The following transactions occurred during the year ended 31 December 2016 for Adelaide Ltd:

a. Issued share capital for $300 000 cash.

b. Expiration of prepaid rent expense (i.e. prepaid rent expense balance to zero),

c. Purchased $70 000 of inventory on credit,

d. Paid $56 000 to accounts payable.

e. Sold inventory costing $120 000 for $340 000. All sales are on credit,

f. Collected $106 000 from accounts receivable.

g. Depreciated equipment for the year using the straight-line method (10 per cent per annum),

h. Dividends paid totalled $50 000.

i. Borrowed $150 000 on 1 January 2016. The loan is due on 30 June 2018 and carries a 10 per cent per annum interest rate. Paid $13 000 interest on this loan during the year ended 31 December 2016.

j. On 1 April paid $30 000 for an insurance policy covering 1 April 2016 to 31 March 2017.
k. Paid wages of $160 000; wages of $30 000 had been earned but not paid to the first pay period in 2016.

I. Is owed $9500 in interest from the bank at year-end.
m. Wrote off a bad debt for Sydney Ltd for $3000 as the company went into bankruptcy. Increased the allowance for doubtful debts to $13 000.
n. At 31 December 2016 the unearned revenue account balance had reduced to $5000.

Required:
1. List all revenues (including dollar amounts) that will appear in the income statement for the year ended 31 December 2016.
2. List all expenses (including dollar amounts, ignoring taxation) that will appear in the income statement for the year ended 31 December 2016.
3. List all current assets at 31 December 2016 (including dollar amounts).

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ADELAIDE LTD BALANCE SHEET AS AT 31 DECEMBER 2015 Assets Cash $ Liabilities 168000 Accounts payable 200000 Accounts receivable (net of allowance of $12000) 312000 Wages payable 16000 Unearned revenue 256 000 Inventory 320000 Total Current liabilities 472 000 Prepaid rent expense 88000 Long-term debt Total Current assets 888000 Total Liabilities 472 000 Land 1520000 Shareholders' equity Equipment Less accumulated depreciation Total Noncurrent assets 3200 000 Share capital (640000) Retained profits Total Assets 4080000 Total Shareholders' equity Total Liabilities and 4968 000 Shareholders' equity 4240000 256000 4496 000 4968000