The following are transactions for the city of Franklin. a. Borrowed $20,000 by issuing a two-year note.
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Question:
The following are transactions for the city of Franklin.
a. Borrowed $20,000 by issuing a two-year note.
b. Purchased equipment for $6,000 cash.
c. Licenses for $700 were billed on account.
d. Accrued employee salary costs of $7,000.
e. Depreciation expense on equipment for year, $1,000.
Required:
Analyze the above transactions by using the accounting equation for a proprietary fund.
Proprietary fund equation | a | b | c | d | e |
Current assets | |||||
Noncurrent assets | |||||
Current liabilities | |||||
Noncurrent liabilities | |||||
Net Position |
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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