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Statement of financial position at the start of the week: ASSETS $ Property 270,000 Office Equipment 100,000 Inventories 60,000 Trade Receivables 50,000 Total assets 480,000
Statement of financial position at the start of the week:
ASSETS | $ |
Property | 270,000 |
Office Equipment | 100,000 |
Inventories | 60,000 |
Trade Receivables | 50,000 |
Total assets | 480,000 |
EQUITY AND LIABILITIES | $ |
Equity | 350,000 |
Short-term Borrowing | 70,000 |
Trade Payables | 60,000 |
Total equity and liabilities | 480,000 |
Transactions:
- Sold inventories for $18,000 cash; these inventories had cost $12,000.
- Sold inventories for $28,000 on credit; these inventories had cost $20,000.
- Received cash from trade receivables totaling $22,000.
- The owners of the business introduced $110,000 of their own money, which was placed in the business bank account.
- The owners bought a computer system, valued at $10,000, into the business.
- Bought inventories on credit for $25,000.
- Paid trade payables $20,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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