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IT. When its mission is completed,...

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Accounting

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IT. When its mission is completed, how is an internal service tund dissolved? 12. Internal Service Fund Reporting. (LO7-2) Financial statements for the Building Maintenance Fund, an internal service fund of Coastal City, are repro- duced here. No further information about the nature or purposes of this fund is given in the annual report. COASTAL CITY BUILDING MAINTENANCE FUND Balance Sheet As of December 31 Assets Assets Cash and investments Accounts receivable Inventory Prepaid expenditures $452,879 2.116 479,000 19,854 $953.849 Total assets Liabilities and Fund Equity Liabilities: Accounts payable Other accrued liabilities Accrued annual leave 35,675 109,099 227,369 372,143 Total liabilities Fund equity: Fund balance-unspendable Fund balance-unrestricted 479,000 102,706 $953,849 Total liabilities and fund equity

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