Statement of financial position at the start of the week: ASSETS $ Property 660,000 Office Equipment 280,000
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Question:
Statement of financial position at the start of the week:
ASSETS | $ |
Property | 660,000 |
Office Equipment | 280,000 |
Inventories | 200,000 |
Trade Receivables | 190,000 |
Total assets | 1,330,000 |
EQUITY AND LIABILITIES | $ |
Equity | 960,000 |
Short-term Borrowing | 230,000 |
Trade Payables | 170,000 |
Total equity and liabilities | 1,330,000 |
Transactions:
- Sold inventories for $68,000 cash; these inventories had cost $58,000.
- Sold inventories for $74,000 on credit; these inventories had cost $64,000.
- Received cash from trade receivables totaling $80,000.
- The owners of the business introduced $300,000 of their own money, which was placed in the business bank account.
- The owners bought new networking equipment, valued at $40,000, into the business.
- Bought inventories on credit for $80,000.
- Paid trade payables $75,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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