Question

In: Economics

Listed below are the required balance sheets and statements ofnet position for a county government:...

  1. Listed below are the required balance sheets and statements of net position for a county government:

                1.             Government-wide statement: statement of net position

                2.             Fund statement: balance sheet—governmental funds

                3.             Fund statement: statement of net position—proprietary funds

                4.             Fund statement: statement of fiduciary net position

On which financial statement or financial statements would each of the following accounts appear?


  • Identify the financial statement(s) by number.

  • The account may appear on one or more or none of the statements.

  • If the account is not reported on any of the above financial statements, your answer is N/A.


  1. __________ Buildings, net of accumulated depreciation (enterprise fund)

  1. __________ Investments of an investment trust

  1. __________ Lease obligations, general fund

  1. __________ Equipment, net of accumulated depreciation, for capital projects fund

  1. __________ Accrued salaries and wages, general fund

  1. __________ Cash held from sales tax collections belonging to the state

  1. __________ Unrealized losses on enterprise fund derivative investments (hedges)

  1. __________ Long-term pension liability for enterprise fund

  1. __________ Long-term pension liability for general fund

  1. __________ Deferred outflows of resources: bond refunding (general fund)

Solutions

Expert Solution

a) 3

b) 4

c) 3

d) 2 , 1

e) 2

f) 1

g) n/a

h) 4 , 3

i) 4 , 2

j) 1

Above accounts are numbered as a,b,c,d,e,f,g,h,i,j from a,a,a,a,a,a,a,a,i,a. in order to eliminate confusion.

Rahul Sunny answered 1 year ago
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