1. The following is a list of assets and claims of a cosmetics manufacturing business at a particular point in time:
   • Short-term borrowings: $17,500
   • Property: $265,000
   • Inventories of raw materials: $22,000
   • Trade payables: $26,000
   • Plant and equipment: $120,500
   • Loan from Cosmetics Finance Co. (long-term borrowing): $98,000
   • Inventories of finished goods: $28,500
   • Delivery vans: $50,000
   • Trade receivables: $41,000

Required:

Prepare a balance sheet incorporating these figures. (Hint: There is a missing item that needs to be deduced and inserted.)