The following is a statement of financial position for WW Associates as of $31$ December $20$X$8$

$\backslash$table$[[$Non$-$Current Assets,$\backslash$table$[[$Net Book$],[$Value$]]],[$machinery$,\backslash$table$[[25300],[25300]]],[$Current Assets,$],[$Inventories$,12200],[$Trade receivables,$21300],[$Cash$,870],[$Total Assets,$67508]]$

$\backslash$table$[[$Financed by:$,],[$Equity$,],[$Initial equity,$25000],[$Retained earnings,$23900],[$Current Liabilities,$48900],[$Trade payables,$16900],[$Accrued expenses $-$ wages,$1700],[,18600],[$Total equity and liabilities,$]]$

During the year to $31$ December $209$ the following summarised transactions took place:

Annual premises rental of $20000$ plus $3000$ towards next year's rent has been paid to the owner of the premises.

Wages totalling $23800$ were paid during the year; at the end of the year the company owed $920$ in unpaid wages.

Energy bills for the year totalling $2700$ had been paid.

Inventories totalling $142000$ were bought on credit; and $10000$ cash was spent on inventories.

Sales revenue on credit totalled $211000($cost $127000)$; and cash sales revenue amounted to $42500($cost $25500).$

Trade receivables had paid $198000$; trade payables had been paid $150000.$

Vehicle running expenses amounted to $17500$ and had been fully paid.

The owners withdrew $12500$ cash $($drawings$)$ from the business.

Machinery should be depreciated at $25\%$ reducing balance. Round to the nearest whole pound where appropriate

Required:

Prepare an income statement for the year to $31$ December $209$ and a Statement of Financial

Position as at that date for WW Associates.