During the Fiscal Year Ended June 30,20X3,an Enterprise Fund of New

question 53

Short Answer

During the fiscal year ended June 30,20X3,an enterprise fund of New Spring acquired computer equipment costing $280,000 on account and issued $600,000 of long-term bonds at par value.Revenues of the enterprise fund will be used to repay bond interest and principal.What effect did these transactions have on New Spring's enterprise fund assets and long-term debt?

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Definitions:

Scope of Operations

The range or extent of the activities and processes that a business or organization engages in or plans to undertake.

Global Sourcing

The practice of sourcing goods and services from the global market to take advantage of global efficiencies, such as lower cost or higher quality.

Dependable Service

A reliable and trustworthy service that consistently meets its promised criteria and customer expectations.

Near Shoring

The practice of transferring a company's business or production processes to neighboring or nearby countries to reduce costs and improve logistics.