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The following accounts and amounts (in thousands) were taken from the 2022 financial statements of Blue...

The following accounts and amounts (in thousands) were taken from the 2022 financial statements of Blue Spruce Instruments, Inc.

Common shares $2,500 Cash $1,045
Prepaid insurance 910 Accumulated depreciation-equipment 4,215
Equipment 9,355 Accounts payable 1,410
Salaries payable 160 Mortgage payable (due 2028) 1,015
Inventory 2,120 Retained earnings 6,545
Trading investments 1,480 Accounts receivable 990
Income tax payable 55


Prepare a classified statement of financial position as at December 31, 2022.

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Expert Solution

Blue Spruce Instruments Inc.
Statement of Financial Position
December 31 2019
Particulars Amount in '000
Assets
Current Assets
Cash                    1,045
Accounts Recievable                       990
Inventory                    2,120
Trading Investment                    1,480
Prepaid Insurance                       910
Total Current Assets                    6,545
Fixed Assets
Equipment                    9,355
Accumulated Depreciation                   (4,215)
Total Fixed Assets                    5,140
Total Assets                  11,685
Liabilities
Current Liabilities
Salaries Payable                       160
Income Tax Payable                         55
Accounts Payable                    1,410
Total Current Liabilities                    1,625
Long term Liabilities
Mortgage Payable                    1,015
Total Liabilities                    2,640
Owners Equity
Owners Equity
Comman Shares                    2,500
Retained Earnings                    6,545
Total Owners Equity                    9,045
Total Liabilities and Owners Equity                  11,685

ekkarill92 answered 1 year ago
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