e Getting Started IMFSHEX Fidelty® Short.\" G Bessie Coleman\'s 12%. nu Reconcil

Question

e Getting Started IMFSHEX Fidelty® Short." G Bessie Coleman's 12%. nu Reconciliations to yield government-wide financial statements (landfill closure liability) The City of Captiva is preparing its government-wide financial statements from its fund financial statements. The City maintains a landfill for solid waste disposal and estimates that its total capacity is 11 million tons. At the end of the prior year, the City estimated that it had used 4 million tons and reported a liability for closure and postclosure costs of $4 million. During the year, the City estimates that it used an additional 1.500,000 tons of capacity. Closure and postclosure costs are expected to be $11 million when the Landfill reaches capacity. a. Calculate the current period cost. Current period cost s o b. What reconciliation entries must the City include in its government-wide financial statements relating to the Landfill Liability at the beginning of the year and as of the end of the year? Reconciliation Spreadsheet Debit Credit Description 0 1 To record BOY landfill liability for government-wide financial statement presentation

Explanation / Answer

Answer :-

(a) Calcuation of Current Cost :-

Current Cost = Estimated Postclosure Cost will be Current Cost

= $4 Million

(b) Particulares Debit Credit

Current Cost $4 Million

To Profit & Loss Account $4 Million

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