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Statement of financial position at the start of the week: ASSETS $ Property 360,000 Office Equipment 130,000 Inventories 75,000 Trade Receivables 60,000 Total assets 625,000

Statement of financial position at the start of the week:

ASSETS

$

Property

360,000

Office Equipment

130,000

Inventories

75,000

Trade Receivables

60,000

Total assets

625,000

EQUITY AND LIABILITIES

$

Equity

460,000

Short-term Borrowing

100,000

Trade Payables

65,000

Total equity and liabilities

625,000

Transactions:

  1. Sold inventories for $34,000 cash; these inventories had cost $26,000.
  2. Sold inventories for $40,000 on credit; these inventories had cost $30,000.
  3. Received cash from trade receivables totaling $35,000.
  4. The owners of the business introduced $150,000 of their own money, which was placed in the business bank account.
  5. The owners bought a delivery van, valued at $18,000, into the business.
  6. Bought inventories on credit for $27,000.
  7. Paid trade payables $23,000.

Required:

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

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