The City of Maysville's General Fund balance sheet for its December 31, 2013 year end shows inventory of $28,000 and prepaid rent of $10,000
The city also had $60,000 of outstanding encumbrances related to unassigned resources in its General Fund at year-end. In December 2013, a grantor provided the City with $42,000 that must be used to pay musicians who perform in the city's series of summer concerts in the park during 2014 . How much should the city report as assigned fund balance in its General Fund on December 31, 2013?
a. $28,000
b. $38,000
c. $42,000
d. $60,000
e. $98,000
d
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If Kiner Company issues 1,000 shares of $5 par value common stock for $70,000, the account
a. Common Stock will be credited for $5,000. b. Paid-in Capital in Excess of Par Value will be credited for $5,000. c. Paid-in Capital in Excess of Par Value will be credited for $70,000. d. Cash will be debited for $65,000.
"Lifestyles" refer to the distinctive models of living of a society or some of its segments
Indicate whether the statement is true or false