Use the information given below (as at 30 June 2012) to answer the following questions:
$$\begin{array} { l r }
&\$\
\text { Share capital } & 100000 \
\text { Equipment } & 150000 \
\text { Inventory } & 30000 \
\text { Accounts receivable } & 20000 \
\text { Accounts payable } & 30000 \
\text { Retained profits } & 80000 \
\text { Cash } & 10000
\end{array}$$
Assume no dividends were declared during the year.
-What is the balance of total assets at 30 June 2012?
A) $200 000
B) $210 000
C) $290 000
D) $310 000.

Question

Use the information given below (as at 30 June 2012) to answer the following questions:
$$\begin{array} { l r } 
&\$\
\text { Share capital } & 100000 \
\text { Equipment } & 150000 \
\text { Inventory } & 30000 \
\text { Accounts receivable } & 20000 \
\text { Accounts payable } & 30000 \
\text { Retained profits } & 80000 \
\text { Cash } & 10000
\end{array}$$
Assume no dividends were declared during the year.
-What is the balance of total assets at 30 June 2012?
A) $200 000
B) $210 000
C) $290 000
D) $310 000.

Quizplus · Accepted Answer

To calculate the total assets, we add up all the individual asset accounts: 
$150,000 (Equipment) + $30,000 (Inventory) + $20,000 (Accounts receivable) + $10,000 (Cash) = $210,000. Therefore, the answer is B.

Use the Information Given Below (As at 30 June 2012)