Exercise 16.5 Current asset classication The general ledger trial balance of Thomas Ltd includes the following asset accounts at 30 June 2016. la) Inventories $1000\") lb) Trade receivables 1200(1) lc) Prepaid insurance 3000 Id) Listed investments held for trading purposes at fair value 2|] 000 (e) Available-lor-sale investments 800m ( Cash 30 000 lg) Deferred tax asset 15 000 Additional information (a) Thomas Ltd's available-for-sale investments are held as part of a long-term investment strategy. (h) The company classifies assets and liabilities using a currentoncurrent basis. Required Prepare the current asset section of the statement of financial position of Thomas Ltd as at 30 June 2016, using the minimum line items permitted under AASB 101/IAS 1. Current assets $ Cash and cash equivalents 30 000 Trade receivables 120 000 Financial assets 20 000 Inventories 100 000 Other current assets 8 000 m Explanations: ' Available-forsale investments, item (e), have been excluded on the grounds that realisation within the operating cycle is not anticipated. ' Paragraph 56 of AASB 101/IAS 1 precludes the classification of deferred tax assets, item (g), as a current asset under any circumstances