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The dual objectives of assessing inter period

The dual objectives of assessing inter period equity and ensuring budgetary compliance may necessitate different accounting practices. A city engages in the transactions that follow. For each transaction indicate the amount of revenue or expenditure that it should report in 2014. Assume ?rst that the main objective of the ?nancial statements is to enable users to assess budgetary compliance. Then calculate the amounts, assuming that the main objective is to assess inter period equity. The city prepares its budget on a ‘‘modi?ed’’ cash basis (that is, it expands the de?nition of cash to include short-term marketable securities), and its ?scal year ends on December 31.1. Employees earned $128,000 in salaries and wages for the last ?ve days in December 2014. They were paid on January 8, 2015 2. A consulting actuary calculated that per an accepted actuarial cost method, the city should contribute $225,000 to its ?re?ghters’ pension fund for bene?ts earned in 2014. However, the city contributed only $170,000, the amount budgeted at the start of the year.3. The city acquired three police cars for $35,000 cash each. The vehicles are expected to last for three years.4. On December 1, 2014, the city invested $99,000 in short-term commercial paper (promissory notes). The notes matured on January 1, 2015. The city received $100,000. The $1,000 difference between the two amounts represents the city’s return (interest) on the investment.5. On January2, 2014, the city acquired a new $10million of?ce building, ?nancing it with 25-year serial bonds. The bonds are to be repaid evenly over the period they are outstanding—that is, $400,000peryear.Theuseful life of the building is 25 years.6. On January 3, 2014, the city acquired another $10 million of?ce building, ?nancing this facility with 25year term bonds. These bonds will be repaid entirely whentheymatureonJanuary1, 2039. The useful life of this building is also 25 years.7. City restaurants are required to pay a $1,200 annual license fee, the proceeds of which the city uses to fund its restaurant inspection program. The license covers the periodJuly1throughJune30.In2014thecitycollected $120,000infeesforthelicenseperiodbeginningJuly1, 2014.8. Thecityborrowed$300,000inNovember2014tocover a temporary shortage of cash. It expects to repay the loan in February 2015

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