Author Question: Withdrawals decrease owner's equity and are listed on the income statement as a deduction from ... (Read 121 times)

Mollykgkg · **on:** Jul 5, 2018

Withdrawals decrease owner's equity and are listed on the income statement as a deduction from revenue.
a. True
b. False

Indicate whether the statement is true or false

Question 2

General capital assets with a net book value of 46,000 were transferred to an Enterprise Fund. The business-type activities column in the government-wide financial statements would report

a. a transfer in of 46,000
b. a capital contribution of 46,000
c. an other financing source of 46,000
d. None of the above.