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Using the details below, how do I arrive at assigned and unassigned amounts to enter into the Balance Sheet? The City of Oxbow General Fund

Using the details below, how do I arrive at assigned and unassigned amounts to enter into the Balance Sheet?

The City of Oxbow General Fund has the following net resources at year-end:

  • $255,000 unexpended proceeds of a state grant required by law to be used for health education.
  • $16,000 of prepaid insurance.
  • $605,000 rainy day fund approved by city council for use under specified circumstances.
  • $206,000 budget stabilization fund to be used in the event of revenue shortfall.
  • $281,000 provided for contractual obligations for capital projects.
  • $33,000 unexpended proceeds of a tax required by law to be used for emergency 911 services.
  • $1,629,000 total fund balance.

Required:

Prepare the fund balance section of the Balance Sheet.

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