Sunny Siong has establish a sole proprietorship business named SS Tech Services. Sunny offers tech and digital services....

Sunny Siong has established a sole proprietorship business named 55 Tech Services. Sunny offers tech and digital services to small and medium sized businesses. The following information relates to the business activities and account balances for the financial year ended 31 December 2020: Account: $ Accounts payable 675 Accounts receivable 6,660 Accumulated depreciation computer hardware 5,950 Accumulated depreciation motor vehicle 5,450 Marketing agency expenses 510 Capital Sunny Siong 35,500 Bank 2,000 Computer hardwa re 9,250 Depreciation expense computer hardware 1,650 Depreciation expense motor vehicle 2,750 Drawings 9,520 Bank loan 7,000 Motor vehicle 16,750 Motor vehicle expense 330 Office supplies 1,455 Office supplies used 840 Mobile phone charges 255 Tech and digital services fees ea med 9,750 a) Prepare a Statement of Profit or Loss for the year ended 31 December 2020 b) Explain to Sunny how his business has performed. Also explain to Sunny if he should prepare a Statement of Financial Position and why. Provide examples