The County of San Luis Obispo California maintains a

Garage
The County of San Luis Obispo, California, maintains a Garage Internal Service Fund. The
following account captions appear on the County’s preclosing trial balance as of June 30,
20X6: Accounts Amount1. Inventory .................... $ 48,0002. Charges for current services
............ 4,630,0003. Depreciation expense ..............1,128,0004. Accounts payable ................
144,0005. Unrestricted net position ............. 2,774,0006. Accrued payroll ................. 37,0007.
Capital assets, net of accumulated depreciation .... 3,656,0008. Net investment in capital assets
........... 3,943,0009. Salaries and benefits expense ........... 1,011,00010. Interest income
................ 85,00011. Cash and cash equivalents ............. 2,978,00012. Transfers out ................
26,00013. Deferred refunding amount (credit) ....... 47,000Required1. Using the key below,
identify where each of the preceding accounts and amounts would appear on the Internal
Service Fund’s financial statements.A. Statement of Net Position – Current AssetsB. Statement
of Net Position – Noncurrent AssetsC. Statement of Net Position – Deferred Outflows of
ResourcesD. Statement of Net Position – Current LiabilitiesE. Statement of Net Position –
Noncurrent LiabilitiesF. Statement of Net Position – Deferred Inflows of ResourcesG. Statement
of Net Position – Net PositionH. Statement of Revenues, Expenses, and Changes in Fund Net
Position – Operating RevenuesI. Statement of Revenues, Expenses, and Changes in Fund Net
Position – Operating ExpensesJ. Statement of Revenues, Expenses, and Changes in Fund Net
Position – Nonoperating Revenues (Expenses)K. Statement of Revenues, Expenses, and
Changes in Fund Net Position – Other Categorizations2. The Garage Fund is one of four
Internal Service Funds reported by the County of San Luis Obispo. Where in the
Comprehensive Annual Financial Report should the individual financial information for the
Garage Fund be reported and why?View Solution: The County of San Luis Obispo California
maintains a Garage
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