ABC is a company that commenced business on 1 January 2019. Below are the balances in the 30 June 2019 financial statements. What is the balance of assets?
A) $8 000
B) $10 000
C) $16 000
D) None of the above

Question

ABC is a company that commenced business on 1 January 2019. Below are the balances in the 30 June 2019 financial statements.  What is the balance of assets?
A) $8 000 
B) $10 000 
C) $16 000 
D) None of the above

Quizplus · Accepted Answer

The balance of assets is the sum of current assets ($8,000) and non-current assets ($8,000), which equals $16,000.

ABC Is a Company That Commenced Business on 1 January