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Question 2 The assets and liabilities of the business of Fast Bucks at 1 July 2017 Consisted of: Plant & Equipment $16,000 Accumulated Depreciation - Plant & Equipment 6,000 Accounts Receivable 4,000 Inventory 5,000 Bank 2,000 Prepaid Expenses (Rent) 200 Accounts Payable 3,000 Accrued Expenses (Wages) 500 The following summary of the cash transactions during the year was prepared from the available records + of Fast Bucks: Receipts Payments Accounts Receivable 25,000 Accounts Payable 15,000 Capital 2,000 New Plant 3,000 Bank Loan (repayable 3,000 Drawings 10,000 15/07/2020) Cash sales 20,000 Interest on Loan 200 Rent 4,000 Advertising 1,400 Wages 5,000 50,000 38,600 At 30 June 2018 accounts receivable owed $3,300 and accounts payable were owed $4,000. Inventory was valued at $6,000. Prepaid rent was $400 and accrued wages $300. It was considered that $2,000 depreciation on plant and equipment should be provided for and that $300 of book debts should be written off. A further $300 of book debts is considered doubtful as to collection. (All figures exclusive of GST) Required: 1. Prepare Income Statement for the year. 2. Prepare a Balance Sheet as at 30 June 2018. Please answer Question 2 here