Problem

The employees of the City of Jones earn vacation time that totals $1,000 per week during t...

The employees of the City of Jones earn vacation time that totals $1,000 per week during the year. Of this amount, $12,000 is actually taken in Year 1 and the remainder is taken in Year 2.

What liability should the city report on government-wide financial statements at the end of Year 1?

a. It depends on whether the employees work at governmental activities or business-type activities.

b. $–0.

c. $40,000.

d. $52,000.

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