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Statement of financial position at the start of the week: ASSETS $ Property 340,000 Office Equipment 120,000 Inventories 70,000 Trade Receivables 55,000 Total assets 585,000

Statement of financial position at the start of the week:

ASSETS

$

Property

340,000

Office Equipment

120,000

Inventories

70,000

Trade Receivables

55,000

Total assets

585,000

EQUITY AND LIABILITIES

$

Equity

430,000

Short-term Borrowing

85,000

Trade Payables

70,000

Total equity and liabilities

585,000

Transactions:

  1. Sold inventories for $30,000 cash; these inventories had cost $22,000.
  2. Sold inventories for $36,000 on credit; these inventories had cost $27,000.
  3. Received cash from trade receivables totaling $28,000.
  4. The owners of the business introduced $125,000 of their own money, which was placed in the business bank account.
  5. The owners bought office computers, valued at $12,000, into the business.
  6. Bought inventories on credit for $28,000.
  7. Paid trade payables $20,000.

Required:

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

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