Johnson & Johnson
Initial Financial Position (30 November 2017):

• Creditors: $3,000,000
• Equipment: $14,000,000
• Motor vehicle: $8,500,000
• Stock of goods: $11,000,000
• Debtors: $7,200,000
• Cash at bank: $19,000,000
• Cash in hand: $80,000

The capital at that date is to be deduced by you.
During the first week of December 2017:
(a) Johnson & Johnson bought extra equipment on credit for $2,800,000.
(b) Johnson & Johnson bought extra stock by cheque $900,000.
(c) Johnson & Johnson paid creditors by cheque $1,500,000.
(d) Debtors paid Johnson & Johnson $1,200,000 by cheque and $90,000 by cash.
(e) Johnson & Johnson put in an extra $500,000 cash as capital.
You are to draw up a balance sheet as on 7 December 2017 after the above transactions have been completed.