Rutgers e-Terminal Ltd. is a private corporation wholly owned by Mr. Adonis Rutgers. Mr. Rutgers also personally owns 40% of the common shares of a group called Princeton Corp. A further 20% of the Princeton common shares are held by Rutgers e-Terminals Ltd. The bookkeeper for Rutgers e-terminal prepared the following SFP.

Rutgers e-Terminal Ltd.

Financial Situation

or the year ending 31 December, 20X3

Short-Term Assets

Cash on hand 600 Cash in the Royal Dominion Chequing Account 15200 Overdraft in the scotiatrust chequing account -3800 accounts receivable (includes credit balances of 22000) 52500 Automobile held for resale, fully depreciated (estimated market value 10,000) 10,000, supplies on hand, at cost 1800, inventory at cost (estimated market value 35000) 37900, final month's rent on office space (lease expires in 20X7) 3000, investment in shares of subsidiary (market value 150000) 130000 Total 247300

Long term assets

Furniture 40000, warehouse 500000, prepaid expenses 4500, note receivable from customer (issued 5 March 20X1, due on Mr. Rutger's demand) 30000, loan receivable from shareholder 120000 Total 694500

Total financial assets 941800

Liabilities

Payable to suppliers 175300, amount on purchase orders issued 50000, reserve for depreciation on furniture 10000, reserve for depreciation on warehouse 75000, mortgage due to the montreal national bank 380000, common shares of rutgers e-terminal held by Mr. Rutgers 150000, accumulated surplus 101500 Total financial liabilities 941800

Required:

Prepare a corrected classified SFP, using appropriate terminology