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Statement of financial position at the start of the week: ASSETS $ Property 520,000 Office Equipment 210,000 Inventories 130,000 Trade Receivables 125,000 Total assets 985,000
Statement of financial position at the start of the week:
ASSETS | $ |
Property | 520,000 |
Office Equipment | 210,000 |
Inventories | 130,000 |
Trade Receivables | 125,000 |
Total assets | 985,000 |
EQUITY AND LIABILITIES | $ |
Equity | 720,000 |
Short-term Borrowing | 160,000 |
Trade Payables | 105,000 |
Total equity and liabilities | 985,000 |
Transactions:
- Sold inventories for $52,000 cash; these inventories had cost $42,000.
- Sold inventories for $56,000 on credit; these inventories had cost $46,000.
- Received cash from trade receivables totaling $60,000.
- The owners of the business introduced $230,000 of their own money, which was placed in the business bank account.
- The owners bought office lighting, valued at $6,000, into the business.
- Bought inventories on credit for $48,000.
- Paid trade payables $45,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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