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Alisiya [41]
3 years ago
12

On January 1, 2017 the City of Graf pays $85,500 fora work of art to display in the local library. The city will take appropriat

e measures to protect and preserve the piece. However, if the work is ever sold, the money received will go into unrestricted funds. The work is viewed as inexhaustible, but the city has opted to depreciate this cost over 15 years (using the straight-line method) a. How is this work to be reported on the government-wide financial statements for the year ended December 31, 2017? b. How is this work to be reported in the fund financial statements for the year ended December 31, 2017?
Business
1 answer:
Nookie1986 [14]3 years ago
5 0

Answer:

Explanation:

The journal entries are shown below:

a. Artwork A/c Dr $85,500

        To Cash A/c                                       $85,500

(Being work is reported on the government-wide financial statements)

Depreciation Expense A/c Dr $5,700

        To Accumulated Depreciation A/c $5,700

(Being depreciation expense is recorded)

The depreciation expense is shown below:

= Original cost ÷ useful life

= $85,500 ÷ 15 years

= $5,700

b. Artwork expenditure A/c Dr  $85,500

           To Cash A/c  $85,500

(Being  work is reported on the fund financial statements

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On December 31, 2018, a company had assets of $29 billion and stockholders' equity of $22 billion. That same company had assets
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Answer:

0.69

Explanation:

From the question above on December 31, 2018 a company has an assets of $29 billion and stockholders equity of $22 billion.

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Inorder to calculate the debt-to-assess ratio the first step is to find the amount of liabilities

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Xenia has 10,000 people. Of this population, 1,000 residents are below age 16, and 2,000 have given up looking for work. Current
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Answer:

The answer is: The unemployment rate will increase

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The unemployment rate (UR) for Xenia would be:

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Answer:

A) rational persuasion

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