Author Question: Journalizing and posting closing entries must be completed before financial statements can be ... (Read 73 times)

Charlie

  • Hero Member
  • *****
  • Posts: 640
Journalizing and posting closing entries must be completed before financial statements can be prepared.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

The City of Maysville's General Fund balance sheet for its December 31, 2013 year end shows inventory of 28,000 and prepaid rent of 10,000 . The city also had 60,000 of outstanding encumbrances in its General Fund at year-end.
 
  In December 2013, a grantor provided the City with 42,000 that must be used to pay musicians who perform in the city's series of summer concerts in the park during 2014 . How much should the city report as nonspendable fund balance in its General Fund on December 31, 2013?
   a. 10,000
   b. 28,000
   c. 38,000
   d. 42,000
   e. 60,000



wtf444

  • Sr. Member
  • ****
  • Posts: 314
Answer to Question 1

False

Answer to Question 2

c



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

Did you know?

Between 1999 and 2012, American adults with high total cholesterol decreased from 18.3% to 12.9%

Did you know?

Eat fiber! A diet high in fiber can help lower cholesterol levels by as much as 10%.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

About 60% of newborn infants in the United States are jaundiced; that is, they look yellow. Kernicterus is a form of brain damage caused by excessive jaundice. When babies begin to be affected by excessive jaundice and begin to have brain damage, they become excessively lethargic.

For a complete list of videos, visit our video library