Use the Information Given Below at 30 June 2016 to Answer

question 37

Multiple Choice

Use the information given below at 30 June 2016 to answer the following question.

What is the balance of total assets at 30 June 2016?

• A) $400 000
• B) $420 000
• C) $580 000
• D) None of the answers provided

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Definitions:

Income Statement

An income statement is a financial statement that shows a company's revenues and expenses over a specific period, culminating in net income or loss.

Perpetual Inventory System

An inventory transaction recording method that utilizes computerized point-of-sale systems and enterprise asset management software to instantly register the sale or acquisition of goods.

Journal Entries

Written records of the financial transactions and events of a business, used to document and track the financial impact on its accounts.

Perpetual Inventory System

A financial recording technique that immediately documents inventory sales or acquisitions through computerized point-of-sale systems and software for managing enterprise assets.