Author Question: The work sheet is a working paper that accountants can use to summarize adjusting entries and the ... (Read 97 times)

james0929 · **on:** Jul 5, 2018

The work sheet is a working paper that accountants can use to summarize adjusting entries and the account balances for the financial statements.
a. True
b. False

Indicate whether the statement is true or false

Question 2

An Internal Service Fund billed other departments 1,200,000 for services provided during the year.

Expenses of 700,000 for salaries, 250,000 for supplies and materials used, 100,000 for depreciation, and 100,000 for interest expenses were incurred. The fund received a 42,000 transfer from the General Fund during the year. The Internal Service Fund should report operating income for the year of
A. 50,000.
B. 92,000.
C. 150,000.
D. 192,000.