Question
A county capital projects fund receives resources of $9,000,000 from a bond issue and a state grant of $20,000,000, to build an administration building. Both
A county capital projects fund receives resources of $9,000,000 from a bond issue and a state grant of $20,000,000, to build an administration building. Both funding sources are externally restricted to the capital project. During the year contracts are signed for $23,000,000. Contractors submit bills for $12,000,000 and the county pays $11,000,000. At year-end, how does the capital projects fund report fund balance?
Restricted $11,000,000, committed $11,000,000
Restricted $10,000,000, committed $11,000,000
Restricted $17,000,000
Restricted $18,000,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started