Using the adjusted trial balance below, for FairQuest Drill Servicing for the year ended August 31, 2014, prepare an income statement, statement of changes in equity, and classified balance sheet. The owner made a $50,000 investment into the business during the year.

An $18,000 payment will be made on the long-term notes payable duringthe year ended August 31, 2015.
Analysis Component:
Why might FairQuest Drill Servicing be tempted to report the investment in Nova shares as a current asset on the August 31, 2014, balance sheet?

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No Account Debit Credit 101 Cash 106 Accounts receivable 109 Interest receivable 124 Office supplies S 7,500 16,000 280 3 35,000 81,000 161 Furniture 21,400 16,500 193 Franchise 201 Accounts payable 4,300 3,200 5,000 31,000 61,400 230 Unearned servicing revenue 25 Long-term notes payable 30 ade Fairquest, capital 302 ade Fairquest, withdrawals 403 Drill servicing revenue 409 Interest earned 60 Depreciation expense, furniture 623 Wages expense 637 Insurance expense 688 Telephone expense 690 Utilities expense 4,000 171,080 2,600 2,060 116,000 16,680 2,800 460 1 Totals $299,980 299,980