Given the Following Information for the Year Ended 30 June

question 53

Multiple Choice

Given the following information for the year ended 30 June 2016: What was the amount of cash received from customers?

• A) $110 000
• B) $180 000
• C) $290 000
• D) $310 000

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Definitions:

Capital Balance

The amount of money that a company has in its capital account, reflecting the total capital invested by shareholders and retained earnings.

Federal Income Taxes

Taxes imposed by the federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.

Partnership

A sanctioned business setup where a group of individuals co-manage the operation and share the resulting income.

Legal Entity

A legally recognized organization or individual that has rights, responsibilities, and can enter into contracts.