Statement of financial position at the start of the week: ASSETS $ Property 680,000 Office Equipment 290,000
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Question:
Statement of financial position at the start of the week:
ASSETS | $ |
Property | 680,000 |
Office Equipment | 290,000 |
Inventories | 210,000 |
Trade Receivables | 200,000 |
Total assets | 1,380,000 |
EQUITY AND LIABILITIES | $ |
Equity | 1,000,000 |
Short-term Borrowing | 240,000 |
Trade Payables | 180,000 |
Total equity and liabilities | 1,380,000 |
Transactions:
- Sold inventories for $70,000 cash; these inventories had cost $60,000.
- Sold inventories for $76,000 on credit; these inventories had cost $66,000.
- Received cash from trade receivables totaling $82,000.
- The owners of the business introduced $310,000 of their own money, which was placed in the business bank account.
- The owners bought new security systems, valued at $45,000, into the business.
- Bought inventories on credit for $85,000.
- Paid trade payables $80,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
Related Book For
Financial Accounting for Decision Makers
ISBN: 978-0273763451
6th Edition
Authors: Peter Atrill, Eddie McLaney
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