Post Utme Unilorin 2017 Accounting Question 16
Practice objective / multiple choice question 16 from the 2017 Post Utme Unilorin Accounting examination.
A company uses the double-entry system of accounting. The trial balance shows the following balances: Accounts Payable ₦ 10,000, Sales Revenue ₦ 50,000, Cost of Goods Sold ₦ 30,000, and Common Stock ₦ 20,000. If the company's net income for the period is ₦ 15,000, what is the balance in the Retained Earnings account?
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About This Question
This is Post Utme Unilorin 2017 Accounting Question 16. It is one of the objective questions from the 2017 Post Utme Unilorin Accounting examination.
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