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Author Question: A Debt Service Fund accumulates resources to retire debt that is due in a lump sum in the year 2014 ... (Read 121 times)

arivle123

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on: Jul 5, 2018
A Debt Service Fund accumulates resources to retire debt that is due in a lump sum in the year 2014 . The Fund held marketable securities that cost 900,000 when purchased during 2006 and 2007 .
 
  The securities had fair market values of 875,000 on January 1, 2013, and 930,000 on December 31, 2013 . The average fair market value during the year was 895,000 . At what amount should the Fund report the securities in its balance sheet on December 31, 2013?
   a. 875,000
   b. 895,000
   c. 900,000
   d. 930,000

Question 2

Which of the accounts below would not appear in the balance sheet columns of the end-of-period spreadsheet?
 a. Terry James, Drawing
  b. Service Revenue
  c. Unearned Revenue
  d. Terry James, Drawing and Unearned Revenue


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epscape

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

d

Answer to Question 2

b


arivle123

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Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

tanna.moeller

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

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