Author Question: The city of Brittainville's Special Revenue Fund 6 levied 350,000 in taxes, of which 1 was expected ... (Read 87 times)

leilurhhh · **on:** Jul 6, 2018

The city of Brittainville's Special Revenue Fund 6 levied 350,000 in taxes, of which 1 was expected to be uncollectible; the balance is expected to be collected during the current year.

During the year, the fund also collected 7,500 of interest revenue and transferred 50,000 from the General Fund. As a result of these transactions fund balance will increase by
a. 407,500
b. 404,000
c. 357,500
d. 354,000
e. 400,000

Question 2

The assets and liabilities of the company are 128,000 and 84,000, respectively. Owner's equity should equal
a. 212,000
b. 44,000
c. 128,000
d. 84,000