Financial balances for Mike G. Computer Repairs on 30 November 2021 are presented below:

Accounts Payable	$72,000	Mortgage Payable	1,100,000
Accounts Receivable	55,000	Office Equipment	140,000
Building	800,000	Office Supplies	14,000
Cash at Bank	90,000	Unearned Revenue	14,000
Land	450,000	Accrued wages	24,000

Required:

a) Prepare a statement of financial position in narrative format as at 30 November 2021. (14 marks)

b) Discuss why liquidity is important for Mike G. Computer Repairs. (2 marks)