You are presented with the following alphabetical list of accounts and balances (in thousands) for Taggar Enterprises Inc. at June 30, 2012:

Additional information: During the year, common shares in the amount of $2,000 were issued.
Instructions
(a) Prepare a trial balance, sorting each account balance in to the debit column or the credit column.
(b) Prepare an income statement and statement of changes in equity for the year just ended, and a statement of financial position as at August 31, 2012.

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Accounts payable Accounts receivable Income tax payable Interest expense 1,500 S 500 1,000 5,100 Accumulated depreciation-building4,000 Accumulated depreciation-equipment 1,000 15,000 4,950 13,750 1,800Mortgage payable, due 2014 Common shares Cost of goods sold Current portion of mortgage payable 5,000 1,250 1,500 Operating expenses 13,700Prepaid insurance Retained earnings, July 1,2011 Sales revenue Income tax expense