During the Fiscal Year Ended September 30,2017,the Following Transactions (Summarized)occurred

question 37

Essay

During the fiscal year ended September 30,2017,the following transactions (summarized)occurred in the Town of Berthoud Information Technology Internal Service Fund:
(summarized)occurred in the Berthoud Information Technology Internal Service Fund:
1.Employees were paid $290,000 wages in cash.
2.Utility bills received from the Town of Fredericksburg's Utility Fund during the year amounted to $23,500.
3.Office expenses paid in cash during the year amounted to $10,500.
4.Service supplies purchased on account during the year totaled $157,500.
5.Parts and supplies used during the year totaled $152,300 (at cost).
6.Charges to departments during the fiscal year were as follows:
General Fund $308,700
Street Fund 279,300
7.Payments to the Utility Fund totaled $21,800.
8.Annual depreciation totaled $30,000 for machinery and equipment.

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Definitions:

Balanced Funds

Mutual funds that invest in a mix of asset classes, typically stocks and bonds, aiming for a balance between risk and return.

Equities

Shares of stock representing ownership interests in companies, offering potential for capital gains and dividends.

Fixed-income Securities

Financial instruments that pay a fixed amount of income, usually in the form of interest or dividends, like bonds or preferred stocks.

Pass-through Status

A business structure that allows profits to be passed directly to owners or shareholders without being subject to corporate taxes.