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Silver Company started operations from January $1,2022,$ with owners investing $$300,000$ for Silver shares. No additional shares were issued during the year. By Dec $31,2022,$ Silver cash on hand of $$85,000,$ Machinery and equipment $($net$)$ of $$125,000,$ inventories of $$178,000,$ and trade payables of $$30,000.$ Silver signed a notes payable for $2$ year for $$110,000$ with its bank. Total sales for $2022$ was valued at $$864,000.$ Of this amount, customers still owed $$74,000.$ Silver paid dividends of $$35,000$ to its shareholders.

a$.$ Based on the information above, prepare a classified statement of financial position for Silver Company as at December $31,2022.(8$ marks$)$

b$.$ Calculate the Net Profit earned by Silver company in $2022.(2$ marks$)$

$7$

A $.$

B

I

S$\text{'}$s