Prepare an income statement.

1. The following is the statement of financial position of WW Associates as at 31 December 2014 (expressed in €):

ASSETS 67,500
Non-current Assets 25,300
Machinery 25,300
Current Assets 42,200
Inventories 12,200
Trade receivables 21,300
Prepaid expenses (rates) 400
Cash 8,300
EQUITY AND LIABILITIES 67,500
Equity 48,900
Original 25,000
Retained Earnings 23,900
Current Liabilities 18,600
Trade payables 16,900
Accrued expenses (wages) 1,700

During 2015, the following transactions took place:1. The owners withdrew equity in the form of cash of 23,000 €.2. Premises were rented at an annual rental of 20,000 €. During the year, rent of 25,000 € was paid to the owner of the premises.3. Rates on the premises were paid during the year for the period 1 April 2015 to 31 March 2016 and amounted 2,000 €.4. Some machinery (a non-current asset), which was bought on 1 January 2014 for 13,000 €, has proved to be unsatisfactory. It was part-exchanged for some new machinery on 1 January 2015 and WW Associates paid a cash amount of 6,000 €. The new machinery would have cost 15,000 € had the business bought with the trade-in.5. Wages totalling 23,800 € were paid during the year. At the end of the year, the business owed 860 € of wages.6. Electricity bills for the four quarters of the year were paid totalling 2,700 €.7. Inventories totalling 143,000 € were bought on credit.8. Inventories totalling 12,000 € were bought for cash.9. Sales revenue on credit totalled 211,000 (cost 127,000 €).10. Cash sales revenue totalled 42,000 (cost 25,000 €).11. Receipts from trade receivables totalled 198,000 €.12. Payments to trade payables totalled 156,000 €.13. Van running expenses paid totalled 17,500 €.14. WW Associates borrowed 25,000 € on January 1. The company paid off 2,500 € of the debt and 2,000 € of interests on December 31.The business uses the reducing-balance method of depreciation for non-current asset at the rate of 30 per cent each year.Prepare an income statement for the year ended 31 December 2015 and a statement of financial position as at that date.

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