ABC is a company that commenced business on 1 January 2016.Below are the balances in the 30 June 2016 financial statements.
- What is the balance of assets?
A) $8000
B) $10 000
C) $16 000
D) None of the answers provided

Question

ABC is a company that commenced business on 1 January 2016.Below are the balances in the 30 June 2016 financial statements. 
- What is the balance of assets?
A) $8000 
B) $10 000 
C) $16 000 
D) None of the answers provided

Quizplus · Accepted Answer

The total assets balance is calculated by adding up the balances of each category of assets, which in this case is $8000 (cash) + $2000 (accounts receivable) + $4000 (inventory) + $2000 (prepaid rent) + $2000 (property, plant and equipment) = $16000. Therefore, the correct answer is C.

ABC Is a Company That Commenced Business on 1 January