Question

During 2017, the Gateway City government recorded a $15,000 transfer from the General Fund to an internal service fund; a $25,000 transfer from the General Fund to an enterprise fund; a $10,000 transfer from an enterprise fund to an internal service fund, and a $5,000 transfer from an enterprise fund to the General Fund. In the Business-type Activities column of the government-wide financial statements, Gateway City should report:
a. Net transfers out of $5,000.
b. Net transfers in of $10,000.
c. Net Transfers in of $25,000.
d. Net Transfers in of $35,000.

Answer 1

B. Net transfers out of $10,000