Montana State Lottery : Report On Audit of Financial Statements 1988

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Supply inventory is carried at cost and expensed as used.
Fixed Assets: Fixed assets are recorded at cost and depreciation or amortiz- ation is computed using the straight-line basis over the following estimated useful lives: Computer 6 years Software 5 years Vehicles 4 years Furniture and equipment 6-10 years Accounts Receivable: Accounts receivable represent amounts due the Lottery for purchased tickets. These amounts are electronically transfer- red within 7 to 14 days of ticket receipt. Bad
... debts are nominal and no allowance for doubtful accounts has been established.
Compensated Absences: State employees earn vacation leave ranging from 15 to 24 days per year depending on the individuals years of service.
Vacation leave may be accumulated to not exceed 2 times the maximum annual leave. Sick leave is earned at 12 days a year with no maximum accumulation. Upon retirement or termination, an employee is paid 100% for unused vacation and 25% for unused sick leave.
CASH ON DEPOSIT WITH STATE TREASURER Cash on deposit with State Treasurer is part of pooled cash in the state treasury which is not separately identifiable as to specific types of securities.


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