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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.

Respuesta :

Answer:

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

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