The conversion worksheet adjustment to reflect debt service ...

[Themember4]

The conversion worksheet adjustment to reflect debt service payments of 85,000 (55,000 principal; 30,000 interest) by a governmental fund would be
 
  dr cr
 
  a. Debt Service Expense 85,000Cash 85,000
  b. Bonds Payable 55,000Cash 55,000
  c. Bonds Payable 55,000Debt Service Expenditures  Principal 55,000
  d. Bonds Payable 85,000
  Debt Service Expenditures  Principal 85,000
  e. Debt Service Expense 55,000
  Net Assets 55,000

Question 2

A financial statement user would determine if a company was profitable or not during a specific period of time byreviewing the
 a. income statement
  b. balance sheet
  c. statement of cash flows
  d. statement of retained earnings

[bblaney]

Answer to Question 1

C

Answer to Question 2

a

[Themember4]

Thanks for the timely response, appreciate it

[peter]

Wow, this really help