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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:
- Sold inventories for $57,000 cash; these inventories had cost $47,000.
- Sold inventories for $62,000 on credit; these inventories had cost $52,000.
- Received cash from trade receivables totaling $65,000.
- The owners of the business introduced $250,000 of their own money, which was placed in the business bank account.
- The owners bought a new office system, valued at $10,000, into the business.
- Bought inventories on credit for $55,000.
- Paid trade payables $50,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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