Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 (1 point) A Housing and Urban Development Special Revenue Fund's beginning supplies inventory balance was $100,000; its ending supplies inventory balance was $120,000.

image text in transcribed

Question 1 (1 point) A Housing and Urban Development Special Revenue Fund's beginning supplies inventory balance was $100,000; its ending supplies inventory balance was $120,000. Supplies purchased during the year were $400,000. Accounts payable for the fund's supplies were $17,000 at the beginning of the year and $7,000 at year end. In the Housing and Urban Development Special Revenue Fund statement of revenues, expenditures, and changes in fund balances, what amount(s) besides expenditures must be reported related to supplies? Purchase Method: Fund balance-Nonspendable of $20,000; Consumption Method: Nothing Purchase Method: Fund Balance-Restricted of $20,000; Consumption Method: Fund Balance- Restricted of $20,000 Purchase Method: Fund balance-Nonspendable of $20,000; Consumption Method: Fund Balance- Nonspendable of $20,000 Purchase Method: Nothing; Consumption Method: Nothing O Purchase Method: Nothing; Consumption Method: Fund Balance- Nonspendable of $20,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing

Authors: Alan Millichamp, John Taylor

10th Edition

1408044080, 978-1408044087

More Books

Students also viewed these Accounting questions