The trial balance of Kate Smart Engineering Centre contained the following accounts as at December 31, the end of the company fiscal year. The following additional information is provided;
a) Fees received in advance from clients, Kes 69,000.
b) Services performed for clients that were not recorded by December 31, Kes 49,000.
c) Bad debts expense for the year is Kes 14,300
d) Insurance expired during the year, Kes 4,800.
e) Furniture and equipment is being depreciated at 12% per year.
f) Kate Smart gave the bank a 90 day, 10% note for Kes 72,000 on December 1, 2018
g) Rent for the building is Kes 7,500 per month, the rent for 2014 has been paid, as has that for January, 2019.
h) Office salaries earned but unpaid December 31, 2018, Kes 25,100.

Required
Prepare an Income Statement for 2018, a Statement of Financial Position and Statement of owner’s equity.

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