SITIAWAN Enterprise is a trading business. Its financial year end is 30 June each year. Below is an extract of its trial balance as at 30 June 2022. No. Account Title 1 Accounts payable 2 Accounts receivable 3 Accumulated depreciation, office building, 1.7.2021 4 Accumulated depreciation, office equipment, 1.7.2021 5 Allowance for doubtful debts 6 Bank loan, due 31.12.2030 7 Capital 8 Cash at bank 9 Consultancy expense 10 Discount allowed 11 Discount received 12 Drawings 13 Interest expense 14 Interest revenue 15 Inventory at 1.7.2021 16 Office building, at cost (i) You are provided the following additional data: SITIAWAN did an inventory count and valuation on the last day of the financial year. It was valued at $300,000 (11) Debit Credit The prepaid insurance in the above is valid from 01 July 2021 to 30 June 2023. $'000 $'000 (111) 350 400 (iv) 50 (v) 50 (vi) 200 The depreciation charges for office building $8,000 and for office equipment $60,000 for the financial year had not yet been adjusted. The Allowance for Doubtful Debts is required to increase to $19,000. SITIAWAN has not yet paid and not charged $5,000, the June 2022 rental of motor vehicle. SITIAWAN issued a "Letter of Appointment" to a new employee who will start work on 01 July 2022. His salary will be $16,000 per month. 500 130 REQUIRED: 15 22 (a) Prepare a detailed Income Statement for the year ended 30 June 2022 and 22 (10 marks) 30 (b) 16 3 280 400 400 4 2022. A Statement of Owner's Equity for the year and a detailed Balance Sheet as at 30 June (10 marks) 17 Office equipment, at cost 18 Miscellaneous operating expense 19 Prepaid insurance 20 Purchases 21 Rental of motor vehicle expense 22 Salaries and wages expenses 30 23 Sales return 24 Sales revenue 25 Staff superannuation expense 26 Transport outwards expense 27 Upkeep and maintenance expense (Ignore Goods & Services Tax.) 1,000 26 330 14 1,999 33 23 29 3,182 3,182