Question

The following accounts and amounts (in thousands) were taken from the 2022 financial statements of Grouper Instruments, Inc. Common shares Prepaid insurance Equipment Salaries payable Inventory Trading investments Income tax payable $2,500 950 9,395 115 2,115 1,490 30 Cash Accumulated depreciation-equipment Accounts payable Mortgage payable (due 2028) Retained earnings Accounts receivable $1,165 4,150 1,320 1,090 6,890 980 Prepare a classified statement of financial position as at December 31, 2022. (List Current Assets in order of liquidity.)

Answer 1

            STATEMENT OF FINANCIAL POSITION

                    AS AT DECEMBER 31, 2022

(IN THOUSAND)

ASSETS
Current Assets
Cash	1165
Accounts Receivable	980
prepaid insurance	950
Inventory	2115
Trading Investment	1490
Total Current Assets		$6,700
Non-Current assets
Equipment	9395
Less: Accumulated Depreciation	-4150
Total Non Current Assets		$5,245
Total Assets		$11,945
Liabilities & Shareholders Equity
Current Liabilities
Accounts Payable	1320
Income Tax payable	30
Salaries Payable	115
Total Current LIabilities		$1,465
Non Current Liabilities
Mortgage Payable (due 2028)	1090
Total Non Current Liabilities		$1,090
Total Liabilities		$2,555
Shareholders Equity
Common Shares	2500
Retained Earning	6890
Total shareholders Equity		$9,390
Total Equity & Liabilities		$11,945