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Question 1

A list of account balances for Laurence Custom Carpenters on 31 December 2022 reporting period is

shown below.

Account Name

Accounts Receivable

16,950

Building (net)

$5.000

9,150

Cash

Shop equipment (net)

21,000

Office Equipment (net)

14.400

Inventory

N. Laurence Capital

19,800

123,450

Mortgage payable (due 1.7.2023)

33,750

GST paid (debit balance)

GST collected (credit balance)

3.000

Marketable securities

4.500

4.500

Notes payable

(due 1.9.2022)

5 Amount

10,500

Accounts payable

11,550

PAYG tax payable

3,000

Office and shop supplies 4,050 Land

6,000

Notes receivable (due 31 12 2024)

12,000

Prepaid insurance

1,350

Notes payable (due 31 12 2023)

22.500

Interest payable (due 19.2019)

300

Unearned revenue

1,500

Investment in government bonds (due

45 000

31 12 25)

Salaries payable

1,650

Required

1

Prepare a classified balance sheet as at 31 December 2022