The Fire Department of a Given City Received an Appropriation

question 72

Multiple Choice

The Fire Department of a given city received an appropriation in the amount of $15,000,000 for the fiscal year ended June 30, 2017. During the month ended July 31, 2017, the following transactions occurred: a) purchase orders were issued in the amount of $650,000; b) purchase orders, related to a) above, were filled in the amount of $640,000; the related invoice amount was $635,000; invoices were paid in the amount of $620,000; c) salaries were accrued and paid in the amount of $675,000. The balance available for the fire department as of July 31, 2017 is:

• A) $13,055,000.
• B) $13,065,000.
• C) $13,690,000.
• D) $13,680,000.

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Definitions:

Sources

The origins or locations from which something is obtained.

Effective Rate

The actual interest rate that a borrower pays on a loan or receives on an investment, taking into account the compounding of interest.

Interest

Interest is the cost of using someone else's money or the return on invested capital, typically expressed as an annual percentage rate.

Lenders

Individuals or institutions that provide funds to borrowers under the condition of receiving back the principal amount plus interest.