On January 1, 2020, the City of Hastings creates 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 $1.92 million plus an additional $650,000 for postclosure work. Of these totals, the city must pay $56,500 on December 31 of each year for preliminary closure work. At the end of 2020, the landfill reaches 4 percent of capacity. At the end of 2021, the landfill reaches 13 percent of capacity. At the end of 2021, a reassessment is made. Experts determine total closure costs will be $2.12 million rather than $1.92 million. Required:
a. Assuming that the landfill is viewed as an enterprise fund, what journal entries are made in 2015 and 2016 on the government-wide financial statements?
b. Record entry to recognize the year 1 portion of total costs for eventual closure of landfill
c. Record first payment of costs necessitated by eventual closure of landfill

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)

Aminor has the legal right to repudiate

What type of budget is stated? a budget is a type of financial report that scrutinizes the inflow and outflow of money in a given financial year.