Report Internal Service Fund activity in government-wide financial statements Relver County has an Internal Service...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Report Internal Service Fund activity in government-wide financial statements Relver County has an Internal Service Fund (ISF) that operates a motor pool for various county agencies, all of which receive appropriations from the General fund. The amounts billed by the ISF during 2012 were: General government programs $60.000 Public safety programs $10,000; and Social services prcerams $30.000. These amounts are induded in the total expenditures reported in the fund financial statements for each program. Following is a condensed 1ISF operating statement Charges for services Operating expenses Operating income Nonoperating expenses Change in net position Net position, beginning of period Net position, end of period $120,000 80,000 40,000 30,000 190,000 $210,000 Required: Calculate how much Regina County should report as motor pool transpertation expenses for each of its programs in its 2012 government-wide statement of activities a. b. Assume the ISF assets are: Cash of $20,cox0, and Capital assets, net of depreciation, of $180,000. Describe how the 1SF assets are broughe into the government-wide financial statements
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
