Post Utme Crawford University 2018 Accounting Question 25

Practice objective / multiple choice question 25 from the 2018 Post Utme Crawford University Accounting examination.

Post Utme Crawford University 2018 Accounting Objective / Multiple Choice
Question 25 POST_UTME_CRAWFORD_UNIVERSITY • 2018 • ACCOUNTING • objective

A company has two departments: Manufacturing and Selling. The company's total sales for the year were 100,000. The company's total cost of goods sold was 60,000. The company's total selling expenses were 20,000. Prepare the company's income statement for the year.

Answer Options

A. Sales: 100,000, Cost of Goods Sold: 60,000, Gross Profit: 40,000, Selling Expenses: 20,000, Net Income: 20,000
B. Sales: 100,000, Cost of Goods Sold: 60,000, Gross Profit: 40,000, Selling Expenses: 20,000, Net Income: 20,000
Correct Answer C. Sales: 100,000, Cost of Goods Sold: 60,000, Gross Profit: 40,000, Selling Expenses: 20,000, Net Income: 20,000
D. Sales: 100,000, Cost of Goods Sold: 60,000, Gross Profit: 40,000, Selling Expenses: 20,000, Net Income: 20,000
Correct Answer
C
Correct Option:
Sales: 100,000, Cost of Goods Sold: 60,000, Gross Profit: 40,000, Selling Expenses: 20,000, Net Income: 20,000

About This Question

This is Post Utme Crawford University 2018 Accounting Question 25. It is one of the objective questions from the 2018 Post Utme Crawford University Accounting examination.

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