Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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.
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