Verizon Communications
Initial Financial Position (30 November 2023):

• Creditors: $3,200,000
• Equipment: $13,000,000
• Motor vehicle: $7,000,000
• Stock of goods: $10,000,000
• Debtors: $7,500,000
• Cash at bank: $18,000,000
• Cash in hand: $60,000

The capital at that date is to be deduced by you.
During the first week of December 2023:
(a) Verizon bought extra equipment on credit for $2,500,000.
(b) Verizon bought extra stock by cheque $800,000.
(c) Verizon paid creditors by cheque $1,300,000.
(d) Debtors paid Verizon $1,100,000 by cheque and $70,000 by cash.
(e) Verizon put in an extra $400,000 cash as capital.
You are to draw up a balance sheet as on 7 December 2023 after the above transactions have been completed.