Chap018-baker 12

Chap018-baker 12 - (45,000) Depreciation Expense (40,000)...

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Chapter 18 - Governmental Entities: Special Funds and Government-Wide Financial Statements 18-12 E18-4 Multiple-Choice Questions on Various Funds 1. c The additions - investment earnings include the $50,000 of dividends and the $35,000 of interest earned. The contribution is reported as an addition - contributions. 2. a The entries in the trust fund to record the resources spent would appear as follows: Deductions - Benefits 75,000 Vouchers Payable 75,000 Vouchers Payable 75,000 Cash 75,000 3. d 4. d Income is determined as follows: Revenue – Charges for Services $100,000 Operating Expenses
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Unformatted text preview: (45,000) Depreciation Expense (40,000) Interest Expense (5,000) Income $ 10,000 5. c The assets at June 30, 20X7 appear as follows: Cash $ 96,000 Due from Other Funds 7,000 Computer Equipment (net) 610,000 Total Assets $713,000 6. b This is an example of an interfund services provided or used transaction. The general fund would debit expenditures. 7. a This is an example of an interfund services provided or used transaction. The enterprise fund would debit operating expenses. 8. b The net assets would be for the $600,000 transfer in plus the $10,000 of income for the period....
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