Author Question: A drawing account represents the amount of withdrawals made by the owner. a. True b. False ... (Read 106 times)

karen

  • Hero Member
  • *****
  • Posts: 537
A drawing account represents the amount of withdrawals made by the owner.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

Jamestown has decided to enter into a capital lease for the purchase of its new recycling truck. The capitalizable cost of the capital asset is 175,000 and Jamestown made a 30,000 down payment at the inception of the lease agreement.
 
  The estimated useful life of the truck is ten years with 0 salvage value. Which of the following statements is false?
  A. General Fund fund balance will be reduced by 175,000.
  B. Other financing sources of 145,000 will be reported in Year 1.
  C. Expenditures of 175,000 will be reported in Year 1.
  D. Depreciation expense on the truck will be 17,500 per year.



sarajane1989

  • Sr. Member
  • ****
  • Posts: 296
Answer to Question 1

True

Answer to Question 2

A



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

A serious new warning has been established for pregnant women against taking ACE inhibitors during pregnancy. In the study, the risk of major birth defects in children whose mothers took ACE inhibitors during the first trimester was nearly three times higher than in children whose mothers didn't take ACE inhibitors. Physicians can prescribe alternative medications for pregnant women who have symptoms of high blood pressure.

Did you know?

In 1844, Charles Goodyear obtained the first patent for a rubber condom.

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

Did you know?

Throughout history, plants containing cardiac steroids have been used as heart drugs and as poisons (e.g., in arrows used in combat), emetics, and diuretics.

Did you know?

When blood is deoxygenated and flowing back to the heart through the veins, it is dark reddish-blue in color. Blood in the arteries that is oxygenated and flowing out to the body is bright red. Whereas arterial blood comes out in spurts, venous blood flows.

For a complete list of videos, visit our video library