Question
Problem 3: Fund balance classifications The following is selected information for the general fund of the Village of Hampton for 2021: Fund balance, December 31,
Problem 3: Fund balance classifications
The following is selected information for the general fund of the Village of Hampton for 2021:
- Fund balance, December 31, 2021, reported on the general fund statement of revenues, expenditures, and changes in fund balance: $151,600;
- Total assets at December 31, 2021, reported on the general fund balance sheet: $252,000 (included in the total for assets was $7,000 for office supplies and $15,000 for an advance to the water utility enterprise fund that is due in 2025);
- Total liabilities at December 31, 2021, reported on the general fund balance sheet: $82,000;
- Total deferred inflows of resources at December 31, 2021, reported on the general fund balance sheet: $18,400.
Additional information as of December 31, 2021:
- The Village received a cash grant of $76,000 from the Department of Homeland Security during 2021. The purpose of the grant was to train the Villages police force to combat terrorism. The grant has no time restrictions. The Village spent $58,000 of the grant during 2021.
- The Village received a reimbursement-driven grant from the State for $40,000. During 2021, the Village expended $36,000 of the grant, all of which was reimbursed by the State. The Village expects to spend an additional $4,000 to complete the grant project in 2022.
- The Village Board passed a resolution to use $14,000 of the Villages current financial resources to hire a search firm to find a new village manager in 2022.
- Based on the authority granted to the finance director by the Village Board, the finance director decided that it would be fitting to honor the military veterans living in the Village with a bronze memorial military figurine displayed in front of the Village hall. The estimated cost of the memorial is $10,000, and the finance director intends to contract the work to a local artist in 2022.
Required:
Prepare the fund balance section of the general fund balance sheet for the Village of Hampton at December 31, 2021.
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| Total fund balance |
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College Accounting A Contemporary Approach
Authors: David Haddock, John Price, Michael Farina
4th edition
978-1259995057, 1259995054, 978-0077503987, 77503988, 978-0077639730
