From the trial balance below of John Brown, store owner, prepare an income statement for the year

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From the trial balance below of John Brown, store owner, prepare an income statement for the year ending 31 December 2023, and a balance sheet as at that date, also taking into consideration the six adjustments shown underneath:

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Adjustments needed:
(i) Closing inventory on 31 December 2023 was \(£ 120,000\) at cost.
(ii) Accrued wages \(£ 5,000\).
(iii) Rates prepaid \(£ 500\).
(iv) The allowance for doubtful debts is to be set at \(10 \%\) of trade receivables.
(v) Telephone charges accrued \(£ 220\).
(vi) Depreciate shop fittings at \(10 \%\) per annum, and van at \(20 \%\) per annum, on carrying amount.

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