Prepare the General Long-term Liabilities Note Disclosure - using the following
ID: 2491367 • Letter: P
Question
Prepare the General Long-term Liabilities Note Disclosure - using the following information
City of Springfield General Long-Term Liabilities Note Worksheet FY 20X4 Transactions Amounts Beginning Ref Ref Ending Due in Balance Increases # Decreases # Balance One Year Bonds and Notes Payable Bonds Payable 9,000,000 1,500,000 (500,000) 10,000,000 600,000 Premium on Bonds Payable 180,000 50,000 (3,330) 226,670 3,330 Capital Lease Payable - 80,000 80,000 10,000 Refunding Bonds Payable - - Total Bonds and Notes Payable 9,180,000 1,630,000 (503,330) 10,306,670 613,330 Other Long-Term Liabilities Claims and Judgments Payable 700,000 700,000 Compensated Absences Payable 220,000 20,000 240,000 Other Long-Term Liabilities 920,000 20,000 - 940,000 - Governmental Activities Long-Term Liabilities 10,100,000 1,650,000 (503,330) 11,246,670 613,330Explanation / Answer
General Long term libilities note Ending balance Amount due in one year Long term Liabilities City of springfield (Short term libilities) As on 2014 x y x-y Bonds and notes payable: Bonds Payable a 10,000,000 600,000 9,400,000 Premium on bonds Payable b 226,670 3,330 223,340 Capital Laese payable c 80,000 10,000 70,000 Total bonds and notes pyable d=a+b+c 10,306,670 613,330 9,693,340 Other long term liabilities: Claims and jusdgment payable e 700,000 0 700,000 Compensated absence payable f 240,000 0 240,000 Other long term liabilities g=e+f 940,000 0 940,000 Government Activities Long term payable d+g 11,246,670 613,330 10,633,340