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the county of san luis obispo california maintains a garage internal service fund th 4243871

The County of San Luis Obispo, California, maintains a Garage Internal Service Fund. The following account captions appear on the County’s preclosing trial balance as of June 30, 20X6: Accounts Amount1. Inventory ……………….. $ 48,0002. Charges for current services ………… 4,630,0003. Depreciation expense …………..1,128,0004. Accounts payable ……………. 144,0005. Unrestricted net position …………. 2,774,0006. Accrued payroll …………….. 37,0007. Capital assets, net of accumulated depreciation …. 3,656,0008. Net investment in capital assets ……….. 3,943,0009. Salaries and benefits expense ……….. 1,011,00010. Interest income ……………. 85,00011. Cash and cash equivalents …………. 2,978,00012. Transfers out ……………. 26,00013. Deferred refunding amount (credit) ……. 47,000Required1. Using the key below, identify where each of the preceding accounts and amounts would appear on the Internal Service Fund’s financial statements.A. Statement of Net Position – Current AssetsB. Statement of Net Position – Noncurrent AssetsC. Statement of Net Position – Deferred Outflows of ResourcesD. Statement of Net Position – Current LiabilitiesE. Statement of Net Position – Noncurrent LiabilitiesF. Statement of Net Position – Deferred Inflows of ResourcesG. Statement of Net Position – Net PositionH. Statement of Revenues, Expenses, and Changes in Fund Net Position – Operating RevenuesI. Statement of Revenues, Expenses, and Changes in Fund Net Position – Operating ExpensesJ. Statement of Revenues, Expenses, and Changes in Fund Net Position – Nonoperating Revenues (Expenses)K. Statement of Revenues, Expenses, and Changes in Fund Net Position – Other Categorizations2. The Garage Fund is one of four Internal Service Funds reported by the County of San Luis Obispo. Where in the Comprehensive Annual Financial Report should the individual financial information for the Garage Fund be reported and why?View Solution:
The County of San Luis Obispo California maintains a Garage

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