The public debt is the sum of all previous: Budget surpluses minus the current budget deficit of the Federal government Budget deficits minus any budget surpluses of the Federal government Expenditures of the Federal government Budget deficits of the Federal government

The public debt is the sum of all previous: Budget surpluses minus the current budget deficit of the Federal government Budget deficits minus any budget surpluses of the Federal government Expenditures of the Federal government Budget deficits of the Federal government

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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Question

The public debt is the sum of all previous:

Budget surpluses minus the current budget deficit of the Federal government
Budget deficits minus any budget surpluses of the Federal government
Expenditures of the Federal government
Budget deficits of the Federal government

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gener a rullu neverve rullu TULOA Revenues Property taxes Intergovernmental Miscellaneous Total revenues Expenditures Current Personnel services Supplies Capital outlay Debt service Principal Interest Total expenditures Excess of revenues over expenditures Other financing sources (uses): Issuance of debt Transfers from other funds Transfers to other funds Total other financing sources (uses) Fund balance beginning of year Excess of revenues and other sources over (under) expenditures and other uses Fund balance end of year Additional information: $ 284,000 29,700 4,800 $ 20,100 318,500 20,100 $ 284,000 49,800 4,800 338,600 145,500 22,500 14,100 159,600 22,500 115,000 115,000 5,000 7,800 5,000 7,800 $ 295,800 $ 14,100 $ 309,900 22,700 6,000 28,700 38,400 38,400 7,700 7,700 (7,700) (7,700) 30,700 7,700 38,400 53,400 13,700 67,100 24,200 8,200 32,400 $ 77,600 $ 21,900 $ 99,500 a. Property taxes expected to be collected more than 60 days following year-end are deferred in the fund-basis…
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