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Check my Problem 17-31 (LO 17-5) On January 1, 2017, the City of Graf pays $45,000...
On January 1, 2017, the City of Graf pays $52,000 for a work of art to...
On January 1, 2017, the City of Graf pays $52,000 for a work of art to display in the local library. The city will take appropriate measures to protect and preserve the piece. However, if the work is ever sold, the money received will go into unrestricted funds. The work is viewed as inexhaustible, but the city has opted to depreciate this cost over 20 years (using the straight-line method). How is this work to be reported on the government-wide...
Problem 17-27 (LO 17-3) On January 1, 2017, the City of Hastings created a solid waste...
Problem 17-27 (LO 17-3) On January 1, 2017, the City of Hastings created a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time, closure costs would be approximately $1.84 million plus an additional $740,000 for postclosure work of these totals, the city must pay $59,500 on December 31 of each year for preliminary closure work. At the end of 2017, the landfill reached...
Ch 12 P-27 0 On January 1, 2017, the City of Hastings created a solid waste...
Ch 12 P-27 0 On January 1, 2017, the City of Hastings created a solid waste landfi If the landfill were to be closed at the current time, closure costs would be approximately $1.35 million plus an additional $880.000 for postclosure work. Of these totals, the city must pay $49.500 on December 31 of each year for preliminary closure work. At the end of 2017, the landfill reached 2 percent of capacity. At the end of 2018, the landfill reached...
Help On January 1, 2017, the City of Hastings created a solid waste landfill that it...
Help On January 1, 2017, the City of Hastings created a solid waste landfill that it expects to reach capacity gradually over the next 20 years If the landfill were to be closed at the current time, closure costs would be approximately $1.82 million plus an additional $840,000 for postclosure work. Of these totals, the city must pay $56,000 on December 31 of each year for preliminary closure work. At the end of 2017, the landfill reached 5 percent of...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows Ur Cost Fair Value Gain (Loss) $15,000 14,000 25,500 $54,500 $(2,500) $17,500 12,500 23,000 $53,000 1,500 2,500 1,500 400 $1,100 Total Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. On January 20, 2018, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are net of brokerage fees Prepare the adjusting entry at December 31, 2017, to report the portfolio at fair...
Assume that the City of Coyote has already produced its financial statements for December 31, 2017, and the year then en...
Assume that the City of Coyote has already produced its financial statements for December 31, 2017, and the year then ended. The city's general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum. The government-wide financial statements indicated the following figures: Education reported net expenses of $615,000. Parks reported net expenses of...
Assume that the City of Coyote has already produced its financial statements for December 31, 201...
Assume that the City of Coyote has already produced its financial statements for December 31, 2017, and the year then ended. The city's general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum. The government-wide financial statements indicated the following figures: Education reported net expenses of $742,000. Parks reported net expenses of...
Assume that the City of Coyote has already produced its financial statements for December 31, 201...
Assume that the City of Coyote has already produced its financial statements for December 31, 2017, and the year then ended. The city's general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum. The government-wide financial statements indicated the following figures: Education reported net expenses of $732,000. Parks reported net expenses of...
The following information is extracted from the City of Lucas’ government-wide statement of net position at...
The following information is extracted from the City of Lucas’ government-wide statement of net position at December 31, 2019: Capital assets $2,000,000 Accumulated depreciation, capital assets $1,600,000 Annual depreciation rate on capital assets 10% Bonds payable -0- The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2020. Expenditures—capital outlay (General Fund) $40,000 Expenditures—capital outlay (Capital Projects Fund) ...
confused please help! can you please show work Assume that the City of Coyote has already...
confused please help! can you please show work
Assume that the City of Coyote has already produced its financial statements for December 31, 2017 and the year then ended. The city's general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum. The government-wide financial statements indicated the following figures: • Education reported...
Problem 17-27 (LO 17-3) On January 1, 2017, the City of Hastings created a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time, closure costs would be approximately $1.84 million plus an additional $740,000 for postclosure work of these totals, the city must pay $59,500 on December 31 of each year for preliminary closure work. At the end of 2017, the landfill reached...
Ch 12 P-27 0 On January 1, 2017, the City of Hastings created a solid waste landfi If the landfill were to be closed at the current time, closure costs would be approximately $1.35 million plus an additional $880.000 for postclosure work. Of these totals, the city must pay $49.500 on December 31 of each year for preliminary closure work. At the end of 2017, the landfill reached 2 percent of capacity. At the end of 2018, the landfill reached...
Help On January 1, 2017, the City of Hastings created a solid waste landfill that it expects to reach capacity gradually over the next 20 years If the landfill were to be closed at the current time, closure costs would be approximately $1.82 million plus an additional $840,000 for postclosure work. Of these totals, the city must pay $56,000 on December 31 of each year for preliminary closure work. At the end of 2017, the landfill reached 5 percent of...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows Ur Cost Fair Value Gain (Loss) $15,000 14,000 25,500 $54,500 $(2,500) $17,500 12,500 23,000 $53,000 1,500 2,500 1,500 400 $1,100 Total Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. On January 20, 2018, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are net of brokerage fees Prepare the adjusting entry at December 31, 2017, to report the portfolio at fair...
confused please help! can you please show work
Assume that the City of Coyote has already produced its financial statements for December 31, 2017 and the year then ended. The city's general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum. The government-wide financial statements indicated the following figures: • Education reported...
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