A transaction in which a municipal electric utility paid $150,000 out of its earnings for new equipment

Question:

A transaction in which a municipal electric utility paid $150,000 out of its earnings for new equipment requires accounting recognition in

a. an Enterprise Fund.

b. the General Fund.

c. the General Fund and the General Capital Assets and General Long-Term Liabilities accounts.

d. an Enterprise Fund and the General Capital Assets and General Long-Term Liabilities accounts.

e. none of the above.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Governmental And Nonprofit Accounting Theory And Practice

ISBN: 9780132552721

9th Edition

Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,

See More Books

Question Posted: Feb 24, 2024 05:00 AM

See More Questions

What are the approaches and processes that a company performs well and may give it an advantage over its competition? explain.
If Baxter Inc. has annual sales (all credit sales) of $5,000,000, and receivables equal to 10% of sales, how many days of sales outstanding are there ?
Subrogated claims allow: Insurance companies who have paid insured owners of a defective product for their losses to recoup the money from negligent manufacturers. Workers who have suffered an injury...
Three partners. Ankamah, Kofi and David share profit and losses in the ratio 5: 3:2 for the year ending 31/12/2016. The profit generated from either business is $600,000. Partners' contributions are...
After closing its accounts at October 31, 2015, Simmons Realty, Inc. had the following account balances: Prepare Simmons Realty's post-closing trial balance at October 31, 2015. List accounts in...
Suppose youre considering working for a small law firmone that currently has a senior member and three junior members. You inquire about the salary you could expect to earn if you join the firm....
Discuss the criminal trial process.
Ceebros Builders is expanding very fast and is expected to grow at a rate of 25 percent for the next four years. The company recently paid a dividend of $3.60 but is not expected to pay any dividends...
Determine the amount of work (in J) done on an ideal gas as it is heated in an enclosed, thermally isolated cylinder topped with a freely moving piston. The cylinder contains 0.220 mol of the gas and...
The activities of a municipal employee retirement plan that is financed by equal employer and employee contributions should be accounted for in a. an Agency Fund. b. an Internal Service Fund. c. a...
The city of Hannah has established a trust to provide resources to offset the costs of maintenance of the city-owned cemetery. The majority of the resources of this trust will be cemetery plot sales...
East End Hospital has a bank account. Consider the following information: a. Balances as of July 31: per books, $50,000; per bank statement, $35,860. b. Cash receipts of July 31 amounting to $9,000...
In a couple of paragraphs, identify two interpersonal situations in which you communicate competently (effective and appropriate), and two in which you feel that your competence is less than...
List five keys to building powerful listening skills and explain why they lead to improved listening effectiveness.
What is the author of this text saying? - in the article Food for Thought by Marie Fitrion. Now imagine that Marie Fitrion wrote a different kind of text instead of this one: a letter, like "Dear...
What are some techniques recommended in the text for maintaining civil communications in the workplace? Explain several.
Write email to a client, following the Direct method of Delivering Bad News, that explains why you are unable to carry their new line of products. You can be creative with the details, but there...
What is the advantage of using the allowance method of accounting for uncollectible accounts?
Suppose a population of bacteria doubles every hour, but that 1.0 x 106 individuals are removed before reproduction to be converted into valuable biological by-products. Suppose the population begins...
Which of the following statements is true? a. Encumbrances are equivalent to expenditures, and encumbrances outstanding at the end of a year should be reported as liabilities. b. No expenditure can...
Which of the following statements is false? a. Generally Accepted Accounting Principles (GAAP) dictate the basis of budgeting for all governmental funds. b. Budgets of different governments may have...
Which of the following statements about capital budgets is true? a. Most capital program budgets cover only General Fund capital outlay for the next year. b. The current segment of a capital program...
Company M has reported the following information for the month of February: Direct labor $ 4 5 , 0 0 0 Manufacturing overhead applied $ 9 0 , 0 0 0 Direct materials inventory has decreased by $ 1 1 ,...
Front-wheel drive (FWD) vehicles are propelleddifferentialsidetransfersweightaxlesringtransaxlegearhousingvehiclestransmission by the front wheels. For this reason, they must use a drive design...
If 5-x=4, then x =

A transaction in which a municipal electric utility paid $150,000 out of its earnings for new equipment

Question:

Step by Step Answer:

The correct answer is d An enterprise fund and the General Capital Assets and General LongTerm Liabilities accounts When a municipal electric utility ...View the full answer

Governmental And Nonprofit Accounting Theory And Practice

Students also viewed these Business questions