Use the Following Information to Answer Questions

question 90

Multiple Choice

Use the following information to answer questions
MARCOTTE MASONARY LTD.
Statement of Financial Position
December 31, 2015

-The total dollar amount of assets to be classified as current assets is

• A)$240,000.
• B)$220,000.
• C)$170,000.
• D)$130,000.

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Definitions:

Financial Position

An entity's economic state, represented by its assets, liabilities, and equity at a given point in time.

Acquisition Differential

The gap between what is paid for an acquisition and the fair value of the clearly identified assets acquired.

Impairment Losses

Financial recognition of the reduced recoverable value of an asset, below its carrying amount on the balance sheet.

Equity

It denotes the residual interest in the assets of the entity after deducting liabilities, often referred to as shareholders' equity.