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]
2 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]2 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
At the beginning of january of the current year, little mikey's catering ledger reflected a normal balance of $52,000 for accoun
ira [324]
<span>The accounts receivable balance should be $44,700 which is calculated by starting with the current balance of $52,000, subtracting the $14,800 in collections (which lowers the balance), adding the $12,500 of additional debt (which raises the balance), then finally subtracting $5,000 for the money collected on a future debt.</span>
4 0
3 years ago
Pick the correct statement related to pro forma statements from below. Multiple Choice Fixed assets must increase if sales are p
Alisiya [41]

Answer:

The correct statement related to the pro forma statements is:

The addition to retained earnings is equal to net income less cash dividends.

Explanation:

When the beginning retained earnings are increased by the addition to retained earnings, it means that the cash dividends have been subtracted from the net income.  This addition is the leftover net income after offsetting the dividends.  It increases the retained earnings by the end of the financial period.

3 0
2 years ago
At which stage does advertising catch the attention of customers by building awareness of the product?
velikii [3]
Not sure but I'll take a chance: Probably product existance. If not then product capture
7 0
3 years ago
Read 2 more answers
What is the net pay for Joseph T. O'Neill?
Shtirlitz [24]

Answer:

1153.85 per week and 28.85 per hour

Explanation:

6 0
3 years ago
Free trade agreements (FTAs) led most directly to which of the following outcomes?
Yakvenalex [24]
I think it's most likely to be A (better working conditions), free trade agreements exist when countries agrees to trade imports/exports with no barriers such as tariffs and quotas, e.g. ASEAN.



I hope to helped you!
4 0
3 years ago
Read 2 more answers
Other questions:
  • Affluenza" is a condition where: select one:
    8·1 answer
  • Which of the following is not an advantage of budgeting? a.It forces managers to plan. b.It provides information for decision ma
    14·2 answers
  • An __________ industry has low entry barriers, suppliers and buyers with strong bargaining positions, strong competitive threats
    7·1 answer
  • Tanner Entertainment is a popular video game manufacturer. It has recently launched a special line of adventure video games, bas
    12·1 answer
  • The 2017 balance sheet of Kerber’s Tennis Shop, Inc., showed long-term debt of $1.87 million, and the 2018 balance sheet showed
    7·1 answer
  • Gorton's sells Gorton's Fish Sticks, Gorton's Fish Fillets, and Gorton Grilled Fish. This is an example of
    5·1 answer
  • ________ operate in warehouse-like facilities, sell a limited selection of items, and offer few frills. Customers pay annual mem
    5·1 answer
  • The Federalist party _________.
    11·1 answer
  • A business initially sells their product to customers for $50. They find that many people are buying their product so they rise
    8·1 answer
  • If fixed costs are $200,000 and the unit contribution margin is $20, what amount of units must be sold in order to have a zero p
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!