Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
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Chapter 17, Problem 17.4P
To determine
Introduction: The GASB is the board that provides the guideline to the governmental units about proper accounting of transactions. As per GASB, the accounting for funds of a governmental unit is different from that of private units.
To discuss: The reporting of related entities.
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Students have asked these similar questions
1) State whether each of the following items should be classified as taxes, licences and permits, intergovernmental revenues, charges for services, fines and forfeits or miscellaneous revenue in a governmental fund. a) Sales and use taxes levied by the government.
2) Explain the income & expenditure and Receipts & payment? Draw the format with example? What is the difference of both the statement?
b) Payments by citizens for use of the city pool.
c) Building permits to construct a deck at a residence
Chase City uses an internal service fund for its central motor pool. The assets and liabilities account balances for this fund that
are not eliminated normally should be reported in the government-wide statement of net position as:
Governmental activities.
OBusiness-type activities.
Fiduciary activities.
Note disclosures only.
For some types of debt, note disclosure is sufficient.
For each of the following items relating to the debt of Marfa City, indicate whether and how the debt would be reported on a balance sheet of one of the city's governmental funds. If it would not be reported on a balance sheet of one of the city's governmental funds, then state whether it would be reported instead on the government‐wide statement of net position or in notes to the financial statements. Insofar as you would need additional information to determine how the debt should be reported, specify such information and tell how it would affect the determination. Briefly justify your response.
The city issues $10 million in 30‐year, 6 percent revenue bonds to enable a local nursing home to construct new facilities. The facilities will be leased to the home for the term of the bonds, and the lease payments will be exactly equal to the debt service on the bonds. At the expiration of the lease, the property will revert to the…
Chapter 17 Solutions
Advanced Accounting
Ch. 17 - Prob. 1UTICh. 17 - Prob. 2UTICh. 17 - Prob. 3UTICh. 17 - Prob. 4UTICh. 17 - Prob. 5UTICh. 17 - Prob. 6UTICh. 17 - Prob. 4.1ECh. 17 - Prob. 4.2ECh. 17 - Prob. 4.3ECh. 17 - Prob. 4.4E
Ch. 17 - Prob. 4.5ECh. 17 - Prob. 4.6ECh. 17 - Prob. 4.7ECh. 17 - Prob. 4.8ECh. 17 - Prob. 4.9ECh. 17 - Prob. 4.10ECh. 17 - Prob. 5ECh. 17 - Prob. 6.1ECh. 17 - Prob. 6.2ECh. 17 - Prob. 6.3ECh. 17 - Prob. 6.4ECh. 17 - Prob. 6.5ECh. 17 - Prob. 6.6ECh. 17 - Prob. 7ECh. 17 - Prob. 17.1.1PCh. 17 - Prob. 17.1.2PCh. 17 - Prob. 17.1.3PCh. 17 - Prob. 17.1.4PCh. 17 - Prob. 17.1.5PCh. 17 - Prob. 17.1.6PCh. 17 - Prob. 17.1.7PCh. 17 - Prob. 17.1.8PCh. 17 - Prob. 17.1.9PCh. 17 - Prob. 17.1.10PCh. 17 - Prob. 17.1.11PCh. 17 - Prob. 17.1.12PCh. 17 - Prob. 17.3PCh. 17 - Prob. 17.4PCh. 17 - Prob. 17.5PCh. 17 - Prob. 17.7PCh. 17 - Prob. 17.8PCh. 17 - Prob. 17.9PCh. 17 - Prob. 17.11.1PCh. 17 - Prob. 17.11.2PCh. 17 - Prob. 17.11.3PCh. 17 - Prob. 17.12.1PCh. 17 - Prob. 17.12.2P
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