The General Fund has a transfer out to a Debt Service Fund of $32,000 and a transfer in from an Electric Utility Enterprise Fund of $48,000. The Debt Service Fund has a transfer in from the General Fund of $32,000, and the Electric Utility Enterprise Fund has a transfer out to the General Fund of $48,000. What will be the amount of transfers reported in the government-wide statement of activities? Select one: A. Transfers of $32,000 B. Transfers of $48,000 C. Transfers of $80,000 D. No transfers are reported.

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Toodles

2 May, 08:50

The General Fund has a transfer out to a Debt Service Fund of $32,000 and a transfer in from an Electric Utility Enterprise Fund of $48,000. The Debt Service Fund has a transfer in from the General Fund of $32,000, and the Electric Utility Enterprise Fund has a transfer out to the General Fund of $48,000. What will be the amount of transfers reported in the government-wide statement of activities? Select one: A. Transfers of $32,000 B. Transfers of $48,000 C. Transfers of $80,000 D. No transfers are reported.

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Karissa Ingram · Answer 1

C. Transfers of $80,000

Explanation:

The General Fund transfer out - $32,000 Electric Utility Enterprise Fund in + $48,000

Net transfer $16,000

Debt Service Fund in + $32,000

Electric Utility Enterprise Fund out - $48,000

The amount of transfers reported in the government-wide statement of activities is total of $32,000 transfer out of the General Fund to Debt Service Fund and $48,000 transfer from Electric Utility Enterprise Fund to the General Fund = $80,000