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Statement of financial position at the start of the week: ASSETS $ Property 560,000 Office Equipment 230,000 Inventories 150,000 Trade Receivables 140,000 Total assets 1,080,000

Statement of financial position at the start of the week:

ASSETS

$

Property

560,000

Office Equipment

230,000

Inventories

150,000

Trade Receivables

140,000

Total assets

1,080,000

EQUITY AND LIABILITIES

$

Equity

780,000

Short-term Borrowing

180,000

Trade Payables

120,000

Total equity and liabilities

1,080,000

Transactions:

  1. Sold inventories for $57,000 cash; these inventories had cost $47,000.
  2. Sold inventories for $62,000 on credit; these inventories had cost $52,000.
  3. Received cash from trade receivables totaling $65,000.
  4. The owners of the business introduced $250,000 of their own money, which was placed in the business bank account.
  5. The owners bought a new office system, valued at $10,000, into the business.
  6. Bought inventories on credit for $55,000.
  7. Paid trade payables $50,000.

Required:

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

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