Question
Statement of financial position at the start of the week: ASSETS $ Property 600,000 Office Equipment 250,000 Inventories 170,000 Trade Receivables 160,000 Total assets 1,180,000
Statement of financial position at the start of the week:
ASSETS | $ |
Property | 600,000 |
Office Equipment | 250,000 |
Inventories | 170,000 |
Trade Receivables | 160,000 |
Total assets | 1,180,000 |
EQUITY AND LIABILITIES | $ |
Equity | 840,000 |
Short-term Borrowing | 200,000 |
Trade Payables | 140,000 |
Total equity and liabilities | 1,180,000 |
Transactions:
- Sold inventories for $62,000 cash; these inventories had cost $52,000.
- Sold inventories for $68,000 on credit; these inventories had cost $58,000.
- Received cash from trade receivables totaling $72,000.
4. The owners of the business introduced $270,000 of their own money, which was placed in the business bank account.
5. The owners bought new software licenses, valued at $25,000, into the business.
- Bought inventories on credit for $65,000.
- Paid trade payables $60,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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