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Author Question: Accumulated Depreciation appears on the a. balance sheet in the current assets section b. balance ... (Read 109 times)

james9437

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on: Jul 5, 2018
Accumulated Depreciation appears on the
 a. balance sheet in the current assets section
  b. balance sheet in the property, plant, and equipment section
  c. balance sheet in the long-term liabilities section
  d. income statement as an operating expense

Question 2

A government had capital outlay expenditures of 226,000 during the year for the public safety function accounted for in the General Fund.
 
  It was determined that 195,000 of the capital outlay should be reported as capital assets in the government-wide financial statements. What would the one-worksheet conversion adjustment be to record the capital assets as a governmental activity?
 
   Debit Credit
  A. Capital Outlay Expenditures
   Fund Balance 226,000
  226,000
  B. Capital Assets
   Capital Outlay Expenditures 195,000
  195,000
  C. Capital Assets
   Capital Outlay Expenditures 226,000
  226,000
  D. Capital Assets
  Expenses  Public Safety
   Capital Outlay Expenditures 195,000
  31,000
 
  226,000


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l.stuut

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

b

Answer to Question 2

D


james9437

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Reply 2 on: Jul 5, 2018
Gracias!

bulacsom

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Reply 3 on: Yesterday
Excellent

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