Question: Sophie County allows its employees to earn 10 days of
Sophie County allows its employees to earn 10 days of vacation leave every year. It also allows employees to accumulate vacation leave and to receive cash for up to 20 days of leave on termination or retirement. Sophie’s annual appropriations for salaries include salaries plus a provision for cashed- out vacation leave payments to be made to those who are likely to retire during the year. However, Sophie does not make an appropriation for the accumulating vacation leave liability. In its government- wide financial statements for the year ended December 31, 2012, Sophie reported a liability of $ 215,000 for the accumulating vacation leave liability. Sophie’s finance officer estimated this liability to be $ 285,000 as of December 31, 2013. Prepare journal entries needed to adjust Sophie’s 2013 fund financial statements so government- wide statements can be prepared.
Answer to relevant QuestionsThomas County pays all the debt service on its long- term general obligation bonds on April 1 and October 1 of each year. Accrued interest on these bonds for the stub period October 1– December 31, 2012, was $ 75,000. ...The following information is taken from Hamilton Township’s December 31, 2013, trial balance after all adjustments were made for preparation of the government- wide financial statements. Hamilton Township has governmental ...Describe four financial statements prepared by federal agencies. A federal agency receives a separate appropriation for supplies. A large number of purchase orders marked “Rush” are processed in August. Because several clerks are on vacation, they are not recorded as obligations. The ...The Central Think Tank (CTT) receives a separate appropriation from Congress for the acquisition of advanced intelligence- gathering materials. The following is a summary of transactions affecting the CTT’s intelligence- ...
Post your question