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Statement of financial position at the start of the week: ASSETS $ Property 480,000 Office Equipment 190,000 Inventories 115,000 Trade Receivables 110,000 Total assets 895,000
Statement of financial position at the start of the week:
ASSETS | $ |
Property | 480,000 |
Office Equipment | 190,000 |
Inventories | 115,000 |
Trade Receivables | 110,000 |
Total assets | 895,000 |
EQUITY AND LIABILITIES | $ |
Equity | 660,000 |
Short-term Borrowing | 140,000 |
Trade Payables | 95,000 |
Total equity and liabilities | 895,000 |
Transactions:
- Sold inventories for $48,000 cash; these inventories had cost $38,000.
- Sold inventories for $52,000 on credit; these inventories had cost $42,000.
- Received cash from trade receivables totaling $55,000.
- The owners of the business introduced $210,000 of their own money, which was placed in the business bank account.
- The owners bought office desks, valued at $9,000, into the business.
- Bought inventories on credit for $42,000.
- Paid trade payables $37,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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