Tom's Trading is a sole proprietorship business. It produced the following balance for its business after eleven months of a financial year starting from 1 January 2019: $'000 Sales 173.0 Cost of sales 96.0 Electricity expense 12.0 Rental expense 11.0 Wages expense 11.0 Other operating income 2.0 Inventories 25.0 Trade receivables 16.0 Cash at bank 14.0 Plant and machinery (cost) 150.0 40.0 Accumulated depreciation Trade payables Drawings 38.0 18.0 In the final month of the financial year, the following transactions took place: Cash totalling $12,000 was received from trade receivables. Trade payables totalling $10,000 were paid. Rental of $4,000 has been paid for the period of December 2019 to March 2020. Cash sales of $20,000, the cost of inventories sold was $10,000. Inventories of $6,000 were purchased in credit term. Wages for December 2019 totalling $1,000 was paid. A new machine was purchased for $10,000 in cash and delivered on 31 December 2019. The owner made a drawing of $5,000 in cash. Additional information as below: 1. Capital as at 1 January 2019 was $100,000. 2. An invoice for electricity to the value $1,000 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 $10,000. 4. At the end of the year, it is recognized that there is a bad debt of $5,000. (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. (8 points)