Question

A government has the following liabilities at the end of the year: General obligation bonds Compensated absences Salaries payable $1,500,00 120,000 40,000 What amount of liabilities should be reported in the governmental activities column of the government-wide statement of net position

Answer 1

What should be reported is $1660000

Step-by-step explanation:

Solution

Given that:

Thus

General obligation bonds=$1,500000

Compensated absences=$120,000

Total liabilities in the governmental activities column=$1660000

Therefore, the amount $1660000 should be reported in the governmental activities column of the government-wide statement of net position.