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JAM World Jamaica Limited, a leading juice manufacturing company has recently hired you as an Accounting Officer. As per job description, you are required to assist in the preparation of the financial statements. The Accounts Manager has extracted a list of balances as at December $2021$ for you to review.

Revenue

Administrative Expenses

Distribution Costs

Interest paid on loan

Purchases

Inventories at $1$ January $2021$

Trade receivables

Provision for doubtful debts at Jan $2021$

Bad debts

Non$-$ current Investment $

$7600010$

$2300000$

$980231$

$125000$

$4500330$

$1018900$

$630340$

$19634$

$70110$

$300900$

Additional notes

i$.$ Provide for Administrative Expenses of $$500000$ paid in advance at $31$ December $2021$ and Distribution Costs of $$50528$ owing at $31$ December $2021$

ii$.$ Provision for Doubtful Debts is to be maintained at $10\%$ of receivables

iii. Inventories at $31$ December $2021$ were valued at $$1000000$

iv$.$ Provide for corporation tax of $$80000$ which is payable on October $1,2022$

v$.$ Loan interest accrued $$62500$

Required:

A$.$ Prepare for presentation to the shareholders a published Income Statement for the year ended $31$ December $2021.(14$ marks$)$

B$.$ Notes to the Income Statement. $(6$ marks$)$

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