Post Utme Achievers University 2020 Accounting Question 23

Practice objective / multiple choice question 23 from the 2020 Post Utme Achievers University Accounting examination.

Post Utme Achievers University 2020 Accounting Objective / Multiple Choice
Question 23 POST_UTME_ACHIEVERS_UNIVERSITY • 2020 • ACCOUNTING • objective

A company's trial balance showed the following balances: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 30,000, Sales Revenue ₦ 200,000, Cost of Goods Sold ₦ 150,000. Prepare the company's income statement.

Answer Options

Correct Answer A. Sales Revenue ₦ 200,000, Cost of Goods Sold ₦ 150,000, Gross Profit ₦ 50,000, Operating Expenses ₦ 20,000, Net Income ₦ 30,000
B. Sales Revenue ₦ 200,000, Cost of Goods Sold ₦ 150,000, Gross Profit ₦ 50,000, Operating Expenses ₦ 30,000, Net Income ₦ 20,000
C. Sales Revenue ₦ 200,000, Cost of Goods Sold ₦ 150,000, Gross Profit ₦ 50,000, Operating Expenses ₦ 20,000, Net Income ₦ 30,000
D. Sales Revenue ₦ 200,000, Cost of Goods Sold ₦ 150,000, Gross Profit ₦ 50,000, Operating Expenses ₦ 30,000, Net Income ₦ 20,000
Correct Answer
A
Correct Option:
Sales Revenue ₦ 200,000, Cost of Goods Sold ₦ 150,000, Gross Profit ₦ 50,000, Operating Expenses ₦ 20,000, Net Income ₦ 30,000

About This Question

This is Post Utme Achievers University 2020 Accounting Question 23. It is one of the objective questions from the 2020 Post Utme Achievers University Accounting examination.

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