Post Utme Elizade University 2020 Accounting Question 40

Practice objective / multiple choice question 40 from the 2020 Post Utme Elizade University Accounting examination.

Post Utme Elizade University 2020 Accounting Objective / Multiple Choice
Question 40 POST_UTME_ELIZADE_UNIVERSITY • 2020 • ACCOUNTING • objective

A company's balance sheet as of December 31, 2022, showed the following: Cash £20,000, Accounts Receivable £30,000, Inventory £40,000, Property, Plant, and Equipment £100,000, Total Assets £200,000. Prepare the balance sheet.

Answer Options

Correct Answer A. Assets: Cash £20,000, Accounts Receivable £30,000, Inventory £40,000, Property, Plant, and Equipment £100,000. Liabilities: Accounts Payable £10,000. Equity: Common Stock £50,000, Retained Earnings £30,000
B. Assets: Cash £20,000, Accounts Receivable £30,000, Inventory £40,000, Property, Plant, and Equipment £100,000. Liabilities: Accounts Payable £10,000. Equity: Common Stock £50,000
C. Assets: Cash £20,000, Accounts Receivable £30,000, Inventory £40,000. Liabilities: Accounts Payable £10,000. Equity: Common Stock £50,000, Retained Earnings £30,000
D. Assets: Cash £20,000, Accounts Receivable £30,000, Inventory £40,000. Liabilities: Accounts Payable £10,000. Equity: Common Stock £50,000
Correct Answer
A
Correct Option:
Assets: Cash £20,000, Accounts Receivable £30,000, Inventory £40,000, Property, Plant, and Equipment £100,000. Liabilities: Accounts Payable £10,000. Equity: Common Stock £50,000, Retained Earnings £30,000

About This Question

This is Post Utme Elizade University 2020 Accounting Question 40. It is one of the objective questions from the 2020 Post Utme Elizade University Accounting examination.

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