Question: Current asset classifications LO3 The general ledger trial balance of Thomas Ltd includes the following asset accounts at 30 June 2019. (a) Inventories $100

Current asset classifications  LO3 The general ledger trial balance of Thomas Ltd includes the following asset accounts at 30 June 2019.

(a) Inventories $100 000

(b) Trade receivables 120 000

(c) Prepaid insurance 8 000

(d) Listed investments held for trading purposes at fair value 20 000

(e) Investments in financial assets 80 000

(f) Cash 30 000 (g) Deferred tax asset 15 000 Additional information • Thomas Ltd’s investments are part of a long-term investment strategy. • The company classifies assets and liabilities using a current/non-current basis. Required Prepare the current asset section of the statement of financial position of Thomas Ltd as at 30 June 2019, using the minimum line items permitted under AASB 101/IAS 1.

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