.5 The following is the statement of financial position of WW Associates as at 31 December 2014: Statement of financial position as at 31 December 2014 25,300 ASSETS Non-current assets Machinery Current assets Inventories Trade receivables Prepaid expenses (rates) Cash 12,200 21,300 400 8,300 42,200 67,500 Total assets EQUITY AND LIABILITIES Equity Original Retained earnings 25,000 23,900 48,900 Current liabilities Trade payables Accrued expenses (wages) 16,905 1,700 18,600 67,500 Total equity and liabilities During 2015, the following transactions took place: 1 The owners withdrew equity in the form of cash of 23,000. 2 Premises were rented at an annual rental of 20,000. During the year, rent of 25,000 was paid to the owner of the premises. 3 Rates on the premises were paid during the year for the period 1 April 2015 to 31 March 2016 and amounted to 2,000. 2015, BS, and IS