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goji.go goji.go
wrote...
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Posts: 5977
Rep: 293 0
9 years ago
A city has a General Fund and an Enterprise Fund. During the year, legal claims are filed against the resources of both funds. City attorneys believe that each claim will ultimately be settled for about $55,000, but settling claims of this kind usually is about a three-year process. How much should be reported as a liability in each fund's balance sheet at the end of the current year?
               General    Enterprise
               Fund   Fund
      a.         $0   $0
      b.         $0   $55,000
      c.         $55,000   $0
      d.         $55,000   $55,000
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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#1
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Posts: 10774
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9 years ago
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goji.go Author
wrote...
#2
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
#3
9 years ago
You're very welcome!
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