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Statement of financial position at the start of the week: ASSETS $ Property 350,000 Office Equipment 125,000 Inventories 80,000 Trade Receivables 70,000 Total assets 625,000

Statement of financial position at the start of the week:

ASSETS

$

Property

350,000

Office Equipment

125,000

Inventories

80,000

Trade Receivables

70,000

Total assets

625,000

EQUITY AND LIABILITIES

$

Equity

470,000

Short-term Borrowing

90,000

Trade Payables

65,000

Total equity and liabilities

625,000

Transactions:

  1. Sold inventories for $32,000 cash; these inventories had cost $24,000.
  2. Sold inventories for $38,000 on credit; these inventories had cost $28,000.
  3. Received cash from trade receivables totaling $32,000.
  4. The owners of the business introduced $140,000 of their own money, which was placed in the business bank account.
  5. The owners bought medical equipment, valued at $20,000, into the business.
  6. Bought inventories on credit for $30,000.
  7. Paid trade payables $25,000.

Required:

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

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