The following statement of financial position was prepared by
the bookkeeper for Kraus Company as of December 31, 2019.
Kraus Company
Statement of Financial Position
as of December 31, 2019
Investments                               
£
76,300             
Equity                                                 
£215,500
Equipment
(net)                            
96,000           
Non-current
liabilities                           
100,000
Patents                                       
   
32,000           
Accounts
payable                                
    78,000
Inventories                                    
57,000           
Accounts receivable
(net)               
52,200           
Cash                                          
   
80,000                                                                       
                                                  
£393,500                                                                       
£393,500
The following additional information is provided:
1.   Inventories do not
include goods costing £5,000 shipped out on consignment.
Receivables of...