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Irina-Kira [14]
3 years ago
8

Several years ago a city established a sinking fund to retire an issue of general obligation bonds. This year the city made a 55

0,000 contribution to the sinking fund from general revenues and realized 515,000 in revenue from securities in the sinking fund. The bonds due this year were retired. These transactions require accounting recognition in which of the following funds? (AICPA adapted)
a. General Fund
b. Debt Service Fund
c. Debt Service Fund and General Fund
d. Capital Projects Fund, Debt Service Fund, and General Fund
e. None of the above
Business
1 answer:
Amanda [17]3 years ago
4 0

Answer: c. Debt Service Fund and General Fund

Explanation:

The Sinking fund is a Debt Service Fund as it was created to retire some general obligation bonds. Every transaction that had to do with the retirement of debt as well as contribution to the retirement of debt would go in this account.

The General fund is also needed because this is the main fund of a Government entity. Everything that does not go through special funds is recorded here. This Fund therefore would show that the city made a $550,000 contribution to the sinking fund.

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$725

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The total savings made by Mat and Bree in year 2014 shall be given as follow:

Total savings in 2014=Aggregate savings in 2014-Aggregate savings in 2013

Aggregate saving in 2014=$10,225

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Total savings in year 2014=$10,225-$9,500

                                           =$725

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3 years ago
The concept of venue reflects the policy that: _____________
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Answer:

D. A lawsuit should be tried in the geographic neighborhood in which the incident leading to the lawsuit occurred.

Explanation:

The united States concept of venue has it that a court hearing has to be done or decided in a court that is in the geographical area of where the crime was committed or where the dispute took place. Also it has that those who are to serve as members of the jury mist be from the same geographical area where it occured

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In the United States, sole proprietorships and partnerships outnumber corporations.a. Trueb. False
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a. True

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The sole proprietorship and partnerships outnumber corporations in United States but they net fewer sales and less income than corporations, individually and when combined.

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lYour friend says, "I have some extra money, but I'm not sure if I should save or invest it." What key questions would you ask y
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acquisition of resources

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