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Statement of financial position at the start of the week: ASSETS $ Property 290,000 Office Equipment 90,000 Inventories 60,000 Trade Receivables 40,000 Total assets 480,000

Statement of financial position at the start of the week:

ASSETS

$

Property

290,000

Office Equipment

90,000

Inventories

60,000

Trade Receivables

40,000

Total assets

480,000

EQUITY AND LIABILITIES

$

Equity

350,000

Short-term Borrowing

85,000

Trade Payables

45,000

Total equity and liabilities

480,000

Transactions:

  1. Sold inventories for $18,000 cash; these inventories had cost $13,000.
  2. Sold inventories for $24,000 on credit; these inventories had cost $17,000.
  3. Received cash from trade receivables totaling $20,000.
  4. The owners of the business introduced $105,000 of their own money, which was placed in the business bank account.
  5. The owners bought office desks, valued at $7,000, into the business.
  6. Bought inventories on credit for $20,000.
  7. Paid trade payables $15,000.

Required:

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

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