Post Utme Rhema University 2023 Accounting Question 14

Practice objective / multiple choice question 14 from the 2023 Post Utme Rhema University Accounting examination.

Post Utme Rhema University 2023 Accounting Objective / Multiple Choice
Question 14 POST_UTME_RHEMA_UNIVERSITY • 2023 • ACCOUNTING • objective

A company's trial balance shows the following accounts: Cash = ₦50,000, Accounts Payable = ₦20,000, Sales Revenue = ₦100,000, Cost of Goods Sold = ₦80,000. Prepare the company's income statement.

Answer Options

Correct Answer A. Revenue = ₦100,000, Cost of Goods Sold = ₦80,000, Gross Profit = ₦20,000, Net Income = ₦10,000
B. Revenue = ₦100,000, Cost of Goods Sold = ₦80,000, Gross Profit = ₦20,000, Net Income = ₦15,000
C. Revenue = ₦100,000, Cost of Goods Sold = ₦80,000, Gross Profit = ₦20,000, Net Income = ₦10,000
D. Revenue = ₦100,000, Cost of Goods Sold = ₦80,000, Gross Profit = ₦20,000, Net Income = ₦5,000
Correct Answer
A
Correct Option:
Revenue = ₦100,000, Cost of Goods Sold = ₦80,000, Gross Profit = ₦20,000, Net Income = ₦10,000

About This Question

This is Post Utme Rhema University 2023 Accounting Question 14. It is one of the objective questions from the 2023 Post Utme Rhema University Accounting examination.

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