Sharon's Auto Supplies runs and owns a vehicle repair garage.she supplies the following information for the year ended 31st May 2017.

$

Premises 180000

Break down recovery truck 24000

Office Furniture 8000

Trade Receivables 3450

Trade payables 1673

Inventory at 1June 2014 945

Purchases 48620

Sales 92431

Wages and General Expenses 23789

local taxes 872

Insurances 2150

advertising 450

Stationery 357

Mortgage On premises 160000

drawings 15750

Bank balance Capital at 1st June 2014 849

Capital at 1 June 2014 55128

Sharon's has valued her inventory at 31st May 2015 at $1045.

Required:prepare an income statement for the year ended 31May 2015 and a statement of financial position at 31May 2015.