The General Fund of the village of Oxendine transferred $150,000 to a Special Revenue Fund; $35,000 to
Question:
The General Fund of the village of Oxendine transferred $150,000 to a Special Revenue Fund; $35,000 to a Capital Projects Fund; and $25,000 to Enterprise Fund A. In the same reporting period, Enterprise Fund B transferred $125,000 to the General Fund and $45,000 to Enterprise Fund C.
The General Fund would report on its Statement of Revenues, Expenditures, and Changes in Fund Balance
a. net transfers of ($85,000).
b. transfers to governmental funds of $185,000; special item reduction of $25,000; and transfers from other funds $125,000.
c. transfers in of $125,000 and transfers out of $210,000.
d. net transfers of ($40,000).
Step by Step Answer:
Governmental And Nonprofit Accounting Theory And Practice
ISBN: 9780132552721
9th Edition
Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,