Multiple Choice
Pulling County has a December 31 fiscal year-end.In November, the County borrowed $8 million from a local bank, due in six months at 6% interest, to finance general government operations.The county pledges property tax revenues to secure the loan.At year-end, how should the bank note be displayed in the governmental fund financial statements?
A) Nothing in the General Fund; Nothing in a Schedule of Changes in Long-Term Obligations.
B) General Fund--$8 million in Other Financing Sources; Nothing in a Schedule of Changes in Long-Term Obligations.
C) General Fund--$8 million in Other Financing Sources; $8 million in a Schedule of Changes in Long-Term Obligations.
D) General Fund--$8 million in Notes Payable; Nothing in a Schedule of Changes in Long-Term Obligations.
Correct Answer:
Verified
Correct Answer:
Verified
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