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Statement of financial position at the start of the week: ASSETS $ Property 700,000 Office Equipment 300,000 Inventories 220,000 Trade Receivables 210,000 Total assets 1,430,000

Statement of financial position at the start of the week:

ASSETS

$

Property

700,000

Office Equipment

300,000

Inventories

220,000

Trade Receivables

210,000

Total assets

1,430,000

EQUITY AND LIABILITIES

$

Equity

1,040,000

Short-term Borrowing

250,000

Trade Payables

200,000

Total equity and liabilities

1,430,000

Transactions:

  1. Sold inventories for $72,000 cash; these inventories had cost $62,000.
  2. Sold inventories for $78,000 on credit; these inventories had cost $68,000.
  3. Received cash from trade receivables totaling $84,000.
  4. The owners of the business introduced $320,000 of their own money, which was placed in the business bank account.
  5. The owners bought new monitoring systems, valued at $50,000, into the business.
  6. Bought inventories on credit for $90,000.
  7. Paid trade payables $85,000.

Required:

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

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