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Preparation of Income Statement and Balance Sheet The following balances are taken from the books of Kiki Lala at the end of his first year

Preparation of Income Statement and Balance Sheet The following balances are taken from the books of Kiki Lala at the end of his first year trading on 31 December 2018. The following additional information is available: Inventory at 31 December 2018 was valued at $4500. Required: (a) Prepare income statement for the year ended 31 December 2018. (b) Prepare a balance sheet as at 31 December 2018

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