This topic contains a solution. Click here to go to the answer

Author Question: A city's Internal Service Fund provides services only to general government departments. During the ... (Read 101 times)

Alygatorr01285

  • Hero Member
  • *****
  • Posts: 564
A city's Internal Service Fund provides services only to general government departments. During the year, the Internal Service Fund reports operating revenue of 100,000, operating expenses of 80,000 and interest income of 10,000 .
 
  What adjustments are needed to the governmental funds operating statement information to reflect these transactions in the statement of activities in the government-wide statement?
  A. Increase revenue by 110,000 and decrease expenses by 80,000.
  B. Increase revenue by 10,000 and decrease expenses by 20,000.
  C. Decrease expenses by 80,000 and increase revenue by 10,000.
  D. Decrease expenses by 30,000 and decrease revenue by 20,000.

Question 2

A government retired 5,000,000 of outstanding general obligation bonds when due. The government used 3,000,000 of proceeds from new bonds issued to provide resources for retiring the old bonds.
 
  The other 2,000,000 had been accumulated from tax and interest revenues over the years that the old bonds were outstanding. The government should report this transaction in its Debt Service Fund as
  A. Other financing uses of 5,000,000.
  B. Expenditures of 5,000,000.
  C. Other financing uses of 3,000,000 and expenditures of 2,000,000.
  D. Other financing uses of 2,000,000 and expenditures of 3,000,000.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

ricroger

  • Sr. Member
  • ****
  • Posts: 352
Answer to Question 1

B

Answer to Question 2

C




Alygatorr01285

  • Member
  • Posts: 564
Reply 2 on: Jul 5, 2018
Thanks for the timely response, appreciate it


Missbam101

  • Member
  • Posts: 341
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

Each year in the United States, there are approximately six million pregnancies. This means that at any one time, about 4% of women in the United States are pregnant.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

Today, nearly 8 out of 10 pregnant women living with HIV (about 1.1 million), receive antiretrovirals.

Did you know?

Blood in the urine can be a sign of a kidney stone, glomerulonephritis, or other kidney problems.

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

For a complete list of videos, visit our video library