Review the government-wide statements as presented in Table 171 of the text. 1. What was the amount

Question:

Review the government-wide statements as presented in Table 17–1 of the text.
1. What was the amount of the government’s deﬁcit for the year? What was the amount of its net position?
2. What three departments incurred the largest amount of expenses (net)?
3. What was the government’s main source of revenues?
4. The government’s excludes a signiﬁcant amount of both assets and liabilities. What government owned assets are omitted from the What liabilities are omitted?
5. Suppose that the federal government would change the paydays of certain employees from the last day of each month to the ﬁrst day of the next (a classic means of decreasing budgetary expenditures for a particular year).
Would that gimmick reduce the net cost of operations as reported in the statement of net cost?
6. The statement of net cost indicates the gross cost of the Social Security program to be $782.5 billion. Where in the ﬁnancial statements is it most likely that the major amount of related revenues (i.e., payroll taxes) are reported? What justiﬁcation is there for not reporting these revenues as earned revenues of the Social Security program?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...