2 (10 marks; approx. 15 mins] 3 Envision Limited has provided their Adjusted Trial Balance as...

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2 (10 marks; approx. 15 mins] 3 Envision Limited has provided their Adjusted Trial Balance as at December 31, 2023. 4 Account Classified Statement of Financial Position 5 6 Cash 7 Accounts receivable 8 Inventory 9 Prepaid rent 10 Stage and lighting equipment 11 Accumulated depreciation - equipment 12 Licenses 13 Accounts payable 14 Accrued liabilities 25 Unearned revenue 5 Loan payable, due 2025 • Common shares Retained earnings, beginning of year Admission revenue Wages expense nsurance expense DEBITS 47,000 38,000 9,000 5,000 190,000 CREDITS 22,000 85,000 11,000 CA 000 33,000 24,000 6,000 4,000 40,000 65,000 57,000 245,000 13 Accounts payable 14 Accrued liabilities 15 Unearned revenue 16 Loan payable, due 2025 17 Common shares 18 Retained earnings, beginning of year 19 Admission revenue 20 Wages expense 21 Insurance expense 22 Materials expense 23 Interest expense 24 Totals 25 26 Additional information: 27 No dividends were declared during 2023. 3 85,000 11,000 64,000 3,000 474,000 24,000 6,000 4,000 40,000 65,000 57,000 245,000 474,000 REQUIRED: Prepare a classified statement of financial position as at December 31, 2023. 2 (10 marks; approx. 15 mins] 3 Envision Limited has provided their Adjusted Trial Balance as at December 31, 2023. 4 Account Classified Statement of Financial Position 5 6 Cash 7 Accounts receivable 8 Inventory 9 Prepaid rent 10 Stage and lighting equipment 11 Accumulated depreciation - equipment 12 Licenses 13 Accounts payable 14 Accrued liabilities 25 Unearned revenue 5 Loan payable, due 2025 • Common shares Retained earnings, beginning of year Admission revenue Wages expense nsurance expense DEBITS 47,000 38,000 9,000 5,000 190,000 CREDITS 22,000 85,000 11,000 CA 000 33,000 24,000 6,000 4,000 40,000 65,000 57,000 245,000 13 Accounts payable 14 Accrued liabilities 15 Unearned revenue 16 Loan payable, due 2025 17 Common shares 18 Retained earnings, beginning of year 19 Admission revenue 20 Wages expense 21 Insurance expense 22 Materials expense 23 Interest expense 24 Totals 25 26 Additional information: 27 No dividends were declared during 2023. 3 85,000 11,000 64,000 3,000 474,000 24,000 6,000 4,000 40,000 65,000 57,000 245,000 474,000 REQUIRED: Prepare a classified statement of financial position as at December 31, 2023.

Answer rating: 100% (QA)

Based on the information provided from the adjusted trial balance for Envision Limited as of December 31 2023 we can prepare a classified statement of financial position also known as a balance sheet ... View the full answer