Soft Bound Version for Advanced Accounting 13th Edition
13th Edition
ISBN: 9781260110579
Author: Hoyle
Publisher: McGraw Hill Education
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Chapter 17, Problem 34P
The County of Maxnell decides to create a sanitation department and offer its services to the public for a fee. As a result, county officials plan to account for this activity within the enterprise funds. Prepare
January 1—Received unrestricted funds of $160,000 from the general fund as permanent financing.
February 1 —Borrowed an additional $130,000 from a local bank at a 12 percent annual interest rate.
March 1—Ordered a truck at an expected cost of $108,000.
April 1—Received the truck and made full payment. The actual cost amounted to $110,000. The truck has a 10-year life and no salvage value. Straight-line
May 1—Received a $20,000 cash grant from the state to help supplement the pay of the sanitation workers. The money must be used for that purpose.
June 1—Rented a garage for the truck at a cost of $1,000 per month and paid 12 months of rent in advance.
July 1—Charged citizens $13,000 for services. Of this amount. $11,000 has been collected.
August 1—Made a $10,000 cash payment on the 12 percent note of February 1. This payment covers both interest and principal.
September 1—Paid salaries of $18,000 using the grant received on May 1.
October 1—Paid truck maintenance costs of $1,000.
November 1—Paid additional salaries of $10,000, first using the rest of the grant money received May 1.
December 31—Sent invoices totaling $19,000 to customers for services over the past six months. Collected $3,000 cash immediately.
December 31—A new landfill was opened this year. It is 12 percent filled as of the end of the year. The estimated current cost for the eventual closure of this facility is $4 million although no payments will be made for approximately 9 years.
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The County of Maxnell decides to create a waste management department and offer its services to the public for a fee. As a result, county officials plan to account for this activity as an enterprise fund. Assume the information is gathered so that the county can prepare fund financial statements. Only entries for the waste management department are required here:
January
1
Receive unrestricted funds of $248,000 from the general fund as permanent financing.
Febrauary
1
Borrow an additional $224,000 from a local bank at a 12 percent annual interest rate.
March
1
Order a truck at an expected cost of $140,000.
April
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Receive the truck and make full payment. The actual cost including transportation was $143,000. The truck has a 10-year life and no residual value. The county uses straight-line depreciation.
May
1
Receive a $23,600 cash grant from the state to help supplement the pay of the department workers. According to the grant, the money must be used for that…
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Chapter 17 Solutions
Soft Bound Version for Advanced Accounting 13th Edition
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - A landfill is scheduled to be filled to capacity...Ch. 17 - The City of VanStone operates a solid waste...Ch. 17 - Prob. 7QCh. 17 - Prob. 8QCh. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 11QCh. 17 - Prob. 12QCh. 17 - Prob. 13QCh. 17 - What does a comprehensive annual financial report...Ch. 17 - Prob. 15QCh. 17 - Prob. 16QCh. 17 - What is the difference between a blended component...Ch. 17 - Prob. 18QCh. 17 - Prob. 19QCh. 17 - Prob. 20QCh. 17 - Prob. 21QCh. 17 - How are internal service funds reported on...Ch. 17 - Prob. 23QCh. 17 - A general purpose government takes over a special...Ch. 17 - Prob. 25QCh. 17 - Prob. 26QCh. 17 - Prob. 1PCh. 17 - Prob. 2PCh. 17 - Prob. 3PCh. 17 - A city agrees to allow the Jones Company to...Ch. 17 - Prob. 5PCh. 17 - A city creates a solid waste landfill. It assesses...Ch. 17 - Prob. 7PCh. 17 - If this landfill is judged to be a proprietary...Ch. 17 - If this landfill is judged to be a governmental...Ch. 17 - The City of Nomanchester has a defined benefit...Ch. 17 - Prob. 11PCh. 17 - Prob. 12PCh. 17 - Prob. 13PCh. 17 - Prob. 14PCh. 17 - A city builds sidewalks throughout its various...Ch. 17 - Prob. 16PCh. 17 - Prob. 17PCh. 17 - Prob. 18PCh. 17 - Prob. 19PCh. 17 - Prob. 20PCh. 17 - Prob. 21PCh. 17 - Prob. 22PCh. 17 - Prob. 23PCh. 17 - Prob. 24PCh. 17 - Prob. 25PCh. 17 - Prob. 26PCh. 17 - On January 1, 2017, the City of Hastings created a...Ch. 17 - Prob. 28PCh. 17 - Prob. 29PCh. 17 - Prob. 30PCh. 17 - Prob. 31PCh. 17 - Prob. 32PCh. 17 - The City of Francois, Texas, has begun the process...Ch. 17 - The County of Maxnell decides to create a...Ch. 17 - The following information pertains to the City of...Ch. 17 - Prob. 36PCh. 17 - Prob. 37PCh. 17 - Prob. 38PCh. 17 - For each of the following, indicate whether the...Ch. 17 - For problems 40 through 43, use the following...Ch. 17 - Prob. 41PCh. 17 - Prob. 42PCh. 17 - On the first day of the year, the City of Wolfe...Ch. 17 - A city has a solid waste landfill that was filled...Ch. 17 - Use the same information as in problem 44 except...Ch. 17 - Prob. 46PCh. 17 - Prob. 47PCh. 17 - Prob. 48PCh. 17 - Prob. 2DYSCh. 17 - Read the following journal article: 25 Years of...Ch. 17 - Prob. 4DYSCh. 17 - Prob. 5DYSCh. 17 - The City of Larissa recently opened a solid waste...
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