Author Question: If the liabilities owed by a business total 300,000 and owner's equity is equal to 300,000, then the ... (Read 127 times)

frankwu · **on:** Jul 6, 2018

If the liabilities owed by a business total 300,000 and owner's equity is equal to 300,000, then the assets also total300,000.
a. True
b. False

Indicate whether the statement is true or false

Question 2

Assume that Onyx County's annual required contribution for their OPEB plan was determined to be 35,000 . The county, however, chose to only fund 10,000 of that amount for the current year.

The General Fund, which is the only fund with employees, would recognize expenditures in the current year of
A. 45,000.
B. 35,000.
C. 25,000.
D. 10,000.