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The trial balance below of CAT Production as at 31 December 2018: $ Capital 10.100...

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The trial balance below of CAT Production as at 31 December 2018: $ Capital 10.100 Sales 11,000 Insurance expenses Utility expenses 1.100 1,000 Discount received 400 800 750 350 9,750 Interest received Trade receivable Provision for doubtful debt Purchases Drawings Beginning inventory Motor vehicle Accumulated depreciation -motor vehicle Return inwards and return outwards 550 3,000 8,000 1,600 500 400 24,650 24,650 Additional information: 1) Closing inventory at 31 December 2018 is $6,000 2) Accrued insurance expenses is $100. 3) Accrued discount received is $50. 4) Prepaid utility expense is $200. 5) Prepaid interest received is $300. 6) Provision for doubtful debt is to be adjusted to $400. 7) Depreciate motor vehicle at 10% per annum using straight line method. 8) Drawings of goods $500. Required: a) Prepare a Statement of Profit or Loss for the year ended 31 December 2018. b) Prepare a Statement of Financial Position ass at 31 December 2018

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