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Statement of financial position at the start of the week: ASSETS $ Property 330,000 Office Equipment 115,000 Inventories 75,000 Trade Receivables 65,000 Total assets 585,000

Statement of financial position at the start of the week:

ASSETS

$

Property

330,000

Office Equipment

115,000

Inventories

75,000

Trade Receivables

65,000

Total assets

585,000

EQUITY AND LIABILITIES

$

Equity

450,000

Short-term Borrowing

70,000

Trade Payables

65,000

Total equity and liabilities

585,000

Transactions:

  1. Sold inventories for $28,000 cash; these inventories had cost $20,000.
  2. Sold inventories for $33,000 on credit; these inventories had cost $24,000.
  3. Received cash from trade receivables totaling $30,000.
  4. The owners of the business introduced $135,000 of their own money, which was placed in the business bank account.
  5. The owners bought office chairs, valued at $6,000, into the business.
  6. Bought inventories on credit for $26,000.
  7. Paid trade payables $23,000.

Required:

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

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