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Statement of financial position at the start of the week: ASSETS $ Property 620,000 Office Equipment 260,000 Inventories 180,000 Trade Receivables 170,000 Total assets 1,230,000

Statement of financial position at the start of the week:

ASSETS

$

Property

620,000

Office Equipment

260,000

Inventories

180,000

Trade Receivables

170,000

Total assets

1,230,000

EQUITY AND LIABILITIES

$

Equity

880,000

Short-term Borrowing

210,000

Trade Payables

150,000

Total equity and liabilities

1,230,000

Transactions:

  1. Sold inventories for $64,000 cash; these inventories had cost $54,000.
  2. Sold inventories for $70,000 on credit; these inventories had cost $60,000.
  3. Received cash from trade receivables totaling $75,000.
  4. The owners of the business introduced $280,000 of their own money, which was placed in the business bank account.
  5. The owners bought new office furniture, valued at $30,000, into the business.
  6. Bought inventories on credit for $70,000.
  7. Paid trade payables $65,000.

Required:

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

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