Question
The City of Oxbow General Fund has the following net resources at year-end: l $199,000 unexpended proceeds of a state grant required by law to
The City of Oxbow General Fund has the following net resources at year-end:
l $199,000 unexpended proceeds of a state grant required by law to be used for health education.
l $7,000 of prepaid insurance.
l $600,000 rainy day fund approved by city council for use under specified circumstances.
l $200,000 budget stabilization fund to be used in the event of revenue shortfall.
l $275,000 provided for contractual obligations for capital projects.
l $26,000 unexpended proceeds of a tax required by law to be used for emergency 911 services.
l $1,559,000 total fund balance.
Required: Prepare the fund balance section of the Balance Sheet.
Step by Step Solution
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Step: 1
The fund balance section of the Balance Sheet for the City of Ox...
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Essentials of Accounting for Governmental and Not for Profit Organizations
Authors: Paul A. Copley
13th edition
125974101X, 978-1259741012
