THEI & Associates is engaged in trading of general merchandise and its statement of financial position at 31 December 2021 is as follows: ASSETS Non-current assets Machinery Current assets $ 38,000 Inventories 258,000 Trade receivables 302,000 Prepaid expenses (rates) 900 Cash 26,800 587,700 Total assets 625,700 EQUITY AND LIABILITIES Equity Capital 225,000 Retained earnings 180,300 405,300 Current liabilities Trade payables 219,000 Accrued expenses (electricity) 820 Accrued expenses (wages) 580 220,400 Total equity and liabilities 625,700