The following is the adjusted trial balance of Best Choice Computer, a distributor of PC and computer accessories on 31 December 2016 (the end of its accounting period):

Required

Prepare an Income Statement and a Balance Sheet.

Best Choice Computer Adjusted trial balance As at 31 December 2016 Debit Credit Bank Supplies on hand Accounts receivable Inventory (Opening stock) Furniture & Fixtures Delivery van Prepaid insurance Drawings Accumulated depreciation Furniture & Fixtures Accumulated depreciation - Van Accounts payable PAYE payable GST received Accrued wages Capital Sales Purchases Sales returns Purchase returns Discount expense Electricity expense Motor vehicle expense Rent expense Wages Insurance expense Depreciation expense Furniture & Fixtures Depreciation expense Van Telephone expense Accrued telephone expense Office supplies expense Accountants fees Accrued accountants fees 4,300.00 400.00 73,900.00 53,980.00 53,000.00 35,000.00 916.67 5,618.75 15,950.00 26,250.00 62,400.00 2,750.00 4,455.42 2,650.00 127,500.00 94,484.44 68,336.67 533.33 1,084.44 222.22 800.00 1,333.33 3,200.00 14,000.00 183.33 7,950.00 8,750.00 4,900.00 400.00 600.00 3,000.00 3,000.00 Total 340,924.30 340.924.30 Additional information Closing stock as at 31 December 2016 is $65,000.00