For a long time. you have been wondering how to convert your passion for rock climbing into a business opportunity. During a recent climbing trip you met Chris, a climbing-gear designer. • He agreed...

For a long time. you have been wondering how to convert your passion for rock climbing into a business opportunity. During a recent climbing trip you met Chris, a climbing-gear designer.

 • He agreed to sell you 100 chalk bags and 100 climb-oriented t-shirts for $4 and $5. respectively.

• You came to an agreement with him that you'd make payments on an ad-hoc basis as the goods were sold.

• As soon as you arrived home. you listed the first 30 chalk bags and 50 t-shirts on an internet-based auction site. These sold within three days of their listing for $8 and $10, respectively. • Half of these customers paid immediately.

 • You offered 20-day credit terms on the sales and your past experiences tell you that customers tend to take full advantage of this policy.
Task: Work out your financial position?