prepare an income statement and a balance sheet for Elise Traders

From the following trial balance, prepare an income statem Elise Traders Trial Balance as at 31 December 2020 Debit Credit Capital 132,000 Sales 35,500 Purchases 14,000 Inventory 8,000 Machinery 40,000 Equipment 44,450 Debtors 9,000 Creditors 17,000 Sales returns 600 Purchases returns 400 Buying expense 250 Drawings 550 Delivery inwards 600 Wages expense 3,000 Rent revenue 1,200 Discounts allowed 1,000 Delivery outwards Advertising expense 2,800 Rent expense 3,600 Loan (due on 31/3/2028) 30,000 Cash 10,250 Buildings 78,000 216.100 216.100 ** Closing inventory on 31 December 2020 was $4,200