A government entered into a general government capital lease for equipment during the year. The capitalizable cost of the equipment was $400,000 . A down payment of $40,000 was made
The General Fund should report in its statement of revenues, expenditures, and changes in fund balance an
A. Other financing use of $400,000.
B. Expenditure of $360,000.
C. Other financing source of $400,000.
D. Other financing source of $360,000.
D
Business
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A company begins the year with some debt. During the year the company makes a profit and retains some of its earnings, adding to its cash. It otherwise takes no action to alter its balance sheet. What is its new leverage ratio compared to the start of the year?
a) higher b) lower c) the same d) none of the above
Business
In a periodic inventory system, a sale of inventory involves two entries, one to record Sales Revenue and one to record Cost of Goods Sold
Indicate whether the statement is true or false
Business