The following is a series of transactions for Berkeley City. Indicate how Berkeley reports each transaction within the government-wide financial statements and then on the fund financial statements. Assume that Berkeley follows a policy of considering resources as available if they will be received within 60 days. Incurred Liabilities are assumed to be claims to current resources if they will be paid within 60 days.
The following is a series of transactions for Berkeley City. Indicate how Berkeley reports each transaction...
The following is a series of transactions for Berkeley City. Indicate how Berkeley reports each transaction within the government-wide financial statements and then on the fund financial statements. Assume that Berkeley follows a policy of considering resources as available if they will be received within 60 days. Incurred Liabilities are assumed to be claims to current resources if they will be paid within 60 days. Borrowed money by issuing a 20-year bond for $5 million, its face value. This money...
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...
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...
A city engages in the following transactions seen below. For each transaction indicate the amount of revenue or expenditure that it should report in 2011. Assume first that the main objective of the financial statements is to enable users to assess budgetary compliance. Then calculate the amounts, assuming that the main objective is to assess interperiod equity. The city prepares its budget on a "modified" cash basis (that is, it expands its definition of cash to include short term marketable...
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...
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks...
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions:(1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks had...
In order to get a good rating, please explain how you arrived at each answer. Thank you. EX. 9-1 Select the best answer. What basis of accounting do enterprise and internal service funds use? Enterprise Internal Service Modified accrual Modified accrual Modified accrual Full accrual Full accrual Modified accrual Full accrual Full accrual Which of the following is not a GASB-required statement for proprietary funds? Statement of net position Statement of revenues, expenses, and changes in fund...
The City of Bernard starts the year of 2017 with the following unrestricted amounts in its general fund: cash of $27,750 and investments of $83,750. In addition, it holds a small building bought on January 1, 2016, for general government purposes for $304,000 and related long-term debt of $243,200. The building is being depreciated on the straight-line method over 10 years. The interest rate is 10 percent. The general fund has four separate functions: general government, public safety, public works,...
Following are descriptions of transactions and other financial events for the City of Tetris for the year ending December 2020. Not all transactions have been included here. Only the general fund formally records a budget. No encumbrances were carried over from 2019. Paid salary for police officers$21,000Received government grant to pay ambulance drivers40,000Estimated revenues232,000Received invoices for rent on equipment used by fire department during last four months of the year3,000Paid for newly constructed city hall1,044,000Made commitment to acquire ambulance111,000Received cash...