Jamestown adopted the provisions of GASB 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, for its financial statements issued for the year ended December 31, 2005. During the year ended December 31, 2005, Jamestown had the following selected transactions:
- The general fund made a $100,000 advance to an internal service fund. The internal service fund will repay the advance in 2006.
- The water utility enterprise fund billed the general fund $25,000 for water usage.
- The general fund transferred $30,000 to a debt service fund to pay interest on general obligation bonds.
On Jamestown’s government-wide statement of activities for the year ended December 31, 2005, what amount should be reported for transfers?
- $125,000
- $ 55,000
- $0
- $130,000