Equipment purchased for county General Fund departments on a line of credit with a supplier cost $800,000
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Equipment purchased for county General Fund departments on a line of credit with a supplier cost $800,000 by year-end; $200,000 had been paid, including $4,000 interest. The county expects to repay another $300,000, including $7,000 interest, during the first two months of the next fiscal year. The remaining balance is to be repaid by midyear. Capital outlay expenditures should be reported for the county General Fund in the amount of
a. $800,000.
b. $200,000.
c. $489,000.
d. $493,000.
e. $196,000.
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Related Book For
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,
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