Post Utme Redeemers University 2020 Accounting Question 33

Practice objective / multiple choice question 33 from the 2020 Post Utme Redeemers University Accounting examination.

Post Utme Redeemers University 2020 Accounting Objective / Multiple Choice
Question 33 POST_UTME_REDEEMERS_UNIVERSITY • 2020 • ACCOUNTING • objective

A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, and Accounts Receivable ₦30,000. Prepare the company's income statement.

Answer Options

Correct Answer A. Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, Gross Profit ₦80,000
B. Sales Revenue ₦200,000, Cost of Goods Sold ₦100,000, Gross Profit ₦100,000
C. Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, Gross Profit ₦50,000
D. Sales Revenue ₦200,000, Cost of Goods Sold ₦180,000, Gross Profit ₦20,000
Correct Answer
A
Correct Option:
Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, Gross Profit ₦80,000

About This Question

This is Post Utme Redeemers University 2020 Accounting Question 33. It is one of the objective questions from the 2020 Post Utme Redeemers University Accounting examination.

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