For what types of activities are internal service funds used to account? Provide several examples. Is a
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City of Kingsland Statement of Revenues, Epenses, and Changes in Vel Position Proprielary Funds Year Ended December 31, 2015 Golf Course Internal Service Funds Utility Totals eventes Fees and charges 18,127,813 S2,144,417 20,272,230 $24,409,862 1,706,818 20.278,352 26116,080 6,12261 Total operating revenues 18,127,813 2,150,53920,278,352 Operating expenses: Wages and salaries Contractual services Utilities Repairs and maintenance 5,440,894 551,075 1,206,571 1,195,704 797,141 1,219,757 153,651 161,162 103,387 27,390 6.660,651 704,726 1,367,733 1,299,091 824,531 6,651,450 935,034 343,699 3,136,784 375,112 12,806,858 2.732,594 26,981,531 Insurance claims and expenses 1,861,024 11,052,4w 2 728,302 3.585,034 ciation 867,278 532,62 rotal operating expenses Operating income (loss) (382,086) 6,693.318 (864.851) Interest and dividends Other revenues Interest expense Miscellancous expense 962,158 167,880 (2,561,328) (,866,474)(4427,802) 74,954) 727,668 234,490 167,880 215,573 33,368 (66,586) (74,954) Total nonoperating revenue (expenses)(L833,06 Net income (loss) before contributions 539,058.372,718)_192,250 and transfers Capital contributions (1,921,144) ,101) 30,061 5,241,744 2,633,470 7,411,214 $133,905,039 3,320,600 2,633,470 02,254 214 259,398)585 338,254 Change in net assets Tol net position-beginning Total net position-ending 5,151,816 131758,895 126,494,42 ,005,59 4,791,506 5,02 $13,910,
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Internal service funds are used to account for governmental units or departments that provide goods ...View the full answer
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Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
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