Post Utme Wellspring University 2019 Accounting Question 20

Practice objective / multiple choice question 20 from the 2019 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2019 Accounting Objective / Multiple Choice
Question 20 POST_UTME_WELLSPRING_UNIVERSITY • 2019 • ACCOUNTING • objective

A company's trial balance showed the following balances: Accounts Payable 50,000, Accounts Receivable 20,000, Sales Revenue 100,000, Cost of Goods Sold 60,000. Prepare a classified balance sheet.

Answer Options

Correct Answer A. {Assets: 120,000, Liabilities: 50,000, Equity: 70,000}
B. {Assets: 140,000, Liabilities: 50,000, Equity: 90,000}
C. {Assets: 160,000, Liabilities: 50,000, Equity: 110,000}
D. {Assets: 180,000, Liabilities: 50,000, Equity: 130,000}
Correct Answer
A
Correct Option:
{Assets: 120,000, Liabilities: 50,000, Equity: 70,000}

About This Question

This is Post Utme Wellspring University 2019 Accounting Question 20. It is one of the objective questions from the 2019 Post Utme Wellspring University Accounting examination.

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