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tinsel town had the following long-term liabilities at year-end: revenue bonds to be repaid from tolls collected by the superhighway enterprise fund $250,000 general obligation bonds issued for the tinsel town water utility, which will service the debt 200,000 what amount should be recorded as long-term liabilities in the proprietary fund financial statements?



Answer :

Amount should be recorded as long-term liabilities in the proprietary fund financial statements is $451000.

In property fund financial statements,

Revenue bonds which are to be paid from enterprise fund and General obligation bonds issued for specific purpose should treated as long term liabilities, means which are payable after one or more years.

Therefore,

Amount of Long-term liabilities

= $250400+$200600

= $451000

Long-time period liabilities, additionally known as long-time period money owed, are money owed a employer owes third-birthday birthday celebration lenders which are payable past 12 months.  This distinguishes them from present day liabilities, which a employer have to pay inside 12 months. On the stability sheet, long-time period liabilities seem alongside present-day liabilities.

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