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Statement of financial position at the start of the week: ASSETS $ Property 320,000 Office Equipment 105,000 Inventories 65,000 Trade Receivables 55,000 Total assets 545,000
Statement of financial position at the start of the week:
ASSETS | $ |
Property | 320,000 |
Office Equipment | 105,000 |
Inventories | 65,000 |
Trade Receivables | 55,000 |
Total assets | 545,000 |
EQUITY AND LIABILITIES | $ |
Equity | 400,000 |
Short-term Borrowing | 90,000 |
Trade Payables | 55,000 |
Total equity and liabilities | 545,000 |
Transactions:
- Sold inventories for $24,000 cash; these inventories had cost $19,000.
- Sold inventories for $29,000 on credit; these inventories had cost $21,000.
- Received cash from trade receivables totaling $23,000.
- The owners of the business introduced $130,000 of their own money, which was placed in the business bank account.
- The owners bought a computer server, valued at $14,000, into the business.
- Bought inventories on credit for $24,000.
- Paid trade payables $19,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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