The construction of a bike path in Bay City was accounted for in a capital projects fund. $$\begin{array}{l}
\text { Financing for the project came from the following sources: }\
\begin{array} { l l }
\text { Transfer from Bay City's general fund } & \$ 10,000 \
\text { Proceeds from general obligation bond issue } & \$ 100,000 \
\text { Grant from state government } & \$ 50,000
\end{array}
\end{array}$$ Which of the following amounts should appear in this year's governmental funds statement of revenues,expenditures,and changes in fund balances for other financing sources?
A)$160,000
B)$110,000
C)$100,000
D)$10,000
E)$60,000

Question

The construction of a bike path in Bay City was accounted for in a capital projects fund. $$\begin{array}{l}
\text { Financing for the project came from the following sources: }\
\begin{array} { l l } 
\text { Transfer from Bay City's general fund } & \$ 10,000 \
\text { Proceeds from general obligation bond issue } & \$ 100,000 \
\text { Grant from state government } & \$ 50,000
\end{array}
\end{array}$$ Which of the following amounts should appear in this year's governmental funds statement of revenues,expenditures,and changes in fund balances for other financing sources?
A)$160,000
B)$110,000
C)$100,000
D)$10,000
E)$60,000

Quizplus · Accepted Answer

Other financing sources include transfers and bond issue proceeds, but do not include grants. Therefore, the total for other financing sources would be $10,000 (transfer from general fund) + $100,000 (proceeds from bond issue) = $110,000. Option B is the closest amount to this total.

The Construction of a Bike Path in Bay City Was