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Statement of financial position at the start of the week: ASSETS $ Property 300,000 Office Equipment 110,000 Inventories 70,000 Trade Receivables 60,000 Total assets 540,000

Statement of financial position at the start of the week:

ASSETS

$

Property

300,000

Office Equipment

110,000

Inventories

70,000

Trade Receivables

60,000

Total assets

540,000

EQUITY AND LIABILITIES

$

Equity

400,000

Short-term Borrowing

90,000

Trade Payables

50,000

Total equity and liabilities

540,000

Transactions:

  1. Sold inventories for $25,000 cash; these inventories had cost $18,000.
  2. Sold inventories for $35,000 on credit; these inventories had cost $25,000.
  3. Received cash from trade receivables totaling $28,000.
  4. The owners of the business introduced $120,000 of their own money, which was placed in the business bank account.
  5. The owners bought office furniture, valued at $12,000, into the business.
  6. Bought inventories on credit for $28,000.
  7. Paid trade payables $18,000.

Required:

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

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