Wells Fargo & Company
Initial Financial Position (30 November 2018):

• Creditors: $2,900,000
• Equipment: $14,500,000
• Motor vehicle: $8,500,000
• Stock of goods: $11,000,000
• Debtors: $6,800,000
• Cash at bank: $19,000,000
• Cash in hand: $70,000

The capital at that date is to be deduced by you.
During the first week of December 2018:
(a) Wells Fargo bought extra equipment on credit for $2,600,000.
(b) Wells Fargo bought extra stock by cheque $900,000.
(c) Wells Fargo paid creditors by cheque $1,500,000.
(d) Debtors paid Wells Fargo $1,200,000 by cheque and $80,000 by cash.
(e) Wells Fargo put in an extra $400,000 cash as capital.
You are to draw up a balance sheet as on 7 December 2018 after the above transactions have been completed.