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Statement of financial position at the start of the week: ASSETS $ Property 520,000 Office Equipment 210,000 Inventories 130,000 Trade Receivables 125,000 Total assets 985,000

Statement of financial position at the start of the week:

ASSETS

$

Property

520,000

Office Equipment

210,000

Inventories

130,000

Trade Receivables

125,000

Total assets

985,000

EQUITY AND LIABILITIES

$

Equity

720,000

Short-term Borrowing

160,000

Trade Payables

105,000

Total equity and liabilities

985,000

Transactions:

  1. Sold inventories for $52,000 cash; these inventories had cost $42,000.
  2. Sold inventories for $56,000 on credit; these inventories had cost $46,000.
  3. Received cash from trade receivables totaling $60,000.
  4. The owners of the business introduced $230,000 of their own money, which was placed in the business bank account.
  5. The owners bought office lighting, valued at $6,000, into the business.
  6. Bought inventories on credit for $48,000.
  7. Paid trade payables $45,000.

Required:

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

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