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Category > Accounting Posted 29 Jul 2017 My Price 11.00

Town of Thomaston

The Town of Thomaston has a Solid Waste Landfill Enterprise Fund with the following trial balance as of January 1, 2012, the first day of the fiscal year.

 

 

Cash

Debits

$2,380,000

  

Credits

Supplies: diesel fuel

120,000

    

Equipment

7,100,000

    

Accumulated depreciation

    

2,600,000

Accounts payable

    

130,000

Accrued closure and postclosure care costs

      

payable

    

2,080,000

Net assets

    

4,790,000

Totals

$9,600,000

  

$9,600,000

During the year, the following transactions and events occurred:

  1. Citizens and trash companies dumped 500,000 tons of waste in the land- fill, which charges $5.50 a ton payable in cash.

  2. Diesel fuel purchases totaled $343,000 (on account).

  3. Accounts payable totaling $430,000 were paid.

  4. Diesel fuel used in operations amounted to $405,000.

  5. Depreciation was recorded in the amount of $735,000.

  6. Salaries totaling $75,000 were paid.

  7. Future costs to close the landfill and postclosure care costs are expected to total $76,250,000. The total capacity of the landfill is expected to be 25,000,000 tons of waste.

Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund Net Assets for the year ended December 31, 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 01:07 PM My Price 11.00

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