You recently agreed to make a presentation to an accounting class at your alma mater. Your topic will be governmental financial reporting. Review the financial statements for the Internal Service Funds in this chapter, and contrast them with the statements prepared for the Capital Projects Funds in Chapter 6. Identify similarities and differences between these statements as the basis for your presentation.
Answer to relevant QuestionsThe mayor asks you to help establish the pricing policy for the city’s only Internal Service Fund, the Printing Fund. The mayor has decided that all city agencies must use the Printing Fund (which will have salaried ...A city used an Enterprise Fund to provide electricity services to the General Fund and its citizens. A total of $ 50,000 was billed to the General Fund and collected 30 days later. Prepare the journal entries necessary to ...The following transactions relate to the City of Monticello for the fiscal year ended June 30, 2013. Prepare (a) All the journal entries necessary to record these transactions, and identify the fund( s) used. Also, prepare ...Leisure City has an Electric Utility Enterprise Fund (EUEF) that provides electric power to its residents and to city agencies. Following is the EUEF opening trial balance at January 1, 2013 (all amounts are in thousands of ...Is an operating statement prepared for an Agency Fund? Why or why not?
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