Peter Has the Following Assets at Various Dates

question 24

Multiple Choice

Peter has the following assets at various dates. He has no liabilities and earned no other income over this two-year period. Which of these statements is correct?

• A) Peter's wealth increased by $10 000 over this two-year period.
• B) Peter's profit was $3000 for the year ended 31 December Year 3.
• C) Peter's wealth was $134 000 at 31 December Year 3.
• D) Peter's loss was $8000 for the year ended 31 December Year 2.

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Definitions:

British Impressments

The practice employed by the British Royal Navy of forcibly enlisting men into military service, often involving the capture of sailors from American ships in the late 18th and early 19th centuries.

U.S. Seamen

Individuals serving as members of the crew aboard commercial or military ships and boats in the United States, subject to maritime laws and traditions.

International Trade

The exchange of goods, services, and capital across international borders or territories, which influences global economic activity.