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On July 31, 1991 Janice, who owns Pike Street Antiques, drew up a statement of financial position for her business Assets Liabilities and Owners' Equity ash Merchandise Accounts Receivable S1,500 Loans Payable Prepaid Rent Fixtures and Fittings S3,000 Owners' Equity Less: Acc $4,000 Accounts Payable S3.500 $200 S2.500 S6,200 S9,600 S8,000 Wages Payable $300 Total Liabilities 'n (1,000) Total Liabilities and Owners Equity $15,80 Total Assets S15,800 Given: 1. Sales for August were $6,500 2. During August, a total of $700 was paid out for wages (includes wages earned by the company's employees in the past). Janice's shop assistants had not been paid for the last two days of August, which meant that $70 was owing to them 3. The statement of financial position at the end of August showed that total 4. By the end of August, only one week's rent (S150) was still prepaid. Janice s. An additional $2,000 worth of merchandise was purchased during the period 6. Interest on the loan amounted to $40 for August. Janice paid the $40 on Required: accumulated depreciation of fixtures and fittings was $1,075. had paid an additional $450 to her landlord during the month S6,500 was still on hand at the end of the period August 31. a. Income Statement and Balance sheet for the month of August

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