The balance sheet reports assets, liabilities, and owner's equity ...

[Garrulous]

The balance sheet reports assets, liabilities, and owner's equity for a specific period of time.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

Merchants remit 800,000 to a county government in calendar year 2013 for sales taxes collected in 2013 . In January, 2014, they send the county an additional 25,000 applicable to the year 2014 .
 
  Based on past experience, the county expects to receive an additional 15,000 later in 2014, but applicable to 2013 . How much should the county recognize as sales tax revenues when it prepares its fund and government-wide financial statements?
   Fund Government-wide
   Statements Statements
   a. 800,000 800,000
   b. 800,000 840,000
   c. 825,000 825,000
   d. 825,000 840,000

[zhanghao]

Answer to Question 1

False

Answer to Question 2

d