The city maintains a landfill that has been recorded during the current year within its parks....

The city maintains a landfill that has been recorded during the current year within its parks. The landfill generated program revenues of $4,000 in Year 4 and cash expenses of $15,000. It also paid $3,000 cash for a piece of land. These transactions were recorded as would have been anticipated, but no other recording was made this year. The city assumes that it will have to pay $200,000 to clean up the landfill when it is closed in several years. The landfill was 18 percent filled at the end of Year 3 and is 26 percent filled at the end of Year 4. No payments will be necessary for several more years. For convenience, assume that the entries in all previous years were correctly handled regardless of the situation.

a. The city believes that the landfill was included correctly in all previous years as one of its enterprise funds. According to the information provided, the overall increase in net position reported was $140,000. What is the correct overall change in the net position in the government-wide financial statements?

b. The city believes that the landfill was included correctly in all previous years in one of the enterprise funds. According to the information provided, the enterprise fund reported an increase in its net position of $60,000. What is the correct change in the net position of the enterprise fund in the fund financial statements?

c. The city believes that the landfill was included correctly in all previous years within the general fund. What is the correct change in the fund balance of the general fund?

Solutions

Expert Solution

ekkarill92 answered 1 month ago

Next > < Previous

Related Solutions

During the current year, the City of Plattsburgh recorded the following transactions related to its property...

During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: Levied property taxes of $6,610,000, of which 2 percent is estimated to be uncollectible. Collected current property taxes amounting to $5,985,000. Collected $54,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Imposed penalties and interest in the amount of $7,000 but only expects to...

During the current year, the City of Plattsburgh recorded the following transactions related to its property...

During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: Levied property taxes of $6,600,000, of which 2 percent is estimated to be uncollectible. Collected current property taxes amounting to $5,975,000. Collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Imposed penalties and interest in the amount of $7,500 but only expects to...

1. In one of the Boston city parks, there has been a problem with muggings in...

1. In one of the Boston city parks, there has been a problem with muggings in the summer months. A police cadre took a random sample of 10 days (out of a 90-day summer) and compiled the following data. For each day, x represents the number of police officers on duty and y represents the number of reported muggings on that day. x 10 15 16 1 4 6 18 12 14 7 y 5 2 1 9 7 8...

The city of Sunny Springs, Texas operates a sanitary landfill for use of its residents. The...

The city of Sunny Springs, Texas operates a sanitary landfill for use of its residents. The landfill has been in operation for 20 years and is nearing its original design capacity. The city council commissions a report on the feasibility of expanding the landfill by raising its height. Engineer Janie Jones, the city’s chief engineer, and Engineer Bruce Barnes, the lead engineer for the consulting firm of Barnes Consulting Engineers, have determined that the city’s new recycling program and applying...

. You are working on a bid to build two city parks a year for the...

. You are working on a bid to build two city parks a year for the next three years. This project requires the purchase of $180,000 of equipment that will be depreciated using straight-line depreciation to a zero book value over the 3-year project life. The equipment can be sold at the end of the project for $34,000. You will also need $20,000 in net working capital for the duration of the project. The fixed costs will be $16,000 a...

A metropolitan area is facing a serious problem with disposing of its waste. Its current landfill...

A metropolitan area is facing a serious problem with disposing of its waste. Its current landfill is almost full and it is looking for other sites that can fulfill its likely future needs. A landfill must not only be large enough to handle the weekly needs of the region, but has to be as environmentally benign as possible. This means that the types of materials that are placed in the landfill must not exceed certain threshold limits. And of course,...

F- You are working on a bid to build two city parks a year for the...

F- You are working on a bid to build two city parks a year for the next three years. This project requires the purchase of $249,000 of equipment that will be depreciated using straight-line depreciation to a zero book value over the three-year project life. Ignore bonus depreciation. The equipment can be sold at the end of the project for $115,000. You will also need $18,000 in net working capital for the duration of the project. The fixed costs will...

You are working on a bid to build two city parks a year for the next...

You are working on a bid to build two city parks a year for the next three years. This project requires the purchase of $185,000 of equipment that will be depreciated using straight-line depreciation to a zero book value over the 3-year project life. The equipment can be sold at the end of the project for $34,000. You will also need $20,000 in net working capital for the duration of the project. The fixed costs will be $18,000 a year...

] Landfill A has been used for 25 yr, while landill B has been used for...

] Landfill A has been used for 25 yr, while landill B has been used for 10 yr. Landfill A has ____________ pH, ____________ COD, and ________ nitrate than B

The following are transactions recorded during the current year. For each transaction, determine which component of...

The following are transactions recorded during the current year. For each transaction, determine which component of the conceptual framework (i.e., qualitative characteristic, element, or principle) was violated. Please be specific about which element, principle etc was violated 1. Ordinary operating maintenance on equipment was recorded as follows: Equipment 2,300 Accounts Payable 2,300 2. Received an advance on a custom order for merchandise that will be shipped during the next accounting year. Cash 9,000 Sales Revenue 9,000 3. Comany is holding...

Subjects