Statement of financial position at the start of the week: ASSETS $ Property 700,000 Office Equipment 300,000
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Question:
Statement of financial position at the start of the week:
ASSETS | $ |
Property | 700,000 |
Office Equipment | 300,000 |
Inventories | 220,000 |
Trade Receivables | 210,000 |
Total assets | 1,430,000 |
EQUITY AND LIABILITIES | $ |
Equity | 1,040,000 |
Short-term Borrowing | 250,000 |
Trade Payables | 200,000 |
Total equity and liabilities | 1,430,000 |
Transactions:
- Sold inventories for $72,000 cash; these inventories had cost $62,000.
- Sold inventories for $78,000 on credit; these inventories had cost $68,000.
- Received cash from trade receivables totaling $84,000.
- The owners of the business introduced $320,000 of their own money, which was placed in the business bank account.
- The owners bought new monitoring systems, valued at $50,000, into the business.
- Bought inventories on credit for $90,000.
- Paid trade payables $85,000.
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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