The following Statement of Financial Position contains errors in format, terminology, classification, and numbers. It has been prepared by the bookkeeper for Hathaway Corporation. Hathaway follows IFRS

Hathaway Inc.

Financial Position

For the Period Ended December

$3$

$1$

$,$

$2$

$0$

$2$

$3$

Cash...$

$9$

$0$

$,$

$0$

$0$

$0$

Accounts receivable

$($

net

$)$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$5$

$2$

$,$

$2$

$0$

$0$

Inventory

$-$

$5$

$7$

$,$

$0$

$0$

$0$

Investments..

$7$

$6$

$,$

$3$

$0$

$0$

Equipment

$($

net

$)$

$.$

$.$

$.$

$8$

$6$

$,$

$0$

$0$

$0$

Patents

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$3$

$2$

$,$

$0$

$0$

$0$

$$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$

$3$

$9$

$3$

$,$

$5$

$0$

$0$

Accounts payable....$

$7$

$5$

$,$

$0$

$0$

$0$

Bank Loans...

$.$

$.$

$.$

$.$

$.$

$1$

$1$

$0$

$,$

$0$

$0$

$0$

Reserve for contingencies..

$.$

$4$

$0$

$,$

$0$

$0$

$0$

Shareholders equity

Common shares

$.$

$.$

$.$

$.$

$.$

$.$

$5$

$0$

$,$

$0$

$0$

$0$

Retained earnings

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$.$

$1$

$1$

$8$

$,$

$5$

$0$

$0$

$$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$-$

$

$3$

$9$

$3$

$,$

$5$

$0$

$0$

The following additional information is provided:

"Cash" includes prepaid insurance of $

$9$

$4$

$0$

$0$

; as well, the figure includes a bank overdraft of $

$1$

$,$

$5$

$0$

$0$

$$on a chequing account at another bank.

$*$

$$The net accounts receivable balance includes

$*$

$$Accounts receivable with debit balances $

$6$

$2$

$.$

$0$

$0$

$0$

$*$

$$Accounts receivable with credit balances $

$5$

$,$

$0$

$0$

$0$

$*$

$$Allowance for expected credit losses $

$4$

$,$

$8$

$0$

$0$

$.$

$$Inventory does not include goods costing $

$5$

$,$

$0$

$0$

$0$

$$shipped out on consignment. Accounts Receivable of $

$5$

$,$

$0$

$0$

$0$

$$were recorded on these goods.

$*$

$$Investments include investments in common shares, Fair Value Net Income investments $

$2$

$4$

$,$

$0$

$0$

$0$

$$and Fair Value OCl investments $

$4$

$3$

$,$

$3$

$0$

$0$

$,$

$$and franchises $

$9$

$,$

$0$

$0$

$0$

$.$

$*$

$$Equipment costing $

$8$

$,$

$0$

$0$

$0$

$$with accumulated depreciation $

$6$

$,$

$0$

$0$

$0$

$$is no longer used and is held for sale. Accumulated depreciation on the other equipment is $

$4$

$0$

$,$

$0$

$0$

$0$

$*$

$$There are

$1$

$2$

$,$

$0$

$0$

$0$

$$common shares issued and outstanding.

$*$

$$The Reserve for contingencies was created by the bookkeeper to provide a cushion for potential economic downturns.

Required

Prepare the

$2$

$0$

$2$

$3$

$$classified Statement of Financial Position in good format. Fix all errors in classification, terminology, and numbers. Do not simply rewrite the poor

$-$

quality balance sheet above. Present a numerically correct balance sheet with good format that complies with IFS classifications, terminology, and standards. Carefully consider each line of the statement, and correct the statement so that it conforms with current standards. Use a Word table with two number columns.