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Statement of financial position at the start of the week: ASSETS $ Property 580,000 Office Equipment 240,000 Inventories 160,000 Trade Receivables 150,000 Total assets 1,130,000
Statement of financial position at the start of the week:
ASSETS | $ |
Property | 580,000 |
Office Equipment | 240,000 |
Inventories | 160,000 |
Trade Receivables | 150,000 |
Total assets | 1,130,000 |
EQUITY AND LIABILITIES | $ |
Equity | 810,000 |
Short-term Borrowing | 190,000 |
Trade Payables | 130,000 |
Total equity and liabilities | 1,130,000 |
Transactions:
- Sold inventories for $60,000 cash; these inventories had cost $50,000.
- Sold inventories for $65,000 on credit; these inventories had cost $55,000.
- Received cash from trade receivables totaling $70,000.
- The owners of the business introduced $260,000 of their own money, which was placed in the business bank account.
- The owners bought a delivery truck, valued at $20,000, into the business.
- Bought inventories on credit for $60,000.
- Paid trade payables $55,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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