The following is the Trial Balance for Polaris Resources as at 31 December 2019:
|5-year Bank Loan||$90,000|
|Cash in Bank||$32,760|
|Equipment at cost||$410,400|
|Repairs and maintenance||$16,200|
Additional information not accounted for in the trial balance:
- The closing stock as at 31 December 2019 was valued at $71,070.
- As at 31 December 2019, salaries outstanding amounted to $3,830 and utilities is prepaid by $1,420.
- Bad debts of $4,100 is to be written off.
- Depreciation for Equipment is to be provided 10% per annum on cost using the straight line method.
- Prepare an income statement for the year ended 31 December 2019 for Polaris Resources.
- Prepare a balance sheet as at 31 December 2019 for Polaris Resources.
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