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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:

  1. Sold inventories for $48,000 cash; these inventories had cost $38,000.
  2. Sold inventories for $52,000 on credit; these inventories had cost $42,000.
  3. Received cash from trade receivables totaling $55,000.
  4. The owners of the business introduced $210,000 of their own money, which was placed in the business bank account.
  5. The owners bought office desks, valued at $9,000, into the business.
  6. Bought inventories on credit for $42,000.
  7. Paid trade payables $37,000.

Required:

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

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