Question $1$

$[28$ marks$]$

You are required to draft the Abby Ellen's company statement of financlal position you the information provided below:

Abby Ellen Company Trial Balance as of December $31,2023$

$\backslash$table$[[,$Dr$,$Cr$],[$Depreciation$,200,],[$Salaries payable,,$2900],[$Merchandise inventory,$9000,],[$Land$,27200,],[$Trade payable,,$3200],[$Gross sales,,$22080],[$Abby Ellen, capital,,$31900],[$Accrued expense,$6500,],[$Trade receivabie,$5000,],[$Building $($net$),12000,],[$Mortgage note payable,,$17000],[$Patents$,4000,],[$Goodwill$,2500,],[$Deferred tax liability,,$4000],[$Accumulated depreciation,,$3800],[$Sales returns and allowances,,$1082],[$Bank overdraft,,$2000],[$Property$.$ Plant and Equipment.,$10000,],[$Purchase discounts,,$204],[$Retained income,,$4000],[$Short$-$term loans,,$5000],[$Fixed deposits,$5600,],[$Cash$,6000,],[$Prepard rent,$5000,],[$Long$-$term lease obtigations,,$6000],[$Net income,,$6316]]$