« previous next »

Author Question: The General Fund levies taxes of 3,750,000 during the fiscal year, 1 of which is deemed to be ... (Read 57 times)

cnetterville

  • Hero Member
  • *****
  • Posts: 547
on: Jul 5, 2018
The General Fund levies taxes of 3,750,000 during the fiscal year, 1 of which is deemed to be uncollectible. 3,650,000 was collected or met the availability criteria.
 
  How much revenue should be recorded in the government-wide financial statements?
  A. 3,613,500.
  B. 3,650,000.
  C. 3,712,500.
  D. 3,750,000.

Question 2

Krammer Company has liabilities equal to one fourth of the total assets. Krammer's owner's equityis 45,000 . Using the accounting equation, what is the amount of liabilities for Krammer?


Athena23

  • Sr. Member
  • ****
  • Posts: 305
Reply #1 on: Jul 5, 2018
Answer to Question 1

C

Answer to Question 2

Assets = Liabilities + Owner's Equity
4x = x + 45,000
3x = 45,000
x = 15,000 in liabilities


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

The cure for trichomoniasis is easy as long as the patient does not drink alcoholic beverages for 24 hours. Just a single dose of medication is needed to rid the body of the disease. However, without proper precautions, an individual may contract the disease repeatedly. In fact, most people develop trichomoniasis again within three months of their last treatment.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Did you know?

About 100 new prescription or over-the-counter drugs come into the U.S. market every year.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

General structure of an animal cell General structure of an animal cell
Labeling of black cohosh: (a) front label with general health claim Labeling of black cohosh: (a) front label with general health claim
Early in the twentieth century, when malnutrition was common, companies such as this one advertised Early in the twentieth century, when malnutrition was common, companies such as this one advertised
General Intelligence is Related to Various Outcomes General Intelligence is Related to Various Outcomes
Body Part, Method of Examination, and Equipment Used During the General Physical Examination Body Part, Method of Examination, and Equipment Used During the General Physical Examination
Honey should never be given to children younger than one year of age Honey should never be given to children younger than one year of age
Video: Mechanisms for chromosome movement Animation

For a complete list of videos, visit our video library