Following are some of Vista Village’s events during calendar year 2021. For each event,
state (a) the amount the Village would report as expenditures if the event occurred in
a governmental-type fund and (b) the amount it would report as expenses if the event
occurred in an Enterprise Fund.
1. An invoice in the amount of $13,000 for electricity services for the month of December
was received and paid in January, 2022.
2. The amount owed to employees for vacation and sick leave increased from $360,000
to $382,500 during the year. Employees are permitted to receive payment for unused
vacation and sick leave days when they retire; at year-end, however, none of the employees
had retired.
3. At December 31, 2021 interest accrued on outstanding long-term debt amounted
to $31,500. The interest was due to be paid on May 1, 2022.