Question 8
POST_UTME_BABCOCK_UNIVERSITY
•
2022
•
ACCOUNTING
•
objective
A company's trial balance shows the following balances: Accounts Payable ₦150,000, Accounts Receivable ₦200,000, Common Stock ₦500,000, Retained Earnings ₦300,000. Prepare the company's balance sheet.
Answer Options
Correct Answer
A.
{\begin{tabular}{|l|l|} \hline \textbf{Assets} & \textbf{₦} \\hline \text{Accounts Payable} & 150,000 \\ \text{Accounts Receivable} & 200,000 \\ \text{Common Stock} & 500,000 \\ \text{Retained Earnings} & 300,000 \\ \hline \text{Total Assets} & 1,250,000 \\ \hline \end{tabular}}
B.
{\begin{tabular}{|l|l|} \hline \textbf{Liabilities} & \textbf{₦} \\ \hline \text{Accounts Payable} & 150,000 \\ \text{Common Stock} & 500,000 \\ \text{Retained Earnings} & 300,000 \\ \hline \text{Total Liabilities} & 950,000 \\ \hline \end{tabular}}
C.
{\begin{tabular}{|l|l|} \hline \textbf{Equity} & \textbf{₦} \\ \hline \text{Common Stock} & 500,000 \\ \text{Retained Earnings} & 300,000 \\ \hline \text{Total Equity} & 800,000 \\ \hline \end{tabular}}
D.
{\begin{tabular}{|l|l|} \hline \textbf{Assets} & \textbf{₦} \\ \hline \text{Accounts Payable} & 150,000 \\ \text{Accounts Receivable} & 200,000 \\ \text{Common Stock} & 500,000 \\ \text{Retained Earnings} & 300,000 \\ \hline \text{Total Assets} & 1,250,000 \\ \hline \end{tabular}}
Correct Answer
A
Correct Option:
{\begin{tabular}{|l|l|} \hline \textbf{Assets} & \textbf{₦} \\hline \text{Accounts Payable} & 150,000 \\ \text{Accounts Receivable} & 200,000 \\ \text{Common Stock} & 500,000 \\ \text{Retained Earnings} & 300,000 \\ \hline \text{Total Assets} & 1,250,000 \\ \hline \end{tabular}}
About This Question
This is
Post Utme Babcock University
2022
Accounting
Question 8.
It is one of the
objective
questions from the
2022
Post Utme Babcock University
Accounting
examination.