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Statement of financial position at the start of the week: ASSETS $ Property 640,000 Office Equipment 270,000 Inventories 190,000 Trade Receivables 180,000 Total assets 1,280,000

Statement of financial position at the start of the week:

ASSETS

$

Property

640,000

Office Equipment

270,000

Inventories

190,000

Trade Receivables

180,000

Total assets

1,280,000

EQUITY AND LIABILITIES

$

Equity

920,000

Short-term Borrowing

220,000

Trade Payables

160,000

Total equity and liabilities

1,280,000

Transactions:

  1. Sold inventories for $66,000 cash; these inventories had cost $56,000.
  2. Sold inventories for $72,000 on credit; these inventories had cost $62,000.
  3. Received cash from trade receivables totaling $78,000.
  4. The owners of the business introduced $290,000 of their own money, which was placed in the business bank account.
  5. The owners bought new computer equipment, valued at $35,000, into the business.
  6. Bought inventories on credit for $75,000.
  7. Paid trade payables $70,000.

Required:

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

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