A city issues a 60-day tax anticipation note to fund operations until taxes have been collected. What recording should it make? Choose the correct.a. The liability should be reported in the government-wide financial statements; an other financing source should be shown in the fund financial statements.b. A liability should be reported in the government-wide financial statements and in the fund financial statements.c. An other financing source should be shown in the government-wide financial statements and in the fund financial statements.d. An other financing source should be shown in the government-wide financial statements; a liability is reported in the fund financial statements.
A city issues a 60-day tax anticipation note to fund operations until taxes have been collected. What recording should it make? Choose the correct.
a. The liability should be reported in the government-wide financial statements; an other financing
source should be shown in the fund financial statements.
b. A liability should be reported in the government-wide financial statements and in the fund financial statements.
c. An other financing source should be shown in the government-wide financial statements and in
the fund financial statements.
d. An other financing source should be shown in the government-wide financial statements; a liability is reported in the fund financial statements.
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