Post Utme Christopher University 2024 Accounting Question 4

Practice objective / multiple choice question 4 from the 2024 Post Utme Christopher University Accounting examination.

Post Utme Christopher University 2024 Accounting Objective / Multiple Choice
Question 4 POST_UTME_CHRISTOPHER_UNIVERSITY • 2024 • ACCOUNTING • objective

A company has the following trial balance: Accounts Payable: ₦20,000; Accounts Receivable: ₦15,000; Common Stock: ₦50,000; Dividends: ₦5,000; Equipment: ₦30,000; Fees Earned: ₦60,000; Interest Expense: ₦2,000; Interest Income: ₦1,000; Net Income: ₦10,000; Salaries Expense: ₦20,000; Sales: ₦80,000; Utilities Expense: ₦5,000. Prepare a balance sheet for the company.

Answer Options

Correct Answer A. {\"Assets\": {\"Cash\": 0, \"Accounts Receivable\": 15000, \"Equipment\": 30000, \"Accounts Payable\": 20000}, \"Liabilities\": {\"Common Stock\": 50000, \"Dividends\": 5000}, \"Equity\": {\"Net Income\": 10000, \"Salaries Expense\": 20000, \"Fees Earned\": 60000, \"Interest Expense\": 2000, \"Interest Income\": 1000, \"Utilities Expense\": 5000, \"Sales\": 80000}}
B. {\"Assets\": {\"Cash\": 0, \"Accounts Receivable\": 15000, \"Equipment\": 30000, \"Accounts Payable\": 20000}, \"Liabilities\": {\"Common Stock\": 50000, \"Dividends\": 5000}, \"Equity\": {\"Net Income\": 10000, \"Salaries Expense\": 20000, \"Fees Earned\": 60000, \"Interest Expense\": 2000, \"Interest Income\": 1000, \"Utilities Expense\": 5000, \"Sales\": 80000, \"Accounts Payable\": 20000}}
C. {\"Assets\": {\"Cash\": 0, \"Accounts Receivable\": 15000, \"Equipment\": 30000, \"Accounts Payable\": 20000}, \"Liabilities\": {\"Common Stock\": 50000, \"Dividends\": 5000}, \"Equity\": {\"Net Income\": 10000, \"Salaries Expense\": 20000, \"Fees Earned\": 60000, \"Interest Expense\": 2000, \"Interest Income\": 1000, \"Utilities Expense\": 5000, \"Sales\": 80000, \"Accounts Payable\": 20000, \"Equipment\": 30000}}
D. {\"Assets\": {\"Cash\": 0, \"Accounts Receivable\": 15000, \"Equipment\": 30000, \"Accounts Payable\": 20000}, \"Liabilities\": {\"Common Stock\": 50000, \"Dividends\": 5000}, \"Equity\": {\"Net Income\": 10000, \"Salaries Expense\": 20000, \"Fees Earned\": 60000, \"Interest Expense\": 2000, \"Interest Income\": 1000, \"Utilities Expense\": 5000, \"Sales\": 80000, \"Accounts Payable\": 20000, \"Equipment\": 30000, \"Accounts Receivable\": 15000}}
Correct Answer
A
Correct Option:
{\"Assets\": {\"Cash\": 0, \"Accounts Receivable\": 15000, \"Equipment\": 30000, \"Accounts Payable\": 20000}, \"Liabilities\": {\"Common Stock\": 50000, \"Dividends\": 5000}, \"Equity\": {\"Net Income\": 10000, \"Salaries Expense\": 20000, \"Fees Earned\": 60000, \"Interest Expense\": 2000, \"Interest Income\": 1000, \"Utilities Expense\": 5000, \"Sales\": 80000}}

About This Question

This is Post Utme Christopher University 2024 Accounting Question 4. It is one of the objective questions from the 2024 Post Utme Christopher University Accounting examination.

View More Post Utme Christopher University 2024 Accounting Questions More Post Utme Christopher University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support