The following accounts and amounts in thousands were taken f

The following accounts and amounts (in thousands) were taken from the 2015 financial statements of Bealieau, Inc.

Prepare a classified statement of financial position as at December 31, 2015.

Common shares Prepaid insurance Equipment Salaries payable Merchandise inventory 2,691 Trading investments1,944 Income tax payable $1,365 1,196 Accumulated depreciation-equipment 5,226 1,768 1,385 8,535 1,190 $3,588 Cash 12,344 Accounts payable 176 Mortgage payable (due 2025) Retained earnings Accounts receivable 52

Solution

Statement of classfied finanacial position at 31st December 2015 :- ASSETS AMOUNT $ LIABILITIES AMOUNT $ Current Assets :- Current liabilities :- Cash 1,365 Accounts payable 1,768 Accounts Receivable 1,190 Salaries & Income tax Payable 228 Merchandise Inventory 2,691 Total Current liabilities 1,996 Preapid insurance 1,196 Non-Current Liabilities :- Trading Invetstment 1,944 Mortgage Payable 1,385 Total current assests 8,386 Shareholders Equity :- Non - Current Assets Common stock 3,588 Equipment 12,344 Retained earnings 8,535 Less: Accumulated depreciation equipment -5,226 Total Stockholders equity 12,123 Total Non- Current Assets 7,118 Total Assets 15,504 Total liabilities and stockholders equity 15,504