Chevron Corporation
Initial Financial Position (30 November 2021):

• Creditors: $2,700,000
• Equipment: $13,500,000
• Motor vehicle: $7,200,000
• Stock of goods: $10,000,000
• Debtors: $6,500,000
• Cash at bank: $18,500,000
• Cash in hand: $50,000

The capital at that date is to be deduced by you.
During the first week of December 2021:
(a) Chevron bought extra equipment on credit for $2,000,000.
(b) Chevron bought extra stock by cheque $750,000.
(c) Chevron paid creditors by cheque $1,300,000.
(d) Debtors paid Chevron $1,100,000 by cheque and $60,000 by cash.
(e) Chevron put in an extra $300,000 cash as capital.
You are to draw up a balance sheet as on 7 December 2021 after the above transactions have been completed.