Tom's Trading is a sole proprietorship business. It produced the following balance for its business after cleven months of a financial year starting from 1 January 2019: $'000 Sales 160.0 Cost of sales 110.0 Electricity expense 18.0 Rent expense 22.0 Wages expense 11.0 Other operating income 5.0 Inventories 16.0 Trade receivables 5.0 Cash at bank 8.0 Plant and machinery 120.0 (cost) Accumulated 25.0 depreciation Trade payables 58.0 Drawings 180 In the final month of the financial year, the following transactions took place: Inventories of $10,000 were purchased in credit term. Cash sales of $30,000, the cost of inventories sold was $15,000. . Cash totalling $20,000 was received from trade receivables . Trade payables totalling $20,000 were paid. Rental of $8,000 has been paid for the period of December 2019 to March 2020. 8.0 120,0 Cash at bank Plant and machincry cost) Accumulated depreciation Trade payables Drawings 25.0 58.0 10.0 In the final month of the financial year, the following transactions took place: Inventories of $10,000 were purchased in credit term. Cash sales of $30,000, the cost of inventories sold was $15,000 Cash totalling $20,000 was received from trade receivables. Trade payables totalling $20,000 were paid. Rental of $8,000 has been paid for the period of December 2019 to March 2020. Wages for December 2019 totalling $3,000 was paid. . Anew plant was purchased for $25,000 fully funded by a bank loan of 2 years and it was delivered on 31 December 2019. . The owner made a drawing of $7,000 in cash. Additional information as below: 1. Capital as at 1 January 2019 was $80.000. 2. An invoice for electricity to the value $3,000 for the quarter ended 31 December 2019 was only received on 3 January 2020. 3. Depreciation has not yet been charged on plant and machinery amounting to $5,000. 4. At the end of the year, it is recognized that there is a bad debt of $4,000. (a) Calculate the cash balance as at 31 December 2019. Show with workings. (2 points) (b) Calculate the net profit generated for the year 2019 and the owner's equity as at 31 December 2019. Show with workings. (0 points) HTML Editor BIVA-AIETII IX X.EE - O 2NE1 12pt - Paragraph