Gasb has issued a proposed standard that would more clearly define fiduciary activities and change the categories of fiduciary funds. one of the issues the proposed standard is intended to address is the practice of some governments to classify activities as trusts when no trust agreement exists. activities meeting the definition of fiduciary in nature but that lack a formal trust agreement will in the future be reported in a new category. what is the new category? a. custodial fund. b. non-custodial fund. c. dedicated fund. e. pass-through activities fund.

Slimwood corporation made sales of $ 725 million during 2018. of this amount, slimwood collected cash for $ 670 million. the company's cost of goods sold was $ 300 million, and all other expenses for the year totaled $ 400 million. also during 2018, slimwood paid $ 420 million for its inventory and $ 285 million for everything else. beginning cash was $ 110 million. carter's top management is interviewing you for a job and they ask two questions: (a) how much was carter's net income for 2018? (b) how much was carter's cash balance at the end of 2016? you will get the job only if you answer both questions correctly.