city starts a solid waste landfill that it expects to fill to capacity gradually over a 12-year period. At the end of the first year, it is 7 percent filled. At the end of the second year, it is 17 percent filled. Currently, the cost of closure and postclosure is estimated at $1 million. None of this amount will be paid until the landfill has reached its capacity. If this landfill is
Q: What is the balance due on the water tower? $ b) How much will the village need to invest at this…
A: Present Value: It represents the present worth of the future sum of the amount and is computed by…
Q: A city receives a copy of its original charter from the year 1799 as a gift from a citizen. The…
A: Government-wide financial statements are the overall financial statement encompassing the whole…
Q: Five years ago a chemical plant invested $90,000 in a pumping station on a nearby river to provide…
A: EUAC: It is the annual cost of running & operating a project.
Q: A city has a solid waste landfill that was filled 12 percent in Year 1 and 26 percent in Year 2.…
A: a.
Q: At its final meeting of the fiscal year, the Muscat Municipality will be making plans to allocate…
A: 0-1 integer programming or model is a mathematical method which uses a series of binary, yes (1) and…
Q: A village recently completed the construction of a new water tower. The entire cost of the water…
A: The equal payment flow which occurs for a finite period and ends after lapse of finite time period…
Q: On January 1, 2017, the City of Graf pays $60,000 for a work of art to display in the local library.…
A: GASB: The GASB is the board that provides the guideline to the governmental units about proper…
Q: A city is evaluating the installation of a garbage incinerator on the outskirts of town. The cost of…
A: Note: $25,000 environmental study cost, which is irrelevant for decision making. So, this cost…
Q: The city of Sandwhich purchased a swimming pool from a private operator as of April 1, 2020 for…
A: a. Statement of Net Position as of December 31, 2020 Assets Current Assets:…
Q: The City of Frost has a 20-year debt outstanding. On the last day of the current year, this debt has…
A: Definition: Financial statements: Financial statements are condensed summary of transactions…
Q: If this landfill is judged to be a governmental fund, what liability will be reported at the end of…
A: Identify the correct option out of the given statements. Option a. When the landfill is judged as a…
Q: For fiscal 2022, Lake City levied a property tax of $270,000. The city estimated that 4% of the tax…
A: GIVEN For fiscal 2022, Lake City levied a property tax of $270,000. The city estimated that 4% of…
Q: This year Riverside began work on an outdoor amphitheater and concession stand at the city’s park.…
A: Governmental accounting: It is the accounting for transactions made by the government entities. It…
Q: A state government is considering construction of a flood control dike having a life span of 15…
A:
Q: Watson Township plans to build an auditorium. The plans were drawn by an architect who will complete…
A: Appropriations=Estimated financing source+Estimated revenue=$9,200,000+$115,000=$9,315,000
Q: The City of Fenton levied $3,000,000 of General Fund property taxes for the fiscal year ending…
A: The amount of property taxes to be recognized as revenue is being assessed for the City of Fenton.
Q: On January 1, 2017, the City of Graf pays $60,000 for a work of art to display in the local library.…
A: Introduction: The GASB is the board that provides the guideline to the governmental units about…
Q: This year, Port City was sued for injuries sustained when a citizen slipped and broke her hip on the…
A: Here probability of payment is higher
Q: The government has imposed a fine on JJ’s Place. The fine calls for annual payments of $60,000,…
A: The computation of FV is done as:
Q: A city government adds street lights within its boundaries at a total cost of $300,000. The lights…
A: Prepare journal entry when street lights are recorded as assets.
Q: A city starts a solid waste landfill that it expects to fill to capacity gradually over a 10-year…
A: Consolidated financial statements: When an investor company holds above 50% in the outstanding stock…
Q: Green County is planning to construct a bridge across the south branch of Carey Creek to facilitate…
A: EUAC: It is a measure of equivalent annual cost in which total upfront cost is converted into the…
Q: The city of Sandwhich purchased a swimming pool from a private operator as of April 1, 2020 for…
A: Since you have asked multiple questions, we are solving the 1st question for you. If you want…
Q: A city starts a solid waste landfill that it expects to fill to capacity gradually over a 10-year…
A: Definition: Liabilities: The claims creditors have over assets or resources of a company are…
Q: bri township general fund acquired vehicles for the police department at the beginning of January…
A: When Straight-line depreciation method is applied for charging the depreciation expense on the fixed…
Q: this
A: Present the Grant as deferred income which is recognized in the profit and loss account on a…
Q: A city starts a solid waste landfill that it expects to fill to capacity gradually over a 12-year…
A: Though the cost of closure and post-closure will be paid after the landfill reaches its capacity,…
Q: The city of Sandwhich purchased a swimming pool from a private operator as of April 1, 2020 for…
A: Hi, since you have posted multiple questions, we are solving the 1st question for you. If you want…
Q: A city government adds street lights within its boundaries at a total cost of $300,000. The lights…
A: Hey, since there are multiple questions posted, we will answer first question.
