Use the Information Given Below to Answer the Following Questions

question 14

Multiple Choice

Use the information given below to answer the following questions:
During 2012, Avion Ltd incurred expenses of $250 and earned a net profit of $50. Retained profits at 1 January 2012 stood at $70 and dividends declared and paid totalled $30. At 31 December 2012, liabilities were $200 and share capital $110. There were no transfers to reserves during 2012.
-What was the value of Avion Ltd's assets at 31 December 2012?

• A) $200
• B) $310
• C) $360
• D) none of the above.

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