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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
100%
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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