1. The following is a list of the assets and claims of Alpha Automotive as at 30 June last year:
   • Trade payables: $88,000
   • Motor vehicles: $44,000
   • Long-term borrowing (loan from AutoFinance Bank): $270,000
   • Equipment and tools: $220,000
   • Short-term borrowings: $130,000
   • Inventories: $155,000
   • Property: $350,000
   • Trade receivables: $195,000

Required:

(a) Prepare the statement of financial position of the business as at 30 June last year from the information provided, using the standard layout. (Hint: There is a missing item that needs to be deduced and inserted.)

(b) Discuss the asset management efficiency revealed by this financial statement.