Author Question: Owner's equity is a. added to assets and the two are equal to liabilities b. added to liabilities ... (Read 115 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?

Medications that are definitely not safe to take when breastfeeding include radioactive drugs, antimetabolites, some cancer (chemotherapy) agents, bromocriptine, ergotamine, methotrexate, and cyclosporine.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

For a complete list of videos, visit our video library