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Author Question: The General Fund levies taxes of 3,750,000 during the fiscal year, 1 of which is deemed to be ... (Read 65 times)

cnetterville

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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

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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


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