Q: A city provides a local business with a tax abatement so that real estate taxes will be avoided for…
A: Tax abatement refers to deduction of taxes which is granted by the government for enhancing the…
Q: The landfill for a particular city in Laguna has an area of 30 acres available for receiving waste…
A: Break even point is the point in which the entity (landfill) will make no profit no loss. Hence at…
Q: uction of a county health center. The land had cost the resident $2.5 million. The county sold the…
A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…
Q: Arlington Town uses an Internal Service Fund to account for its motor pool activities. You have the…
A: In the context of the given question, we are required to prepare the journal entries. Journal…
Q: ensonville has a pension trust fund for its public safety employees. For the year ended December 31,…
A: The amount of expense incurred during the year is charged to Profit and loss account. The expense…
Q: The city council is considering a proposal about purchasing a new landfill site. Both the current…
A: The net present value (NPV) is the amount left after deducting the present value of outflows from…
Q: A city starts a solid waste landfill that it expects to fill to capacity gradually over a 10-year…
A:
Q: bri municipality begun a park renovation and completed it during the year 2019, sources from the…
A: Special Revenue funds : In government accounting, there are various types of funds which…
Q: A city has a solid waste landfill that was filled 12 percent in Year 1 and 26 percent in Year 2.…
A: a) The given statement is False because while calculating the expense, payment is not considered.…
Q: Neighboring parishes in Louisiana have agreed to pool road tax resources already designated for…
A: a)
Q: Assume that, as a part of its economic development program, your governmental agency has committed…
A: Calculating the value of total roadway project will be paid for at its completion. We have,Total…
Q: To improve its recreation facilities and to reduce its unemployment rate, Empire State created the…
A: Government accounting is an accounting method used to record financial transactions conducted by the…
Q: ): A county is considering three locations for a new dam. The three alternatives for the dams for…
A: If the dams are constructed in 3 places the incremental benefits and costs would be -
Q: A city starts a solid waste landfill that it expects to fill to capacity gradually over a 12-year…
A: Formula: Liability to be reported at the end of year 2=Expense to be reported at the end of year…
Q: Prepare journal entries for these transactions.
A: S. No. Account Title Debit Credit a. Land $24,500 To Cash $24,500 b. Cash $135,200…
Q: An area on the Colorado River is subject to periodic flood damage that occurs, on the average, every…
A: PV is the current worth of cash flows that are expected to occur in the future.
Q: s on July 1,2015
A: Given: To calculate the journal entries of the special revenue fund is given as,
A city starts a solid waste landfill that it expects to fill to capacity gradually over a 12-year period. At the end of the first year, it is 7 percent filled. At the end of the second year, it is 17 percent filled. Currently, the cost of closure and postclosure is estimated at $1 million. None of this amount will be paid until the landfill has reached its capacity.
If this landfill is judged to be a governmental fund, what liability will be reported at the end of the second year on fund financial statements?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A city starts a solid waste landfill that it expects to fill to capacity gradually over a 10-year period. At the end of the first year, it is 8 percent filled. At the end of the second year, it is 19 percent filled. Currently, the cost of closure and postclosure is estimated at $1 million. None of this amount will be paid until the landfill has reached its capacity. If this landfill is judged to be a governmental fund, what liability will be reported at the end of the second year on fund financial statements? Choose the correct.a. $–0–b. $110,000c. $190,000d. $200,000A city starts a solid waste landfill that it expects to fill to capacity gradually over a 12-year period. At the end of the first year, it is 7 percent filled. At the end of the second year, it is 17 percent filled. Currently, the cost of closure and postclosure is estimated at $1 million. None of this amount will be paid until the landfill has reached its capacity. If this landfill is judged to be a proprietary fund, what liability will be reported at the end of the second year on fund financial statements? a. $100,000. b. $180,000. c. $170,000. d. $0.A city starts a solid waste landfill that it expects to fill to capacity gradually over a 10-year period. At the end of the first year, it is 8 percent filled. At the end of the second year, it is 19 percent filled. Currently, the cost of closure and postclosure is estimated at $1 million. None of this amount will be paid until the landfill has reached its capacity.If this landfill is judged to be a proprietary fund, what liability will be reported at the end of the second year on fund financial statements? Choose the correct.a. $–0–b. $110,000c. $190,000d. $200,000
- A city starts a solid waste landfill that it expects to fill to capacity gradually over a 10-year period. At the end of the first year, it is 8 percent filled. At the end of the second year, it is 19 percent filled. Currently, the cost of closure and postclosure is estimated at $1 million. None of this amount will be paid until the landfill has reached its capacity. Which of the following is true for the Year 2 government-wide financial statements? Choose the correct.a. Both expense and liability will be zero.b. Both expense and liability will be $110,000.c. Expense will be $110,000 and liability will be $190,000.d. Expense will be $100,000 and liability will be $200,000.A city starts a solid waste landfill that it expects to fill to capacity gradually over a 12-year period. At the end of the first year, it is 7 percent filled. At the end of the second year, it is 17 percent filled. Currently, the cost of closure and postclosure is estimated at $1 million. None of this amount will be paid until the landfill has reached its capacity. Which of the following is true for the Year 2 government-wide financial statements? a. Expense will be $100,000 and liability will be $170,000. b. Both expense and liability will be $100,000. c. Expense will be $90,000 and liability will be $180,000. d. Both expense and liability will be zero.The City of Lawrence opens a solid waste landfill in 2017 that is at 54 percent of capacity on December 31, 2017. The city had initially anticipated closure costs of $2 million but later that year decided that closure costs would actually be $2.4 million. None of these costs will be incurred until 2021 when the landfill is scheduled to be closed. What will appear on the government-wide financial statements for this landfill for the year ended December 31, 2017? Assuming that the landfill is recorded within the general fund, what will appear on the fund financial statements for this landfill for the year ended December 31, 2017?
