Author Question: Owner's equity is a. added to assets and the two are equal to liabilities b. added to liabilities ... (Read 110 times)

michelleunicorn

  • Hero Member
  • *****
  • Posts: 565
Owner's equity is
 a. added to assets and the two are equal to liabilities
  b. added to liabilities and the two are equal to assets
  c. subtracted from liabilities and the net amount is equal to assets
  d. equal to the total of assets and liabilities

Question 2

(Closing entries)
  The preclosing trial balance of the General Fund for the City of Thomaston shows the following balances at the end of its fiscal year.
 
  Budgetary fund balance  10,000
   Fund balance, beginning (actual) 150,000
   Estimated revenues 620,000
   Appropriations 610,000
   Revenues (actual) 625,000
   Expenditures 605,000
 
  Based on information presented above:
  a. Prepare closing entries for the budgetary and financial accounts.
  b. Calculate the ending fund balance for the city of Thomaston. (Show your work.)



leannegxo

  • Sr. Member
  • ****
  • Posts: 374
Answer to Question 1

b

Answer to Question 2

a. Closing entries

Appropriations 610,000
Budgetary fund balance 10,000
Estimated revenues 620,000

Revenues 625,000
Expenditures 605,000
Fund balance 20,000

b. Revenues (actual)  625,000
Expenditures 605,000
Increase in fund balance 20,000
Fund balance, beginning 150,000
Fund balance, ending  170,000



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

According to the National Institute of Environmental Health Sciences, lung disease is the third leading killer in the United States, responsible for one in seven deaths. It is the leading cause of death among infants under the age of one year.

Did you know?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

Did you know?

Never take aspirin without food because it is likely to irritate your stomach. Never give aspirin to children under age 12. Overdoses of aspirin have the potential to cause deafness.

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

For a complete list of videos, visit our video library