The Municipal Golf Course located in the Town of Darlene had the following during its 2019 fiscal year, ending on December 31, 2019: Amount paid for salaries for 2019 : Amount paid on 12/31/19 for the purchase of delivery truck $ 5400 $12600 What amount should be reflected in the statement of revenues, expenses, and changes in net position for the Municipal Golf Course located in the Town of Darlene. BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Your Answer:

The Municipal Golf Course located in the Town of Darlene had the following during its 2019 fiscal year, ending on December 31, 2019: Amount paid for salaries for 2019 : Amount paid on 12/31/19 for the purchase of delivery truck $ 5400 $12600 What amount should be reflected in the statement of revenues, expenses, and changes in net position for the Municipal Golf Course located in the Town of Darlene. BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Your Answer:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Preparation of journal entries for government-wide financial statements and preparation of government-wide financial statements The following additional information is furnished to complete this part of the problem. Croton has no activities other than governmental activities. The city’s government-wide statement of net position for the year ended December 31, 2018, showed general capital assets of $14,000 and related accumulated depreciation of $6,400. Depreciation expense on Croton’s general capital assets for 2019 (including assets acquired in 2019) was $700, all of which was applicable to public safety. The city’s government-wide statement of net position for the year ended December 31, 2018, showed bonds payable of $5,500. All the debt had been issued to finance capital assets. Analysis of Croton’s debt service requirements showed that $700 of the total bonds payable as of December 31, 2019, should be reported as current because it is due to be paid during 2020. The city’s…
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