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Statement of financial position at the start of the week: ASSETS $ Property 720,000 Office Equipment 310,000 Inventories 230,000 Trade Receivables 220,000 Total assets 1,480,000

Statement of financial position at the start of the week:

ASSETS

$

Property

720,000

Office Equipment

310,000

Inventories

230,000

Trade Receivables

220,000

Total assets

1,480,000

EQUITY AND LIABILITIES

$

Equity

1,080,000

Short-term Borrowing

260,000

Trade Payables

220,000

Total equity and liabilities

1,480,000

Transactions:

  1. Sold inventories for $74,000 cash; these inventories had cost $64,000.
  2. Sold inventories for $80,000 on credit; these inventories had cost $70,000.
  3. Received cash from trade receivables totaling $86,000.
  4. The owners of the business introduced $330,000 of their own money, which was placed in the business bank account.
  5. The owners bought new workstations, valued at $55,000, into the business.
  6. Bought inventories on credit for $95,000.
  7. Paid trade payables $90,000.

Required:

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

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