Question: Simonsen Village is a relatively new community At the start

Simonsen Village is a relatively new community. At the start of the year, the government had no long-term assets or liabilities. In fact, all of the infrastructure (e. g., roads) in the village are owned by the county or state rather than the town. However, the village government has the primary responsibility for putting out fires in the village. Transactions 6 and 7 for Simonsen Village, described in Problem 13-4, both relate to the town’s new fire truck.
Exhibit 13-4 presents January 1, 2014, for Simonsen Village’s account. These balances at balances the start of the year were the same on both the modified accrual and accrual bases.

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  • CreatedDecember 19, 2014
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