The following is the statement of financial position of Sainsbury at the end of its first year of trading: Statement of financial position as at 31 December 2015 Assets Non-current assets Property, Plant and equipment Delivery van at cost 15,000 Depreciation (2.500) 12,500 Current Assets Inventories 67,000 Trade receivables 21,600 Prepaid expenses* 7,300 Cash 1750 97,650 Total assets 110.150 Equity and Liabilities Equity Original 52,000 Retained earnings 28.900 80.900 Current Liabilities Trade Payables 25,000 Accrues expenses** 4.250 29,250 Total Equity and Liabilities 110,150 *The prepaid expenses consisted of rates (2,200) and rent (5,100). **The accrued expenses consisted of wages (2,100) and electricity (2,050).