The following information pertains to Grove City's interfund receivables and payables at December 31, Year 1: Due to special revenue fund from general fund | $10,000 | Due to agency fund from special revenue fund | 4,000 |
In Grove's special revenue fund balance sheet at December 31, Year 1, how should these interfund amounts be reported?
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a. | As an asset of $6,000. | |
b. | As an asset of $4,000 and a liability of $10,000. | |
c. | As a liability of $6,000. | |
d. | As an asset of $10,000 and a liability of $4,000. |
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