Post Utme Bells University 2022 Accounting Question 35

Practice objective / multiple choice question 35 from the 2022 Post Utme Bells University Accounting examination.

Post Utme Bells University 2022 Accounting Objective / Multiple Choice
Question 35 POST_UTME_BELLS_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's trial balance shows the following accounts: Sales = ₦1,200,000, Cost of Goods Sold = ₦800,000, Rent Expense = ₦50,000, Salaries Expense = ₦150,000. Prepare the company's income statement for the year.

Answer Options

Correct Answer A. Sales = ₦1,200,000, Cost of Goods Sold = ₦800,000, Gross Profit = ₦400,000, Operating Expenses = ₦200,000, Net Income = ₦200,000
B. Sales = ₦1,200,000, Cost of Goods Sold = ₦800,000, Gross Profit = ₦400,000, Operating Expenses = ₦250,000, Net Income = ₦150,000
C. Sales = ₦1,200,000, Cost of Goods Sold = ₦800,000, Gross Profit = ₦400,000, Operating Expenses = ₦300,000, Net Income = ₦100,000
D. Sales = ₦1,200,000, Cost of Goods Sold = ₦800,000, Gross Profit = ₦400,000, Operating Expenses = ₦350,000, Net Income = ₦50,000
Correct Answer
A
Correct Option:
Sales = ₦1,200,000, Cost of Goods Sold = ₦800,000, Gross Profit = ₦400,000, Operating Expenses = ₦200,000, Net Income = ₦200,000

About This Question

This is Post Utme Bells University 2022 Accounting Question 35. It is one of the objective questions from the 2022 Post Utme Bells University Accounting examination.

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