Question: Below is a Statement of Financial Position for a small business as at the end of 2019 with the total liability and total equity figures



Below is a Statement of Financial Position for a small business as at the end of 2019 with the total liability and total equity figures removed. ($'000) ($'000) Current Assets Current Liabilities Cash 6 Suppliers Accounts Payable 13 Inventory 24 Prepayments Non-Current Liabilities Fixed Interest Bank Loan 40 Non-Current Assets Property, Plant & Equipment 40 Equity Accumulated Depreciation (5) Contributed Capital Retained Earnings Total Assets 72Below is a list of some of the account totals from the trial balance at the end of 2020 for the business in Question 2. Account Totals $ Credit Sales 180,000 Cash Sales 30,000 Cost of Goods Sold 96,000 Inventory Purchases 90,000 New Equipment Purchases 2,000 Lease Expenses 7,000 Utilities Expenses 4,000 Depreciation Expense 3,000 Interest on Bank Loan 4,000 Drawings 10,000
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