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Please prepare income statement and financial position with workings

Section A: Q1-Q20 (60 marks) The Trial Balance of Tyson Foods as December 31 2010 was as follows: Trial Balance e Debit Credit Premises 350.000 Machinery at Cost 60,000 Equipment at Cost 44,000 Provision for depreciation: Machinery Jan 1- 2019 21,200 Equipment Jan 2010 7,200 Inventory as at Jan 1" 2019 74,000 Trade receivables 105,000 Bank 16.250 Trade payables 43,500 Sales 810,000 Purchases 465,000 Wages & Salaries 87.000 Motor Expenses 26.500 Telephone 8.600 Ught & Heat 17,410 Discounts allowed 6.900 Insurance 13,400 Bank Interest & Charges 18,950 Legal Fees 15,000 Accountancy Charges 3,670 Rental income 12,000 Rates 2,800 Discounts received 8,000 Bank Loan (5% annual interest rate) 200,000 Capital Jan 1 2019 180,080 1.298.230 1.298,230 The following information is to be taken foto oggount when preparing the final statements: 1. Depreciation is to be charged as follows: a Machinery 20% per annum on the cost b. Equipment 10% reducing balance method. 2. Machino A that was bought for 10,000 on 1/1/2015, was sold for 1,000 in 2019. This sale of non-current asset transaction was not recorded at all in the accounts. The depreciation policy of Tyson Foods is to charge full depreciation in the year of purchase and none in the year of disposal. 3. Machine B was bought to replace Machine A in 2019 for 20,000. This purchase of a non-current asset transaction was recorded in the accounts. The depreciation policy of Tyson Foods is to charge full depreciation in the year of purchase and none in the year of disposal. 4. Inventory at December 31" 2019 was 68,000 5. Insurance prepaid as at December 31st 2019 was 2,200. 6. Wages of 4,200 due but unpaid as at December 312019. 7. Bad Debts of 5,500 are to be written off. A provision of 2% of the remaining trade receivables is to be made. 8. It was noted that the annual interest payment on the loan has not been paid at the year end. I Required: Prepare the Tyson Foods Income Statement for the year ended December 314 2019 and a Tyson Foods Statement of Financial Position at the same date, in conformance with IAS 1 Presentation of financial statements, to answer multiple choice questions 1 to 20 in section A. The 20 MCQs are available on SULIS AC4001 AY 20/21 under the heading AC4001 Exam 2020 - Section A. Allow 1 hour to complete the Income Statement and the Statement of Financial Position and 20 minutes to answer 20 questions Q1 to Q20 in Section A, each worth 3 marks. There are 5 possible answers (A to E) for each question. Negative marking applies. There is no deduction where a question is loft unanswered. The 20 questions appear to each student in a randomized manner and within each question, the answers are displayed randomly. The questions appear one

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