Question
The General Fund of Attmore County has a total fund balance of $1,062,500. The total includes the 4 items shown below. Taking account of those
The General Fund of Attmore County has a total fund balance of $1,062,500. The total includes the 4 items shown below. Taking account of those 4 items, prepare the fund balance section of its General Fund balance sheet. 1. Attmore uses the purchases method to record supplies acquisitions. Attmore considers its year-end inventory of $140,000 to be material. 2. During the year, the General Fund loaned the Internal Service Fund $125,000. The loan will be fully repaid to the General Fund in 3 years. 3. The General Fund received a federal grant of $125,000 to help Attmore plan for anti-terrorism activities. The grant has no time restrictions. At year-end, the General Fund had unspent resources of $50,000 under the grant. 4. In accordance with the authority delegated to him, the Attmore County manager decided to set aside $75,000 of the fund balance of the General Fund for future spending to upgrade its computer systems.
Fund balances: | ||
---|---|---|
Nonspendable fund balance | ||
Committed fund balance | ||
Restricted fund balance | ||
Assigned fund balance | ||
Unassigned fund balance | ||
Total fund balance |
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