The debt service fund makes a $10,000,000 payment on the principal of general obligation long-term debt. How is this reported on the financial statements of the debt service fund?

Expenditure on the statement of revenues, expenditures and changes in fund balances

Expenditure on the statement of revenues, expenditures and changes in fund balances, and long-term debt on the balance sheet will be lower

Long-term debt on the balance sheet will be lower

Outflow of cash for financing on the statement of cash flows, and long-term debt on the balance sheet will be lower

An enterprise fund buys equipment for $4,000,000. The equipment has a 4-year estimated life, straight-line, no residual value. The equipment is sold after 3 years for $200,000. Which statement is true regarding the reporting for the sale in the enterprise fund's operating statement?

$800,000 loss is reported in the non-operating section.

$200,000 proceeds are reported as other financing sources.

$800,000 loss is reported as other financing uses.

$200,000 proceeds are reported in the revenues section.

A sales tax is shared 50-50 between the county and the state. Businesses pay the county the full amount of the tax, and the county distributes half of the tax to the state. The county reports activities regarding the states share of the sales tax in a custodial fund. During 2020, the county collects $2,750,000 in sales taxes that belong to the state, and distributes $2,500,000 to the state. How are these activities reported on the operating statement of the countys custodial fund?

Additions of $2,750,000 and deductions of $2,750,000

Additions of $2,750,000 and deductions of $2,500,000

Net additions of $250,000

Not reported

Landfill operations may be reported in a governmental fund or a proprietary fund. Assume an operating landfill is estimated to be 40 percent filled. Total expected future costs of closure and post-closure care are estimated at $5,000,000. Which statement below is true?

If the landfill is reported in a governmental fund, the total liability for future closure and post-closure costs is reported at $2,000,000.

If the landfill is reported in a governmental fund, the total liability for future closure and post-closure costs is reported at zero.

If the landfill is reported in a proprietary fund, and previously reported closure and post-closure costs are $1,000,000, the total liability for future closure and post-closure costs is reported at $3,000,000.

If the landfill is reported in a proprietary fund, the total liability for future closure and post-closure costs is reported at zero.