A City Has a General Fund and an Enterprise Fund

question 45

Short Answer

A city has a General Fund and an Enterprise Fund.During the year,legal claims are filed against the resources of both funds.City attorneys believe that each claim will ultimately be settled for about $55,000,but settling claims of this kind usually is about a three-year process.How much should be reported as a liability in each fund's balance sheet at the end of the current year?

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Definitions:

Looking-Glass Self

The self you assume others see when they look at you.

Outgoing Personality

A trait characterized by being open, talkative, sociable, and comfortable in interacting with others.

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