- The City of Lawrence opens a solid waste landfill in 2017 that is at 54 percent of capacity on December 31, 2017. The city had initially anticipated closure costs of $2 million but later that year decided that closure costs would actually be $2.4 million. None of these costs will be incurred until 2021 when the landfill is scheduled to be closed.a. What will appear on the government-wide financial statements for this landfill for the year ended December 31, 2017?b. Assuming that the landfill is recorded within the general fund, what will appear on the fund financial statements for this landfill for the year ended December 31, 2017?This year, Port City was sued for injuries sustained when a citizen slipped and broke her hip on the icy City Hall steps. The City attorney estimates the City will be held liable by the courts and a judgment of $200,000 will result. Because of the nature of the case it will likely be four years before the City makes any payment related to the accident. The present value of the likely future payment is $167,000. In the General Fund, at the end of the current fiscal year, Port City should recognize a liability of $200,000.00 $167,000.00 $0.00 $50,000.00A city has a solid waste landfill that was filled 12 percent in Year 1 and 26 percent in Year 2. During those periods, the government expected that total closure costs would be $2 million. As a result, it paid $50,000 to an environmental company on July 1 of each of these two years. Such payments will continue for several years to come. Indicate whether each of the following independent state-ments is true or false and briefly explain each answer. The city has a December 31 year-end.a. The government-wide financial statements will show a $230,000 expense in Year 2 but only if reported in an enterprise fund.b. The fund financial statements will show a $50,000 liability in Year 2 if this landfill is reported in the general fund.c. The fund financial statements will show a $50,000 liability at the end of Year 2 if this landfill is reported in an enterprise fund.d. If this landfill is reported in an enterprise fund, the government-wide financial statements and the fund financial statements…
- In response to a petition signed by the property owners of Riverdale Subdivision, the city of Pewaukee will oversee the installation of sidewalks, curbs, and gutters in the subdivision, to be accounted for in the city’s capital projects fund. Pewaukee reports on a calendar-year basis. Construction is estimated to cost $900,000 and will be financed by a $100,000 county grant, a $50,000 transfer from the city’s general fund, and special assessments of $750,000 to be levied against subdivision property owners. One-third of the levy is to be due on February 1 of each year, starting with 2018. The first $250,000 installment will be received by the capital projects fund directly. The remaining installments will be collected by the debt service fund and will be used to service the related bond debt. The project is to begin on January 15, 2018, and is to take 18 months to complete. It is estimated that 70% of the work will be completed during 2018.To cover construction costs, a 6%, $500,000…A city government adds street lights within its boundaries at a total cost of $300,000. The lights should burn for at least 10 years but can last significantly longer if maintained properly. The city sets up a system to monitor these lights with the goal that 97 percent will be working at any one time. During the year, the city spends $48,000 to clean and repair the lights so that they are working according to the specified conditions. However, it spends another $78,000 to construct lights for several new streets in the city. Describe the various ways these costs could be reported on government-wide statements. 33P The City of Francois, Texas, has begun the process of producing its current comprehensive annual financial report (CAFR). Several organizations that operate within the city are related in some way to the primary government. The city’s accountant is attempting to determine how these organizations should be included in the reporting process. What is the major criterion for…A city government adds street lights within its boundaries at a total cost of $300,000. The lights should burn for at least 10 years but can last significantly longer if maintained properly. The city sets up a system to monitor these lights with the goal that 97 percent will be working at any one time. During the year, the city spends $48,000 to clean and repair the lights so that they are working according to the specified conditions. However, it spends another $78,000 to construct lights for several new streets in the city.Describe the various ways these costs could be reported on government-wide statements.