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Author Question: Which of the statements below indicates that a company earned a net income for the period? a. The ... (Read 50 times)

karen

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on: Jul 5, 2018
Which of the statements below indicates that a company earned a net income for the period?
 a. The sum of the credits exceeds the sum of the debits in the Balance Sheet columns on the end-of-period spreadsheet
  b. The sum of the credits exceeds the sum of the debits in the Income Statement columns on the end-of-period spreadsheet
  c. The sum of the debits exceeds the sum of the credits in the Income Statement columns on the end-of-period spreadsheet
  d. Cash inflows exceed cash outflows

Question 2

How should a fixed asset acquired through a capital lease agreement be recorded in a General Fund?
 
  a. at the present value of the future lease payments, by debiting expenditures and crediting other financing sources - capital leases
  b. at the total amount of the future lease payments, by debiting expenditures and crediting other financing sources - capital leases
  c. at the present value of the future lease payments, by debiting expenditures and crediting capital leases payable.
  d. no entry is needed until payments are actually made on the capital lease agreement.


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mcabuhat

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Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

a


karen

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Reply 2 on: Jul 5, 2018
Wow, this really help

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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