Post Utme Covenant University 2020 Accounting Question 22

Practice objective / multiple choice question 22 from the 2020 Post Utme Covenant University Accounting examination.

Post Utme Covenant University 2020 Accounting Objective / Multiple Choice
Question 22 POST_UTME_COVENANT_UNIVERSITY • 2020 • ACCOUNTING • objective

A company has the following trial balance: Accounts Payable ₦50,000, Accounts Receivable ₦20,000, Common Stock ₦100,000, Dividends ₦10,000, Equipment ₦80,000, Interest Expense ₦5,000, Interest Income ₦10,000, Net Income ₦20,000, Prepaid Rent ₦15,000, Salaries Expense ₦30,000, Sales Revenue ₦150,000, Taxes Expense ₦10,000. Prepare a balance sheet.

Answer Options

Correct Answer A. Assets: ₦250,000, Liabilities: ₦70,000, Equity: ₦180,000
B. Assets: ₦220,000, Liabilities: ₦60,000, Equity: ₦160,000
C. Assets: ₦280,000, Liabilities: ₦80,000, Equity: ₦200,000
D. Assets: ₦240,000, Liabilities: ₦70,000, Equity: ₦170,000
Correct Answer
A
Correct Option:
Assets: ₦250,000, Liabilities: ₦70,000, Equity: ₦180,000

About This Question

This is Post Utme Covenant University 2020 Accounting Question 22. It is one of the objective questions from the 2020 Post Utme Covenant University Accounting examination.

View More Post Utme Covenant University 2020 Accounting Questions More Post Utme Covenant 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