If Income Summary has a debit of 80,000 and a credit of 85,000 in the Adjustments columns of the work sheet, these will be combined into a debit of 5,000 in the Income Statement Debit or Credit column.
a. True
b. False
Indicate whether the statement is true or false
Question 2
The city is installing curbs and sidewalks in a subdivision as part of a special assessment capital improvement project.
The capital improvements are being financed by an 800,000 eight year, 10, special assessment note payable issued for cash at the Last National Bank at the beginning of the project earlier this year. The note and interest are to be repaid from special assessments levied against the property owners of the subdivision. The total amount of special assessments is 840,000 and will be collected evenly over eight years. The city spent 600,000 to install curbs and sidewalks during the year. For the year, the city should report what change in fund balance for the Capital Projects Fund?
a. (600,000)
b. 200,000
c. 240,000
d. 840,000
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