ACC-410-Homework-Ch-8

Apr 30th, 2015
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In the government wide statements the BAN would be considered as liability regardless of whether the state was able to convert. When the state were able to convert, the bond will be shown with other long term liabilities; if not it will be shown with other short term liabilities.

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Leah PasternakGovernment & Not for Profit ACC410Chapter 8: Governmental Activities Long-Term Activities - Homework Submission8-41. Cash$200 million Other financing sources proceeds from$200 million Issuance of long term debt 2. No entry would be required in a government fund to record the conversion of the BANs to actual long term bonds.3. Other financing sources proceeds from$200 millionIssuance of long term debt BANs payable$200 million (To record the BAN as current fund liability)4. In the government wide statements the BAN would be considered as liability regardless of whether the state was able to convert. When the state were able to convert, the bond will be shown with other long term liabilities; if not it will be shown with other short term liabilities. 8-7 1a. Future liabilities arising out of earned leave would not need to be recorded in the government fund statement, they would only need to be recorded when payment becomes due. b. Legal suit which resulted in the school district having a liability of $3 million to be paid by Dec. 31, 2014, however this would not be payable in the current year so no recordi

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