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2. The following information lists all assets and liabilities of Financial Literacy Limited at 30th June, 2017. What is the value of shareholders equity? Cash

2. The following information lists all assets and liabilities of Financial Literacy Limited at 30th June, 2017. What is the value of shareholders equity?

Cash $500,000

Bank Loan $145,000

Prepayments $ 30,000

Accounts payable $ 40,000

Accrued expenses $ 30,000

Unearned revenue $ 70,000

Inventory $ 15,000

Answer should be $260,000, why?

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