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Statement of financial position at the start of the week: ASSETS $ Property 680,000 Office Equipment 290,000 Inventories 210,000 Trade Receivables 200,000 Total assets 1,380,000

Statement of financial position at the start of the week:

ASSETS

$

Property

680,000

Office Equipment

290,000

Inventories

210,000

Trade Receivables

200,000

Total assets

1,380,000

EQUITY AND LIABILITIES

$

Equity

1,000,000

Short-term Borrowing

240,000

Trade Payables

180,000

Total equity and liabilities

1,380,000

Transactions:

  1. Sold inventories for $70,000 cash; these inventories had cost $60,000.
  2. Sold inventories for $76,000 on credit; these inventories had cost $66,000.
  3. Received cash from trade receivables totaling $82,000.
  4. The owners of the business introduced $310,000 of their own money, which was placed in the business bank account.
  5. The owners bought new security systems, valued at $45,000, into the business.
  6. Bought inventories on credit for $85,000.
  7. Paid trade payables $80,000.

Required:

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

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