Use the Information Given Below at 30 June 2016 to Answer

question 6

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:

Seasonal Revenues

Income generated from business activities that fluctuates according to the season or a particular time of year, typical in industries like retail and agriculture.

Full Disclosure

A principle that requires a company to provide all necessary information in its financial statements that affects the understanding of those statements.

Insider Information

Insider information involves confidential information about a company that has not been made public and that could provide a financial advantage in the markets if known.