Question

Based on the following data relating toThe Lucy Township: Printing and binding used equipment for servicing all of Lucy's departments . and agencies on a cost-reimbursement basis - $120,000 Equipment used for supplying water to Lucy's residents - $ 900,000 Amounts receivable for completed sidewalk to be paid for in installments by property owners - $950,000 Cash received from federal government, restricted to highway maintenance which is accounted for in a separate fund - $995,000 1. What amount must be accounted for in a special revenue fund or funds? 2. What amount must be accounted for in an enterprise fund? 3. What amount might be accounted for in an internal service fund?

Answer 1

Answer:

1. What amount must be accounted for in a special revenue fund or funds? = $995000

2. What amount must be accounted for in an enterprise fund? = $900000

3. What amount might be accounted for in an internal service fund? = $120000

Explanation:

kindly check the attachment for detailed explanation on how the answers were gotten.