Question

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.

Answer 1

C. Transfers of $80,000

Step-by-step 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