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Statement of financial position at the start of the week: ASSETS $ Property 740,000 Office Equipment 320,000 Inventories 240,000 Trade Receivables 230,000 Total assets 1,530,000

Statement of financial position at the start of the week:

ASSETS

$

Property

740,000

Office Equipment

320,000

Inventories

240,000

Trade Receivables

230,000

Total assets

1,530,000

EQUITY AND LIABILITIES

$

Equity

1,120,000

Short-term Borrowing

270,000

Trade Payables

230,000

Total equity and liabilities

1,530,000

Transactions:

  1. Sold inventories for $76,000 cash; these inventories had cost $66,000.
  2. Sold inventories for $82,000 on credit; these inventories had cost $72,000.
  3. Received cash from trade receivables totaling $88,000.
  4. The owners of the business introduced $340,000 of their own money, which was placed in the business bank account.
  5. The owners bought new laboratory equipment, valued at $60,000, into the business.
  6. Bought inventories on credit for $100,000.
  7. Paid trade payables $95,000.

Required:

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

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