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The city council of the City of Melbourne becomes concerned about the economic viability of the health club enterprise fund and votes to transfer $325,000 to the health club enterprise fund for ongoing operations to be repaid to the general fund (without interest) during the following fiscal year.
Problem 1: What is the classification on the Cash Flow Statement?
Problem 2: The City of Melbourne has created an enterprise fund to provide recreational activities for the community through a city owned health club. Listed below are transactions related to the City of Melbourne Health Club. Prepare the following assorted journal entries for the health club and classify each transaction on the proprietary fund's cash flow statement - Operating, Investing, Capital Financing, Non-Capital Financing, or None.
ulio has no other capital gain transactions during the year. What amount of the capital loss may Julio deduct in the current year in the following situations
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