1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
svetlana [45]
3 years ago
12

A city acquired two vehicles in a particular year: (1) a sedan for $20,000 that was paid for through the General Fund and (2) a

sanitation truck for $125,000 that was paid for through the Capital Projects Fund. How should the assets be reported in the city's fund-level financial statements?
Business
1 answer:
barxatty [35]3 years ago
3 0

Answer:

None of the acquisition should be reported as assets

Explanation:

Assets are resources with economic potency to provide future benefits. Assets are possessed by individuals, corporations, and countries. Generally, they are considered as possessions that can generate more profits, trigger more sales or reduce expenses in the future.

The sedan and sanitation truck cannot be referred to as assets because they depreciate over time. Due to their depreciating nature, they should not be reported as assets in the city's fund level financial statements.

You might be interested in
Suzie Smith is a real estate sales associate. She is a top producer and likes to maintain her independence. She sets up her offi
Tems11 [23]

Answer:

No

Explanation:

Suzie's situation isn't workable because she is meant to be under the direct supervision of her broker no matter what her personal preference for independence.  

This is because should anything go wrong in any of her dealings, the brokers's license will be revoked. This means that the broker is directly responsible and accountable for her actions and as such must ensure that she is present at the office at all times.

Cheers.

8 0
3 years ago
Terapin Company engages in the following external transactions for November. 1. Purchase equipment in exchange for cash of $23,4
uysha [10]

Answer:

Journal Entries

Journal 1 :

Equipment $23,400 (debit)

Cash $23,400 (credit)

Being Purchase of Equipment

Journal 2 :

Cash  $6,800 (debit)

Service Revenue  $6,800 (credit)

Being Service rendered for Cash

Journal 3 :

Salaries Expense $2,100  (debit)

Cash $2,100 (credit)

Being Salaries expense paid

Explanation:

Narrations have been provided to explain the transaction. Remember to use the account titles provided in accounting for the transactions.

8 0
3 years ago
A tenant with a triple net lease rents a building that has the following yearly operating expenses: Property taxes $5,000, Utili
bonufazy [111]

Answer: $13500

Explanation:

The triple net lease refers to a lease agreement whereby the tenant pays all the property expenses such as property taxes, building insurance, utilities, repairs and maintenance.

Therefore, based on the question given, the expenses to be paid will be:

Property taxes = $5,000

Add: Utilities = $7,000

Add: Repairs & Maintenance = $1,500

Total = $13500

4 0
3 years ago
The necessity of marketing and advertising for any business
tekilochka [14]

Answer:

Marketing is important because it helps you sell your products or services, by advertising your business you are showing more people about it

Explanation:

4 0
2 years ago
What type of management decision was involved when Toyota Motor Co. announced a recall of millions of units of its cars because
Levart [38]

Answer:

non-programmed decision

Explanation:

Based on the information provided it can be said that the type of management decision that is being described is known as a non-programmed decision. This is a decision that are rare and lack strict guidelines for how they should be made or handled. They usually occur in dire situations and are made out of desperation to reach a solution to a major problem as quickly as possible.

3 0
3 years ago
Other questions:
  • Adjusting entries are made to ensure that?-expenses are recognized in the period in which they are incurred.-revenues are record
    12·1 answer
  • Which of the following is true about product​ markets?
    12·1 answer
  • The Broom Maker currently has annual sales of $387,000 and is operating at 88 percent of capacity. The profit margin of 5.5 perc
    8·1 answer
  • In 2017, a marketing manager for new balance's minimus golf shoe needs to forecast sales through 2019. she begins with the known
    13·1 answer
  • . Describe two things you can do to make sure you use credit responsibly. Explain why these things are important.
    7·1 answer
  • A job specification is: a. a group of related activities and duties. b. a statement of the knowledge, skills, and abilities requ
    10·1 answer
  • Suppose that the term structure is currently flat so that bonds of all maturities have yields to maturity of 10%. Currently a 5-
    14·1 answer
  • Hailey, Inc., has sales of $19,570, costs of $9,460, depreciation expense of $2,130, and interest expense of $1,620. Assume the
    7·1 answer
  • Charlotte, a manager for Everyday Beauty Company, has just been given a report showing sales in her region are lower than antici
    7·1 answer
  • With ________, the seller pays both the cost of loading and transporting the product to the customer.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!