The following is a list of assets and claims of a beverage manufacturing business at a particular
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Question:
- The following is a list of assets and claims of a beverage manufacturing business at a particular point in time:
- Short-term borrowings: $23,000
- Property: $265,000
- Inventories of raw materials: $21,000
- Trade payables: $25,000
- Plant and equipment: $140,000
- Loan from Beverage Finance Co. (long-term borrowing): $105,000
- Inventories of finished goods: $30,000
- Delivery vans: $52,000
- Trade receivables: $42,000
Required:
Prepare a detailed balance sheet incorporating these figures. (Hint: There is a missing item that needs to be deduced and inserted.)
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