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The following is a list of the assets and claims of Omega Logistics as at 30 June last year: Trade payables: $88,000 Motor vehicles: $41,000

  1. The following is a list of the assets and claims of Omega Logistics as at 30 June last year:
    • Trade payables: $88,000
    • Motor vehicles: $41,000
    • Long-term borrowing (loan from Logistics Finance Co.): $265,000
    • Equipment and tools: $210,000
    • Short-term borrowings: $120,000
    • Inventories: $150,000
    • Property: $340,000
    • Trade receivables: $180,000

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) Analyze the company's financial leverage revealed by this financial statement.

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