User Account

All Pages

What will be reported on government-wide financial statement

Assignment Help Accounting Basics
Reference no: EM131759510

Question: On January 1, 2015, a rich citizen of the Town of Ristoni donates a painting valued at $300,000 to be displayed to the public in a government building. Although this painting meets the three criteria to qualify as an artwork, town officials choose to record it as an asset. There are no eligibility requirements for the gift. The asset is judged to be inexhaustible so that depreciation will not be reported.

a. For the year ended December 31, 2015, what will be reported on government-wide financial statements in connection with this gift?

b. How does the answer to part (a) change if the government decides to depreciate this asset over a 10-year period using straight-line depreciation?

c. How does the answer to part (a) change if the government decides not to capitalize the asset?

Reference no: EM131759510

Questions Cloud

Why do people in developed economies : Why do people in developed economies (high education rates, relatively high incomes, access to the internet, libraries, and other media) need a nudge?
Ethanol requirement for gasoline in the midwestern : What do you think would happen to the corn market if the government dropped its ethanol requirement for gasoline in the Midwestern U.S.?
Create a list that shows how many times sku1 was sold : Create a list that shows how many times sku1 was sold with sku2, with sky 3, with sku4, etc. through sku9 with sku10.
What is the social issue or need of the given organization : What is the social issue/need of this organization? What is the broader impact of the issue this organization addresses regionally, nationally and/or globally?
What will be reported on government-wide financial statement : For the year ended December 31, 2015, what will be reported on government-wide financial statements in connection with this gift?
Smuggling of cigarettes across state lines : Are there any estimates of increased smuggling of cigarettes across state lines as a result of the California tax increase?
Discuss what is the average actual wage rate : What is the cost of an installation that takes $3,360 of direct materials and 30 direct labor hours
Strong in states with right to work laws : How do "right to work" laws operate? Is there evidence that unions are less strong in states with "right to work" laws?
What is a common pool resource : The ocean, air, and climate could be thought of as a "common pool resource."

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd