Ford Motor Company
Initial Financial Position (30 November 2018):

• Creditors: $2,400,000
• Equipment: $13,000,000
• Motor vehicle: $8,200,000
• Stock of goods: $10,500,000
• Debtors: $7,200,000
• Cash at bank: $17,000,000
• Cash in hand: $50,000

The capital at that date is to be deduced by you.
During the first week of December 2018:
(a) Ford bought extra equipment on credit for $2,200,000.
(b) Ford bought extra stock by cheque $750,000.
(c) Ford paid creditors by cheque $1,300,000.
(d) Debtors paid Ford $1,000,000 by cheque and $70,000 by cash.
(e) Ford put in an extra $350,000 cash as capital.
You are to draw up a balance sheet as on 7 December 2018 after the above transactions have been completed.