Post Utme Pan Atlantic University 2021 Accounting Question 2

Practice objective / multiple choice question 2 from the 2021 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2021 Accounting Objective / Multiple Choice
Question 2 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trial balance as at 31 December 2020 is as follows: Accounts Payable 10,000, Accounts Receivable 5,000, Common Stock 20,000, Dividends 2,000, Equipment 15,000, Interest Expense 1,000, Interest Income 500, Net Income 8,000, Retained Earnings 12,000, Salaries Expense 10,000, Sales Revenue 50,000, Taxes Payable 3,000. Prepare a balance sheet as at 31 December 2020.

Answer Options

Correct Answer A. Assets 75,000, Liabilities 23,000, Equity 52,000
B. Assets 80,000, Liabilities 28,000, Equity 52,000
C. Assets 85,000, Liabilities 33,000, Equity 52,000
D. Assets 90,000, Liabilities 38,000, Equity 52,000
Correct Answer
A
Correct Option:
Assets 75,000, Liabilities 23,000, Equity 52,000

About This Question

This is Post Utme Pan Atlantic University 2021 Accounting Question 2. It is one of the objective questions from the 2021 Post Utme Pan Atlantic University Accounting examination.

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