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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:
- Sold inventories for $64,000 cash; these inventories had cost $54,000.
- Sold inventories for $70,000 on credit; these inventories had cost $60,000.
- Received cash from trade receivables totaling $75,000.
- The owners of the business introduced $280,000 of their own money, which was placed in the business bank account.
- The owners bought new office furniture, valued at $30,000, into the business.
- Bought inventories on credit for $70,000.
- Paid trade payables $65,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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