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Statement of financial position at the start of the week: ASSETS $ Property 360,000 Office Equipment 130,000 Inventories 75,000 Trade Receivables 60,000 Total assets 625,000
Statement of financial position at the start of the week:
ASSETS | $ |
Property | 360,000 |
Office Equipment | 130,000 |
Inventories | 75,000 |
Trade Receivables | 60,000 |
Total assets | 625,000 |
EQUITY AND LIABILITIES | $ |
Equity | 460,000 |
Short-term Borrowing | 100,000 |
Trade Payables | 65,000 |
Total equity and liabilities | 625,000 |
Transactions:
- Sold inventories for $34,000 cash; these inventories had cost $26,000.
- Sold inventories for $40,000 on credit; these inventories had cost $30,000.
- Received cash from trade receivables totaling $35,000.
- The owners of the business introduced $150,000 of their own money, which was placed in the business bank account.
- The owners bought a delivery van, valued at $18,000, into the business.
- Bought inventories on credit for $27,000.
- Paid trade payables $23,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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