The general fund of a city reports assets of $300,000 and liabilities of $200,000 in the fund

Question:

The general fund of a city reports assets of $300,000 and liabilities of $200,000 in the fund financial statements. Explain what is meant by each of the following balances: fund balance-nonspendable of $40,000, fund balance-restricted of $28,000, fund balance-committed of $17,000, fund balance-assigned of $4,000, and fund balance-unassigned of $11,000.