From the following trial balance of Kingfire, extracted after one year of operations, prepare an income...

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From the following trial balance of Kingfire, extracted after one year of operations, prepare an income statement for the year ending 30 June 2012, together with a statement of financial position as at that date. Sales Purchases Salaries Motor expenses Rent and business rates Insurances - building - vehicles Motor vehicles Fixtures Cash in hand Cash at bank Drawings Long-term loan Capital Accounts receivable Accounts payable Inventory on 30 June 2012 was £3,000. £ 14,525 2,325 9,300 1,250 750 1,200 10,000 17,500 500 12,000 11,725 81,075 £ 35,800 1,250 15,000 19,275 9,750 81,075 From the following trial balance of Kingfire, extracted after one year of operations, prepare an income statement for the year ending 30 June 2012, together with a statement of financial position as at that date. Sales Purchases Salaries Motor expenses Rent and business rates Insurances - building - vehicles Motor vehicles Fixtures Cash in hand Cash at bank Drawings Long-term loan Capital Accounts receivable Accounts payable Inventory on 30 June 2012 was £3,000. £ 14,525 2,325 9,300 1,250 750 1,200 10,000 17,500 500 12,000 11,725 81,075 £ 35,800 1,250 15,000 19,275 9,750 81,075