Business, 05.08.2019 17:30 almadimas16

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.

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Pulling county has a december 31 fiscal year-end. in november, the county borrowed $8 million from a...

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