From the following $30/6/2022$ Trial Balance provided by Twinkle Toes Shoe Shop, you are to create an Income Statement and Balance Sheet with detail of period clearly stated.

$($NOTE: Stock take at end of financial year $30/6/2022$ found that the Inventory was $$3,500.)$

Twinkle Toes Shoe Shop

Trial Balance as at $30$ June $2022$

Cash at Bank $7,000$

Petty Cash $600$

Inventories $(1/7/21)3,000$

Accounts Receivable Control $12,000$

Provision for doubtful debts $1,600$

Buildings $30,000$

Accumulated Depreciation $$ buildings $2,500$

Motor vehicles $8,000$

Accumulated Depreciation $$ motor vehicles $2000$

Land $88,000$

Shares in XYZ Ltd $15,000$

Goodwill $12,000$

Accounts Payable Control $12,850$

GST Collected $2,000$

Mortgage $27,000$

Capital $$ Hank $101,350$

Drawings $1,600$

Sales $76,500$

Commission revenue $1,900$

Purchases $27,000$

Purchases returns and allowances $1,800$

Freight inwards $1,000$

Telephone $650$

Doubtful debts $150$

Bad debts $50$

Insurance $4,500$

Office expenses $3,500$

Freight outwards $4,800$

Discount expenses $650$

Marketing expenses $10,000$

$229,500229,500$

$$

Income Statement for Twinkle Toes Shoe Shop

For period ended

Sales

Less Cost of Goods Sold

COGS

GROSS PROFIT

$+$ Other Operating Income

Total Operating Income

Less Operating Expenses

Total Expenses

NET PROFIT

Balance Sheet for Twinkle Toes Shoe Shop

As at

Assets

Current Assets

Non$-$Current Assets

Total Assets

Less Liabilities

Current Liabilities

Non$-$Current Liabilities

Total Liabilities

Net Assets

Owners$$ Equity

Capital

Total Owners Equity