Post Utme Lautech 2017 Accounting Question 6

A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2017 shows the following balances: Accounts Payable ₦120,000, Accounts Receivable ₦80,000, Common Stock ₦500,000, Dividends ₦20,000, Equipment ₦150,000, Gain on Sale of Equipment ₦30,000, Loss on Sale of Equipment ₦10,000, Net Income ₦120,000, Retained Earnings ₦200,000, Salaries Expense ₦80,000, Sales Revenue ₦500,000, Selling Expense ₦60,000, Taxes Payable ₦40,000, and Utilities Expense ₦20,000. Prepare a balance sheet as at 31st December 2017.