An Internal Service Fund Had the Following Transactions During the Year

question 11

Multiple Choice

An internal service fund had the following transactions during the year ended June 30,20X9,its first year of existence:
(1) Received $1,000,000 contribution from the general fund.
(2) Acquired fleet of cars for $950,000,paying cash.
(3) Billed departments in other funds $500,000 for using cars.
(4) Incurred operating costs,exclusive of depreciation,of $240,000.
(5) Depreciation expense amounted to $250,000.
-Refer to the above information.On the internal service fund's balance sheet at June 30,20X9,net assets-unrestricted should be reported at:

• A)$260,000.
• B)$310,000.
• C)$550,000.
• D)$1,250,000.

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