Post Utme Summit University 2020 Accounting Question 12

Practice objective / multiple choice question 12 from the 2020 Post Utme Summit University Accounting examination.

Post Utme Summit University 2020 Accounting Objective / Multiple Choice
Question 12 POST_UTME_SUMMIT_UNIVERSITY • 2020 • ACCOUNTING • objective

A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Common Stock ₦100,000, Dividends ₦10,000, Equipment ₦20,000, Interest Expense ₦5,000, Interest Income ₦2,000, Net Income ₦15,000, Retained Earnings ₦25,000, Salaries Expense ₦8,000, Sales Revenue ₦80,000, Taxes Expense ₦3,000, Utilities Expense ₦4,000. Prepare the company's balance sheet.

Answer Options

A. ₦150,000; ₦50,000; ₦30,000; ₦100,000; ₦10,000; ₦20,000; ₦5,000; ₦2,000; ₦15,000; ₦25,000; ₦8,000; ₦80,000; ₦3,000; ₦4,000
Correct Answer B. ₦200,000; ₦50,000; ₦30,000; ₦100,000; ₦10,000; ₦20,000; ₦5,000; ₦2,000; ₦15,000; ₦25,000; ₦8,000; ₦80,000; ₦3,000; ₦4,000
C. ₦250,000; ₦50,000; ₦30,000; ₦100,000; ₦10,000; ₦20,000; ₦5,000; ₦2,000; ₦15,000; ₦25,000; ₦8,000; ₦80,000; ₦3,000; ₦4,000
D. ₦300,000; ₦50,000; ₦30,000; ₦100,000; ₦10,000; ₦20,000; ₦5,000; ₦2,000; ₦15,000; ₦25,000; ₦8,000; ₦80,000; ₦3,000; ₦4,000
Correct Answer
B
Correct Option:
₦200,000; ₦50,000; ₦30,000; ₦100,000; ₦10,000; ₦20,000; ₦5,000; ₦2,000; ₦15,000; ₦25,000; ₦8,000; ₦80,000; ₦3,000; ₦4,000

About This Question

This is Post Utme Summit University 2020 Accounting Question 12. It is one of the objective questions from the 2020 Post Utme Summit University Accounting examination.

View More Post Utme Summit University 2020 Accounting Questions More Post Utme Summit University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support