Hien is in business selling high quality glassware to retailers. Her accountant prepares a statement of financial positi

[answerhappygod]

Hien is in business selling high
quality glassware to retailers. Her accountant prepares a statement
of financial position each year following Hien’s year end of 31
December. It is now 30 June 20X3. Hien, who has no knowledge of
accounting, asks you for some assistance:
‘I know you’re studying accountancy
and I’ve got a little exercise for you. The situation is this: I
seem to be doing really well if the bank account is anything to go
by. At over £62,000 the balance is higher than it’s ever been
before. I’m wondering if I can actually spend this money. I don’t
need it for myself but I’m thinking about buying some shares in the
glass company which supplies a lot of the goods I sell. Could you
possibly draw up a statement of financial position for me for the
end of June and let me know whether the business is really looking
as
healthy as I think it is?’
Hien supplies the following list of
balances at 30 June, prepared by her book-keeper.
£
Capital

151,068
Trade payables
25,471
Cash at bank
62,479
Inventory
18,961
Trade receivables
14,371
Non-current assets – premises
74,450
Non-current assets – other
12,266
Amounts owed to HMRC
5,988
Questions: (indicative word
count 150 words)