Author Question: If a part of merchandise previously sold is returned, the cash discount is calculated on the amount ... (Read 119 times)

BRWH · **on:** Jul 6, 2018

If a part of merchandise previously sold is returned, the cash discount is calculated on the amount left after the return.
a. True
b. False
Indicate whether the statement is true or false

Question 2

A government has the following debt:
Capital lease liabilities (General Fund department leases)--3,200,000
Underfunded pension contributions (long-term) associated with general government employees--1,000,000
General government

bonds that mature in the next fiscal year--5,000,000

What amount of debt should be reported in the General Long-Term Liabilities accounts?
a. 1,000,000
b. 3,200,000
c. 4,200,000
d. 9,200,000