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Statement of financial position at the start of the week: ASSETS $ Property 320,000 Office Equipment 105,000 Inventories 65,000 Trade Receivables 55,000 Total assets 545,000

Statement of financial position at the start of the week:

ASSETS

$

Property

320,000

Office Equipment

105,000

Inventories

65,000

Trade Receivables

55,000

Total assets

545,000

EQUITY AND LIABILITIES

$

Equity

400,000

Short-term Borrowing

90,000

Trade Payables

55,000

Total equity and liabilities

545,000

Transactions:

  1. Sold inventories for $24,000 cash; these inventories had cost $19,000.
  2. Sold inventories for $29,000 on credit; these inventories had cost $21,000.
  3. Received cash from trade receivables totaling $23,000.
  4. The owners of the business introduced $130,000 of their own money, which was placed in the business bank account.
  5. The owners bought a computer server, valued at $14,000, into the business.
  6. Bought inventories on credit for $24,000.
  7. Paid trade payables $19,000.

Required:

Show the statement of financial position after all of these transactions have been reflected.

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