Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On January 1, 2017, the City of Hastings created a solid waste landfill that it expects to reach capacity gradually over the next 20 years.
On January 1, 2017, the City of Hastings created a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time, closure costs would be approximately $1.18 million plus an additional $870,000 for postclosure work. Of these totals, the city must pay $53,500 on December 31 of each year for preliminary closure work. At the end of 2017, the landfill reached 3 percent of capacity. At the end of 2018, the landfill reached 12 percent of capacity. Also at the end of 2018, a reassessment is made; total closure costs are determined to be $1.38 million rather than $1.18 million. a. Assuming that the landfill is viewed as an enterprise fund, what journal entries are made in 2017 and 2018 on the government-wide financial statements? b. Assuming that the landfill is reported within the general fund, what journal entries are made in 2017 and 2018 on the government- wide financial statements? c. Assuming that the landfill is viewed as an enterprise fund, what journal entries are made in 2017 and 2018 on fund financial statements? d. Assuming that the landfill is reported within the general fund, what journal entries are made in 2017 and 2018 on fund financial statements? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Assuming that the landfill is reported within the general fund, what journal entries are made in 2017 and 2018 on fund financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required A Required B Required C Required D Assuming that the landfill is viewed as an enterprise fund, what journal entries are made in 2017 and 2018 on the government-wide financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Debit Credit Record entry to recognize the Year 1 portion of total costs for eventual closure of landfill - Enterprise. Required B. 2 Record first payment of costs necessitated by eventual closure of landfill - Enterprise. 3 Record entry to recognize the Year 2 portion of total costs for eventual closure of landfill - Enterprise. 4 Record second payment of costs necessitated by eventual closure of landfill - Enterprise. Note : = journal entry has been entered Required A Required B Required C Required D Assuming that the landfill is reported within the general fund, what journal entries are made in 2017 and 2018 on the governi financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account fie View transaction list X 1 Record entry to recognize the Year 1 portion of total costs for eventual closure of landfill - General Fund. il closure 2 Record first payment of costs necessitated by eventual closure of landfill - General Fund. 3 Record entry to recognize the Year 2 portion of total costs for eventual closure of landfill - General Fund. Credit 4 Record second payment of costs necessitated by eventual closure of landfill - General Fund. Note : = journal entry has been entered Required A Required B Required C Required D Assuming that the landfill is reported within the general fund, what journal entries are made in 2017 and 2018 on fund finar statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record entry to recognize the Year 1 portion of total costs for eventual closure of landfill - Enterprise. I closure 2 Record first payment of costs necessitated by eventual closure of landfill - General Fund. 3 Record entry to recognize the Year 2 portion of total costs for eventual closure of landfill - Enterprise. Credit 4 Record second payment of costs necessitated by eventual closure of landfill - General Fund. Note : = journal entry has been entered On January 1, 2017, the City of Hastings created a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time, closure costs would be approximately $1.18 million plus an additional $870,000 for postclosure work. Of these totals, the city must pay $53,500 on December 31 of each year for preliminary closure work. At the end of 2017, the landfill reached 3 percent of capacity. At the end of 2018, the landfill reached 12 percent of capacity. Also at the end of 2018, a reassessment is made; total closure costs are determined to be $1.38 million rather than $1.18 million. a. Assuming that the landfill is viewed as an enterprise fund, what journal entries are made in 2017 and 2018 on the government-wide financial statements? b. Assuming that the landfill is reported within the general fund, what journal entries are made in 2017 and 2018 on the government- wide financial statements? c. Assuming that the landfill is viewed as an enterprise fund, what journal entries are made in 2017 and 2018 on fund financial statements? d. Assuming that the landfill is reported within the general fund, what journal entries are made in 2017 and 2018 on fund financial statements? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Assuming that the landfill is reported within the general fund, what journal entries are made in 2017 and 2018 on fund financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required A Required B Required C Required D Assuming that the landfill is viewed as an enterprise fund, what journal entries are made in 2017 and 2018 on the government-wide financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Debit Credit Record entry to recognize the Year 1 portion of total costs for eventual closure of landfill - Enterprise. Required B. 2 Record first payment of costs necessitated by eventual closure of landfill - Enterprise. 3 Record entry to recognize the Year 2 portion of total costs for eventual closure of landfill - Enterprise. 4 Record second payment of costs necessitated by eventual closure of landfill - Enterprise. Note : = journal entry has been entered Required A Required B Required C Required D Assuming that the landfill is reported within the general fund, what journal entries are made in 2017 and 2018 on the governi financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account fie View transaction list X 1 Record entry to recognize the Year 1 portion of total costs for eventual closure of landfill - General Fund. il closure 2 Record first payment of costs necessitated by eventual closure of landfill - General Fund. 3 Record entry to recognize the Year 2 portion of total costs for eventual closure of landfill - General Fund. Credit 4 Record second payment of costs necessitated by eventual closure of landfill - General Fund. Note : = journal entry has been entered Required A Required B Required C Required D Assuming that the landfill is reported within the general fund, what journal entries are made in 2017 and 2018 on fund finar statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record entry to recognize the Year 1 portion of total costs for eventual closure of landfill - Enterprise. I closure 2 Record first payment of costs necessitated by eventual closure of landfill - General Fund. 3 Record entry to recognize the Year 2 portion of total costs for eventual closure of landfill - Enterprise. Credit 4 Record second payment of costs necessitated by eventual closure of landfill - General Fund. Note : = journal entry has been entered
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started