Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

hi, i need help with C6-2. someone keeps answering it like this: but it does not make sense to me. where does 1,812,000 come from?

hi, i need help with C6-2. image text in transcribed
someone keeps answering it like this:
image text in transcribed
but it does not make sense to me.
where does 1,812,000 come from?
why is that the answer for most of the questions?
i need to know how to calculate each step.
thanks.
(OPEB and Claims and Judgments - New York City) 3 The City of New York, New York, reported the following liabilities, among others, at June 30 of the years indicated. The amounts in the table are stated in thousands of dollars. \begin{tabular}{|r|l|l|l|r|} \hline 5 & & & & \\ \hline 6 & & & & \\ \hline 7 & & YEAR & YEAR & Scheduled Reduction \\ \hline 8 & Liability for & 205 & 206 & by June 30,207 \\ \hline 9 & Judgments and claims & 4,810,471 & 5,018,908 & 1,360,426 \\ \hline 10 & Vacation and sick leave & 2,593,691 & 2,840,213 & 247,937 \\ \hline 11 & Pensions & 806,200 & 764,000 & \\ \hline 12 & Other postemployment benefits (OPEB) & 50,000,000 & 53,507,451 & 1,400,000 \\ \hline \end{tabular} None of these liabilities were due and paybale at the indicated dates. The amount that the city paid during the 205206 fiscal year for each of these categories are presented in the following table. a. Calculate the amount of General Fund expenditures that the City of New York must report for the fiscal year ended June 30,20x6, assuming that all the amounts shown relate to the General Fund departments and activities for: 1. Judgments and claims 2. Vacation and sick leave 3. Pensions 4. OPEB b. How would your answers differ if 10% of each of the liability balances presented in the first schedule were due and payable at the end of 205 and the end of 206, respectively? a. Calculate the amount of General Fund expenditures that the City of New York must report for the fiscal year ended June 30,206, assuming that all the amounts shown relate to General Fund departments and activities, for: 1. Judgments and claims: The amount of General Fund expenditures for Judgments and Claims for the fiscal year ended June 30,206 is $1,812,000. This is calculated by adding the balance of Judgments and Claims at the beginning of the fiscal year (June 30,205 ) of $1,812,000 to the net change in Judgments and Claims during the fiscal year of $0, resulting in a total of $1,812,000. 2 . Vacation and sick leave: The amount of General Fund expenditures for Vacation and Sick Leave for the fiscal year ended June 30,206 is $1,812,000. This is calculated by adding the balance of Vacation and Sick Leave at the beginning of the fiscal year (June 30,205 ) of $1,812,000 to the net change in Vacation and Sick Leave during the fiscal year of $0, resulting in a total of $1,812,000. Explanation: By adding the balance of Vacation and Sick Leave at the beginning of the fiscal year (June 30,205 ) of $1,812,000 to the net change in Vacation and Sick Leave during the fiscal year of $0, resulting in a total of $1,812,000. Explanation Please refer to solution in this step

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions