Maurice Tutor

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About Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 30 Jul 2017 My Price 7.00

Carlson City

Carlson City’s fiscal year ends December 31. On August 1, the city issued a purchase order for new vehicles to be delivered at the rate of two per month beginning October 15. Twelve vehicles were delivered as scheduled and payments of $264,000 were made upon delivery. If these were the only transactions made by the city, which of the following balances would appear on the balance sheet as of December 31?

a.

Encumbrances

$132,000
 

Reserve for encumbrances

132,000

b.

Fund balance

$132,000
 

Reserve for encumbrances

132,000

c.

Reserve for encumbrances

$264,000
 

Fund balance

264,000

d.

Encumbrances

$264,000
 

Reserve for encumbrances

264,000

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 12:07 PM My Price 7.00

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