Assume that Nolanville's fiscal year ends on December 31. Nolanville's payroll for one of its departments is
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Assume that Nolanville's fiscal year ends on December 31.
Nolanville's payroll for one of its departments is $15,000 per week. It pays its employees on the Thursday of the week following that in which the wages and salaries are earned. In 20Xl, December 31 falls on a Friday. For the workweek beginning Monday, December 27, 20Xl, and ending Friday, December 31, 20Xl, employees were paid on Friday, January 7, 20X2. For fiscal 20Xl, what amount should the city recognize as wage and salary expenditure/expense pertaining to the week ending Friday, December 31, 20Xl, in its fund statements and its government-wide statements?
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Related Book For
Government And Not For Profit Accounting Concepts And Practices
ISBN: 9781119803898
9th Edition
Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese
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