Post Utme Mountain Top University 2017 Accounting Question 31

Practice objective / multiple choice question 31 from the 2017 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2017 Accounting Objective / Multiple Choice
Question 31 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2017 • ACCOUNTING • objective

A company uses the single-entry system of accounting. The company's trial balance as at December 31, 2022, shows the following balances: Cash ¡ 1,500,000, Accounts Receivable ¡ 800,000, Inventory ¡ 2,000,000, Prepaid Rent ¡ 150,000, and Accumulated Depreciation ¡ 300,000. Prepare the company's balance sheet as at December 31, 2022.

Answer Options

Correct Answer A. Assets ¡ 4,450,000, Liabilities ¡ 0, Equity ¡ 4,450,000
B. Assets ¡ 4,550,000, Liabilities ¡ 0, Equity ¡ 4,550,000
C. Assets ¡ 4,450,000, Liabilities ¡ 0, Equity ¡ 4,550,000
D. Assets ¡ 4,550,000, Liabilities ¡ 0, Equity ¡ 4,450,000
Correct Answer
A
Correct Option:
Assets ¡ 4,450,000, Liabilities ¡ 0, Equity ¡ 4,450,000

About This Question

This is Post Utme Mountain Top University 2017 Accounting Question 31. It is one of the objective questions from the 2017 Post Utme Mountain Top University Accounting examination.

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