Statement of financial position at the start of the week: ASSETS $ Property 350,000 Office Equipment 125,000
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Question:
Statement of financial position at the start of the week:
ASSETS | $ |
Property | 350,000 |
Office Equipment | 125,000 |
Inventories | 80,000 |
Trade Receivables | 70,000 |
Total assets | 625,000 |
EQUITY AND LIABILITIES | $ |
Equity | 470,000 |
Short-term Borrowing | 90,000 |
Trade Payables | 65,000 |
Total equity and liabilities | 625,000 |
Transactions:
- Sold inventories for $32,000 cash; these inventories had cost $24,000.
- Sold inventories for $38,000 on credit; these inventories had cost $28,000.
- Received cash from trade receivables totaling $32,000.
- The owners of the business introduced $140,000 of their own money, which was placed in the business bank account.
- The owners bought medical equipment, valued at $20,000, into the business.
- Bought inventories on credit for $30,000.
- Paid trade payables $25,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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