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Statement of financial position at the start of the week: ASSETS $ Property 500,000 Office Equipment 200,000 Inventories 120,000 Trade Receivables 120,000 Total assets 940,000

Statement of financial position at the start of the week:

ASSETS

$

Property

500,000

Office Equipment

200,000

Inventories

120,000

Trade Receivables

120,000

Total assets

940,000

EQUITY AND LIABILITIES

$

Equity

690,000

Short-term Borrowing

150,000

Trade Payables

100,000

Total equity and liabilities

940,000

Transactions:

  1. Sold inventories for $50,000 cash; these inventories had cost $40,000.
  2. Sold inventories for $54,000 on credit; these inventories had cost $44,000.
  3. Received cash from trade receivables totaling $58,000.
  4. The owners of the business introduced $220,000 of their own money, which was placed in the business bank account.
  5. The owners bought a server, valued at $15,000, into the business.
  6. Bought inventories on credit for $45,000.
  7. Paid trade payables $42,000.

Required:

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

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