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The City of Oxbow General Fund has the following net resources at year-end:
Required:
Problem 1: Prepare the fund balance section of the Balance Sheet.
Give one additional piece of information related to the transaction that could be recorded in an information system for a purpose other than the financial statements.
Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.) The December 31, 2010 balance sheet of Wolfe Co. included the following items:
Effect of Required Rate Blanchard Company has an opportunity to invest $15,000 in a new automated lathe that will reduce annual operating costs by $2,300.
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