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Statement of financial position at the start of the week: ASSETS $ Property 500,000 Office Equipment 200,000 Inventories 120,000 Trade Receivables 120,000 Total assets 940,000
Statement of financial position at the start of the week:
ASSETS | $ |
Property | 500,000 |
Office Equipment | 200,000 |
Inventories | 120,000 |
Trade Receivables | 120,000 |
Total assets | 940,000 |
EQUITY AND LIABILITIES | $ |
Equity | 690,000 |
Short-term Borrowing | 150,000 |
Trade Payables | 100,000 |
Total equity and liabilities | 940,000 |
Transactions:
- Sold inventories for $50,000 cash; these inventories had cost $40,000.
- Sold inventories for $54,000 on credit; these inventories had cost $44,000.
- Received cash from trade receivables totaling $58,000.
- The owners of the business introduced $220,000 of their own money, which was placed in the business bank account.
- The owners bought a server, valued at $15,000, into the business.
- Bought inventories on credit for $45,000.
- Paid trade payables $42,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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