Which of the following should be accounted for in an enterprise fund? Light poles to be paid for in installments by affected property owners $ 350,000Van used to transport supplies to all city departments on a cost reimbursement basis 65,000Equipment used for supplying electric power to residents 1,250,000
A. $ 65,000. B. $ 415,000. C. $1,250,000. D. $1,315,000.
Smith Law Firm specializes in the preparation of wills for estate planning. On October 1, 2021, the company begins operations by issuing stock for $12,000 and obtaining a loan from a local bank for $24,000. By the end of 2021, the company provides will preparation services of $31,000 cash and pays employee salaries of $22,000. In addition, Smith pays $1,900 in cash dividends to stockholders on December 31, 2021. Determine the amount of financing cash flows Smith would report in 2021.