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    The city of Pfeiffer started 2010 with $5,000 in principal and $9,000 in interest on a note. It accrued $13,000 in interest on the note by the end of 2010. The city includes a museum in its financial statements as a discretely presented component unit. In 2010, the museum had $42,000 in direct expenses and $50,000 in revenues, with $24,000 in cash, a $300,000 building (net of depreciation), and a $210,000 long-term liability at year-end.

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    The city of Pfeiffer started 2010 with $5,000 in principal and $9,000 in interest on a note. It accrued $13,000 in interest on the note by the end of 2010. The city includes a museum in its financial statements as a discretely presented component unit. In 2010, the museum had $42,000 in direct expenses and $50,000 in revenues, with $24,000 in cash, a $300,000 building (net of depreciation), and a $210,000 long-term liability at year-end.

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    7 views1 page

    Unlock Answers Here Solutiondone - Online

    Uploaded by

    trilocksp Singh
    The city of Pfeiffer started 2010 with $5,000 in principal and $9,000 in interest on a note. It accrued $13,000 in interest on the note by the end of 2010. The city includes a museum in its financial statements as a discretely presented component unit. In 2010, the museum had $42,000 in direct expenses and $50,000 in revenues, with $24,000 in cash, a $300,000 building (net of depreciation), and a $210,000 long-term liability at year-end.

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    of 1

    $5,000 principal and $9,000 interest.t.

    Accrues interest of $13,000 on the note in (g) as of the


    end of 2010, an amount that it will pay in June 2011.u. Assumes that a museum that operates
    within the city is a component unit that will be discretely presented. The museum reports to city
    officials that it had $42,000 of direct expenses this past year and $50,000 in revenues from
    admission charges. The only assets that it had at year-end were cash of $24,000, building (net
    of depreciation) of $300,000, and a long-term liability of $210,000.Prepare the 2010 government-
    wide financial statements for this city. Assume the use of the modified approach.View Solution:
    The City of Pfeiffer starts the year of 2010 with
    SOLUTION-- http://solutiondone.online/downloads/the-city-of-pfeiffer-starts-the-year-
    of-2010-with/

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