Post Utme Coal City University 2021 Accounting Question 10

Practice objective / multiple choice question 10 from the 2021 Post Utme Coal City University Accounting examination.

Post Utme Coal City University 2021 Accounting Objective / Multiple Choice
Question 10 POST_UTME_COAL_CITY_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trial balance shows the following balances: Accounts Payable ₦200,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦100,000. Prepare the company's income statement.

Answer Options

Correct Answer A. Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦150,000, Net Income ₦50,000
B. Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦200,000, Net Income ₦0
C. Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦250,000, Net Income ₦-50,000
D. Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦300,000, Net Income ₦-100,000
Correct Answer
A
Correct Option:
Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦150,000, Net Income ₦50,000

About This Question

This is Post Utme Coal City University 2021 Accounting Question 10. It is one of the objective questions from the 2021 Post Utme Coal City University Accounting examination.

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