BC County opens a solid waste landfill that it expects to fill to capacity gradually over a 40-year period. At the end of the first year, it is 6 percent filled. At the end of the second year, it is 15 percent filled. Currently, the cost of closure and postclosure is estimated at $1 million. None of this amount will be paid until the landfill has reached 90 percent of its capacity. Required:
What is true for the Year 2 government-wide financial statement?

Expense will be $90,000 and liability will be $150,000

Explanation:

Year 2 liability is :

$1,000,000 * 15% = $150,000

Year 1 liability is :

$1,000,000 * 6% = $60,000

Expense for year 2 :

Year 2 liability - Year 1 liability

$150,000 - $60,000 = $90,000

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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answer; institution;