Use the following information for Problems 7, 8, and 9 A city starts a solid waste landfill that it expects to fill to capacity gradually over a 10-year period. At the end of the first year, it is 8 percent filled. At the end of the second year, it is 19 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 its capacity.
Problems :
7. Which of the following is true for the Year 2 government-wide financial statements?
a. Both expense and liability will be zero. b. Both expense and liability will be $110,000. c. Expense will be $110,000 and liability will be $190,000. d. Expense will be $100,000 and liability will be $200,000.
Problems :
8. If this landfill is judged to be a proprietary fund, what liability will be reported at the end of the second year on fund financial statements?
a. $–0– b. $110,000 c. $190,000 d. $200,000
Problems :
9. If this landfill is judged to be a governmental fund, what liability will be reported at the end of the second year on fund financial statements?
a. $–0– b. $110,000 c. $190,000 d. $200,000
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