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On the lottery's year-end statement of net position, total assets are: Question 45 options: a) #12,012 b) $13,008 c) $12,020 d) $13,000

On the lottery's year-end statement of net position, total assets are: Question 45 options: a) #12,012 b) $13,008 c) $12,020 d) $13,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Listed below are the balances of the accounts for a state lottery at year-end, as reported in the state's proprietary enterprise fund: Dr (Cr) Current assets $ 3,000 Long-term investments 10,000 Long-term prizes payable (7,200) Current liabilities (3,500) Long-term pension liabilities (16) Net position restricted for future prizes (1,000) Deferred outflows for pensions 20 Deferred inflows for pensions (12) On the lottery's year-end statement of net position, total assets are: Question 45 options: a) #12,012 b) $13,008 c) $12,020 d) $13,000
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