Rutgers e- Terminal Limited is a private corporation that is wholly owned by Mr. Adonis Rutgers. Mr. Rutgers also personally owns 40% of the common shares of a company named Princeton Corporation. A further 20% of the Princeton common shares are held by Rutgers e- Terminal Limited. The bookkeeper for Rutgers e- Terminal prepared the following SFP:

Required:
Prepare a corrected classified SFP, using appropriateterminology.

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RUTGERS E-TERMINAL LIMITED Financial Situation For the year ending 31 December 20X3 Short-term assets Cash on hand Cash in the Royal Dominion chequing account Overdraft in the ScotiaTrust chequing account Accounts receivable (includes credit balances of $22,000) Automobile held for resale, fully depreciated $600 15,200 -3,800 52,600 (estimated market value, $10,000) Supplies on hand, at cost Inventory, at cost (estimated market value, $35.000) Final month's rent on office space (lease expires in 20X7) Investment in shares of subsidiary (market value, 10,000 1,800 37,900 3,000 $150,000) 130,000 $247,300 Long-term assets Furniture Warehouse Prepaid expenses Note receivable from customer (issued 5 March 20X1, 40,000 500,000 4,500 due on Mr. Rutgers demand) Loan receivable from shareholder Total financial assets Liabilities Payable to suppliers Amounts on purchase orders issued 30,000 120.000 694,500 $941.800 eserve for depreciation on furniture Reserve for depreciation on warehouse Mortgage due to the Montreal National Bank Common shares of Rutgers e-Terminal held by Mr. Rutgers Accumulated surplus Total financial liabilities $175,300 50,000 10,000 75,000 380,000 150,000 101,500 $941.800