Question: Current Attempt in Progress VAUGHAN LTD. Statement of Financial Position December 31, 2022 $64300 Accounts payable 15100 Salaries payable 94000 Bonds payable 114000 Total liabilities

31, 2022 $64300 Accounts payable 15100 Salaries payable 94000 Bonds payable 114000

Current Attempt in Progress VAUGHAN LTD. Statement of Financial Position December 31, 2022 $64300 Accounts payable 15100 Salaries payable 94000 Bonds payable 114000 Total liabilities 170000 $239000 Common shares 70600 168400 Retained earnings $123000 Total shareholders' equity 35200 87800 Total liabilites $713600 and shareholders' equity Cash Prepaid insurance Accounts receivable Inventory Land Building Less: Accumlated depreciation Trademark Less: Accum. Amort Total assets $65600 26000 232000 323600 Unresolved 140000 390000 $713600 The total dollar amount of assets to be classified as investments is $0. $170000 $532000. $409000 A company can change to a new accounting principle if management can justify that the change will result in higher net income more relevant information for decision-making. less likelihood of clerical errors. lower net income for tax purposes

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