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Statement of financial position at the start of the week: ASSETS $ Property 460,000 Office Equipment 180,000 Inventories 110,000 Trade Receivables 100,000 Total assets 850,000

Statement of financial position at the start of the week:

ASSETS

$

Property

460,000

Office Equipment

180,000

Inventories

110,000

Trade Receivables

100,000

Total assets

850,000

EQUITY AND LIABILITIES

$

Equity

630,000

Short-term Borrowing

130,000

Trade Payables

90,000

Total equity and liabilities

850,000

Transactions:

  1. Sold inventories for $45,000 cash; these inventories had cost $36,000.
  2. Sold inventories for $50,000 on credit; these inventories had cost $40,000.
  3. Received cash from trade receivables totaling $52,000.
  4. The owners of the business introduced $200,000 of their own money, which was placed in the business bank account.
  5. The owners bought office chairs, valued at $12,000, into the business.
  6. Bought inventories on credit for $45,000.
  7. Paid trade payables $40,000.

Required:

Show the statement of financial position after all of these transactions have been reflected.

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