Problem 8-5 textbook page 360-361

For each of the following items, indicate whether and how the debt would be reported on a balance sheet of one of the citys governmental funds. If it would not be reported on a balance sheet of one of the citys governmental funds, then state whether it would be reported instead on the government-wide statement of net position or in notes to the financial statements. Insofar as you would need additional information to determine how the debt should be reported, specify such information and tell how it would affect the determination. Briefly justify your response.

1. Governmental Funds Statement Yes or No? ________If yes, report as _____________

Government-wide Statement of Net Position - Yes or No? ________If yes, report as _____________

Notes to Financial Statements Yes or No? ________

What additional information is needed? ______________________________________

_______________________________________________________________________

_______________________________________________________________________

Justification: ____________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

2. Governmental Funds Statement Yes or No? ________If yes, report as _____________

Government-wide Statement of Net Position - Yes or No? ________If yes, report as _____________

Notes to Financial Statements Yes or No? ________

What additional information is needed? ______________________________________

_______________________________________________________________________

_______________________________________________________________________

Justification: ____________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

3. Governmental Funds Statement Yes or No? ________If yes, report as _____________

Government-wide Statement of Net Position - Yes or No? ________If yes, report as _____________

Notes to Financial Statements Yes or No? ________

What additional information is needed? ______________________________________

_______________________________________________________________________

_______________________________________________________________________

Justification: ____________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

4. Governmental Funds Statement Yes or No? ________If yes, report as _____________

Government-wide Statement of Net Position - Yes or No? ________If yes, report as _____________

Notes to Financial Statements Yes or No? ________

What additional information is needed? ______________________________________

_______________________________________________________________________

_______________________________________________________________________

Justification: ____________________________________________________________

Problem 8-5 textbook page 360-361

For each of the following items, indicate whether and how the debt would be reported on a balance sheet of one of the citys governmental funds. If it would not be reported on a balance sheet of one of the citys governmental funds, then state whether it would be reported instead on the government-wide statement of net position or in notes to the financial statements. Insofar as you would need additional information to determine how the debt should be reported, specify such information and tell how it would affect the determination. Briefly justify your response.

1. Governmental Funds Statement Yes or No? ________If yes, report as _____________

Government-wide Statement of Net Position - Yes or No? ________If yes, report as _____________

Notes to Financial Statements Yes or No? ________

What additional information is needed? ______________________________________

_______________________________________________________________________

_______________________________________________________________________

Justification: ____________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

2. Governmental Funds Statement Yes or No? ________If yes, report as _____________

Government-wide Statement of Net Position - Yes or No? ________If yes, report as _____________

Notes to Financial Statements Yes or No? ________

What additional information is needed? ______________________________________

_______________________________________________________________________

_______________________________________________________________________

Justification: ____________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

3. Governmental Funds Statement Yes or No? ________If yes, report as _____________

Government-wide Statement of Net Position - Yes or No? ________If yes, report as _____________

Notes to Financial Statements Yes or No? ________

What additional information is needed? ______________________________________

_______________________________________________________________________

_______________________________________________________________________

Justification: ____________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

4. Governmental Funds Statement Yes or No? ________If yes, report as _____________

Government-wide Statement of Net Position - Yes or No? ________If yes, report as _____________

Notes to Financial Statements Yes or No? ________

What additional information is needed? ______________________________________

_______________________________________________________________________

_______________________________________________________________________

Justification: ____________________________________________________________