Post Utme Abu 2023 Accounting Question 36

A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2022 shows the following balances: Accounts Payable ₦150,000, Accounts Receivable ₦80,000, Common Stock ₦500,000, Dividends ₦20,000, Equipment ₦200,000, Interest Expense ₦30,000, Interest Income ₦15,000, Net Income ₦150,000, Retained Earnings ₦250,000, Salaries Expense ₦120,000, Sales Revenue ₦600,000, Taxes Payable ₦25,000, and Utilities Expense ₦40,000. Prepare the company's balance sheet as at 31st December 2022.