ADVANCED ACCOUNTING-LL
13th Edition
ISBN: 9781260232486
Author: Hoyle
Publisher: MCGRAW-HILL CUSTOM PUBLISHING
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Textbook Question
Chapter 17, Problem 9P
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?
- a. $–0–
- b. $110,000
- c. $190,000
- d. $200,000
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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?
$–0–
$110,000
$190,000
$200,000
The fund balance in the beginning of the year is $300,000, revenues of the year is 1,595,000 and the expenditures are 1,587,000. What is the end of year fund
balance?
a. $ 308,000
O b. $ 292,000
c. $ 229,000
d. $ 380,000
A general fund uses the consumption method to record inventories. Beginning
inventories are $10,000, purchases are $600,000, and ending inventories are $12,000.
The general fund records an end-of-year adjusting entry that:
Select one:
A. Debits nonspendable fund balance by $2,000
B. Credits nonspendable fund balance by $12,000
C. Debits unassigned fund balance by $2,000
D. Debits nonspendable fund balance by $12,000
At the beginning of the year, a special revenue fund purchases equipment for $400,000
in cash. The equipment has a 5-year life, straight-line. The fund still holds the
equipment at year-end.
How is this equipment reported in the special revenue fund's operating statement for
the year?
Select one:
A. Expense, $80,000.
B. Expenditure, $400,000.
C. Other financing use, $400,000.
D. Not reported on the operating statement.
Chapter 17 Solutions
ADVANCED ACCOUNTING-LL
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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- 49) A Capital Projects Fund awards the construction of a building to a construction contractor at a contract cost of $1,000,000. What entry is prepared by the Capital Projects Fund? A) Debit Expenditures $1,000,000, Credit Liability $1,000,000 B) Debit Building $1,000,000, Credit Expenditures $1,000,000 C) Debit Other Financing Uses $1,000,000, Credit Expenditures $1,000,000 D) Debit Encumbrances $1,000,000, Credit Reserve for Encumbrances $1,000,000 50) Which statement below is incorrect with respect to the Government-wide financial statements? A) All governmental fund categories must convert to the modified accrual basis of accounting. B) It is necessary to eliminate interfund balances within the governmental funds. C) Capital lease liabilities associated with governmental funds must be included on the Government-wide financial statements. D) All fixed assets and long-term debt for governmental funds must be included on the Government-wide financial statements.arrow_forward7.) Linden County operates a solid waste landfill that is accounted for in an enterprise fund. The county calculated this year's portion of the total closure and postclosure costs associated with the landfill to be $300,000. The entry(ies) to record this cost should be: A.) Debit landfill expense $300,000; Credit liability for landfill costs $300,000 B.) Debit landfill expense $300,000; Credit liability for landfill costs $300,000 AND include an addition of $300,000 on the schedule of changes in long-term obligations. C.) Show only an addition of $300,000 on the schedule of changes in long-term obligations. D.) No entry in the fund; No addition on the schedule of changes in long-term obligations.arrow_forwardA landfill is scheduled to be filled to capacity gradually over a 10-year period. However, at the end of the first year of operations, the landfill is only 7 percent filled. How much liability for closure and postclosure costs should be recognized on government-wide financial statements? How much liability should be recognized on fund financial statements assuming that the landfill is recorded in an enterprise fund? How much liability should be recognized on fund financial statements assuming that the landfill is recorded in the general fund?arrow_forward
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