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Statement of financial position at the start of the week: ASSETS $ Property 440,000 Office Equipment 170,000 Inventories 100,000 Trade Receivables 95,000 Total assets 805,000

Statement of financial position at the start of the week:

ASSETS

$

Property

440,000

Office Equipment

170,000

Inventories

100,000

Trade Receivables

95,000

Total assets

805,000

EQUITY AND LIABILITIES

$

Equity

600,000

Short-term Borrowing

120,000

Trade Payables

85,000

Total equity and liabilities

805,000

Transactions:

  1. Sold inventories for $42,000 cash; these inventories had cost $34,000.
  2. Sold inventories for $48,000 on credit; these inventories had cost $38,000.
  3. Received cash from trade receivables totaling $50,000.
  4. The owners of the business introduced $190,000 of their own money, which was placed in the business bank account.
  5. The owners bought a set of laptops, valued at $14,000, into the business.
  6. Bought inventories on credit for $40,000.
  7. Paid trade payables $35,000.

Required:

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

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