Question 3
POST_UTME_LAUTECH
•
2022
•
ACCOUNTING
•
objective
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. Prepare a balance sheet.
Answer Options
A.
{\begin{tabular}{|l|l|} \hline \textbf{Assets} & \textbf{₦} \\hline \text{Cash} & 50,000 \\ \text{Accounts Payable} & 50,000 \\ \text{Total Assets} & 100,000 \\ \hline \end{tabular}}
B.
{\begin{tabular}{|l|l|} \hline \textbf{Liabilities} & \textbf{₦} \\ \hline \text{Accounts Payable} & 50,000 \\ \text{Common Stock} & 100,000 \\ \text{Total Liabilities} & 150,000 \\ \hline \end{tabular}}
Correct Answer
C.
{\begin{tabular}{|l|l|} \hline \textbf{Equity} & \textbf{₦} \\ \hline \text{Common Stock} & 100,000 \\ \text{Retained Earnings} & 50,000 \\ \text{Total Equity} & 150,000 \\ \hline \end{tabular}}
D.
{\begin{tabular}{|l|l|} \hline \textbf{Assets} & \textbf{₦} \\ \hline \text{Cash} & 50,000 \\ \text{Accounts Payable} & 50,000 \\ \text{Total Assets} & 100,000 \\ \hline \end{tabular}}
Correct Answer
C
Correct Option:
{\begin{tabular}{|l|l|} \hline \textbf{Equity} & \textbf{₦} \\ \hline \text{Common Stock} & 100,000 \\ \text{Retained Earnings} & 50,000 \\ \text{Total Equity} & 150,000 \\ \hline \end{tabular}}
About This Question
This is
Post Utme Lautech
2022
Accounting
Question 3.
It is one of the
objective
questions from the
2022
Post Utme Lautech
Accounting
examination.