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Statement of financial position at the start of the week: ASSETS $ Property 600,000 Office Equipment 250,000 Inventories 170,000 Trade Receivables 160,000 Total assets 1,180,000

Statement of financial position at the start of the week:

ASSETS

$

Property

600,000

Office Equipment

250,000

Inventories

170,000

Trade Receivables

160,000

Total assets

1,180,000

EQUITY AND LIABILITIES

$

Equity

840,000

Short-term Borrowing

200,000

Trade Payables

140,000

Total equity and liabilities

1,180,000

Transactions:

  1. Sold inventories for $62,000 cash; these inventories had cost $52,000.
  2. Sold inventories for $68,000 on credit; these inventories had cost $58,000.
  3. Received cash from trade receivables totaling $72,000.

4. The owners of the business introduced $270,000 of their own money, which was placed in the business bank account. 

5. The owners bought new software licenses, valued at $25,000, into the business.

  1. Bought inventories on credit for $65,000.
  2. Paid trade payables $60,000.

Required:

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

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