Post Utme Crawford University 2018 Accounting Question 24

Practice objective / multiple choice question 24 from the 2018 Post Utme Crawford University Accounting examination.

Post Utme Crawford University 2018 Accounting Objective / Multiple Choice
Question 24 POST_UTME_CRAWFORD_UNIVERSITY • 2018 • ACCOUNTING • objective

A company's trial balance as of December 31, 20X7, is as follows: Accounts Receivable 10,000, Accounts Payable 5,000, Common Stock 50,000, Retained Earnings 20,000. Prepare the company's balance sheet as of December 31, 20X7.

Answer Options

A. Assets: 75,000, Liabilities: 5,000, Equity: 70,000
B. Assets: 70,000, Liabilities: 5,000, Equity: 65,000
Correct Answer C. Assets: 75,000, Liabilities: 5,000, Equity: 70,000
D. Assets: 70,000, Liabilities: 5,000, Equity: 65,000
Correct Answer
C
Correct Option:
Assets: 75,000, Liabilities: 5,000, Equity: 70,000

About This Question

This is Post Utme Crawford University 2018 Accounting Question 24. It is one of the objective questions from the 2018 Post Utme Crawford University Accounting examination.

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