Interfund Transactions Interfund transfers of the general fund of Timberline County for 2020 follow. Required For each of the above interfund transfers, state how the transaction is reported on the general fund's balance sheet and/or statement of revenues, expenditures, and changes in fund balan 1. $2,000,000 advance to the Park Development special revenue fund, to permit initial expenditures under a project to be fully supported by a federal grant. 2. $1,500,000 to the Timberline County Fire Protection District (a special revenue fund) as the county's contribution to fire and emergency medical service activities for the year. 3. $500,000 from the Roads capital projects fund, unspent proceeds of a bond issue. 4. $3,000,000 to the County Hospital (enterprise fund), as the city's cost of services provided. 5. $2,900,000 to the Airport Fund (enterprise fund) to temporarily finance the maintenance of runways. ÷ 6. $2,000,000 from the Park Development special revenue fund, to repay the advance. ÷ + ÷

Interfund Transactions Interfund transfers of the general fund of Timberline County for 2020 follow. Required For each of the above interfund transfers, state how the transaction is reported on the general fund's balance sheet and/or statement of revenues, expenditures, and changes in fund balan 1. $2,000,000 advance to the Park Development special revenue fund, to permit initial expenditures under a project to be fully supported by a federal grant. 2. $1,500,000 to the Timberline County Fire Protection District (a special revenue fund) as the county's contribution to fire and emergency medical service activities for the year. 3. $500,000 from the Roads capital projects fund, unspent proceeds of a bond issue. 4. $3,000,000 to the County Hospital (enterprise fund), as the city's cost of services provided. 5. $2,900,000 to the Airport Fund (enterprise fund) to temporarily finance the maintenance of runways. ÷ 6. $2,000,000 from the Park Development special revenue fund, to repay the advance. ÷ + ÷

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 1MC: A donated fixed asset (from a governmental unit) for which the fair value has been determined should...

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Prepare a Balance Sheet for the governemental Funds assumiong all unexpended spendable net resources in the capital projects fund are classified as restricted and in the debt service fund are classified as assigned.
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Donor-restricted contributions that have been given to a VHWO for the purpose of purchasing fixed assets should be recorded as increases toa. Unrestricted Net Assets.b. Temporarily Restricted Net Assets.c. Permanently Restricted Net Assets.d. Fund Balance—Restricted.
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Defines the meaning of Capital Projects Fund and Debt Service Funds.
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Scope: Sources and Uses of Short-Term and Long-Term Funds
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