This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: In which accounting entity may a government report capital assets? A. Capital Projects Fund. B. ... (Read 134 times)

SAVANNAHHOOPER23

  • Hero Member
  • *****
  • Posts: 542
on: Jul 5, 2018
In which accounting entity may a government report capital assets?
 
  A. Capital Projects Fund.
  B. Enterprise Fund.
  C. General Fund.
  D. Agency Fund.

Question 2

Simpson Auto Body Repair purchased 20,000 of machinery. The company paid 8,000 in cash at the time of thepurchase and signed a promissory note for the remainder to be paid in four monthly installments. (a) How will the purchase affect the accounting equation? (b) How will the payment of the first monthly installment affect the accounting equation (ignore interest)?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Natalie4ever

  • Sr. Member
  • ****
  • Posts: 335
Reply #1 on: Jul 5, 2018
Answer to Question 1

B

Answer to Question 2

(a) Increase Total Assets by a net amount of 12,000 (increase Machinery20,000 and decrease Cash 8,000) and increase Liabilities by 12,000 (NotesPayable 12,000)

(b) Decrease Assets by 3,000 (decrease Cash) and decrease Liabilities by3,000 (decrease Notes Payable)


SAVANNAHHOOPER23

  • Member
  • Posts: 542
Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

jordangronback

  • Member
  • Posts: 339
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Excessive alcohol use costs the country approximately $235 billion every year.

Did you know?

During pregnancy, a woman is more likely to experience bleeding gums and nosebleeds caused by hormonal changes that increase blood flow to the mouth and nose.

Did you know?

Patients who cannot swallow may receive nutrition via a parenteral route—usually, a catheter is inserted through the chest into a large vein going into the heart.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Did you know?

Illness; diuretics; laxative abuse; hot weather; exercise; sweating; caffeine; alcoholic beverages; starvation diets; inadequate carbohydrate consumption; and diets high in protein, salt, or fiber can cause people to become dehydrated.

Figure 7.1 shows the rapid decline in the trust of Americans in government since the 1960s. This de Figure 7.1 shows the rapid decline in the trust of Americans in government since the 1960s. This de
The world attempted to deal with Somalia as if it were a real country but painfully learned that Som The world attempted to deal with Somalia as if it were a real country but painfully learned that Som
Monopoly, patented in 1935, was an instant best-seller: Players risk all their assets in an attempt Monopoly, patented in 1935, was an instant best-seller: Players risk all their assets in an attempt
Growth of Government Spending, 1870–2009 Growth of Government Spending, 1870–2009
Cost Accounting 14 Cost Accounting 14
American Government: Roots and Reform, AP* Edition, 12th Edition American Government: Roots and Reform, AP* Edition, 12th Edition
Video: Evolutionary tree of life Animation

For a complete list of videos, visit our video library