1. The following is a list of the assets and claims of Spectrum Textiles as at 31 March last year:
   • Trade payables: €89,000
   • Motor vehicles: €41,000
   • Long-term borrowing (loan from Textile Finance Co.): €280,000
   • Equipment and tools: €215,000
   • Short-term borrowings: €120,000
   • Inventories: €160,000
   • Property: €330,000
   • Trade receivables: €190,000

Required:

(a) Prepare the statement of financial position of the business as at 31 March last year from the information provided, using the standard layout. (Hint: There is a missing item that needs to be deduced and inserted.)

(b) Analyze the company's working capital position revealed by this financial statement.