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Statement of financial position at the start of the week: ASSETS $ Property 280,000 Office Equipment 95,000 Inventories 55,000 Trade Receivables 45,000 Total assets 475,000
Statement of financial position at the start of the week:
ASSETS | $ |
Property | 280,000 |
Office Equipment | 95,000 |
Inventories | 55,000 |
Trade Receivables | 45,000 |
Total assets | 475,000 |
EQUITY AND LIABILITIES | $ |
Equity | 340,000 |
Short-term Borrowing | 85,000 |
Trade Payables | 50,000 |
Total equity and liabilities | 475,000 |
Transactions:
- Sold inventories for $22,000 cash; these inventories had cost $17,000.
- Sold inventories for $27,000 on credit; these inventories had cost $19,000.
- Received cash from trade receivables totaling $20,000.
- The owners of the business introduced $115,000 of their own money, which was placed in the business bank account.
- The owners bought a delivery truck, valued at $18,000, into the business.
- Bought inventories on credit for $20,000.
- Paid trade payables $17,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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