3-2. The City of Galena General Fund has the following net resources at year-end: $1,775,000 total fund balance. . . Basis and GAAP clearly explained? $4,000 of prepaid insurance. . $500,000 rainy day fund approved by the city council for use under specified circumstances. $200,000 budget stabilization fund to be used in the event of a revenue shortfall. $275,000 provided for contractual obligations for capital projects. $34,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. Required: Prepare the fund balance section of the Balance Sheet. . . $212,000 unexpended proceeds of a state grant required by law to be used for health education. Page 76

3-2. The City of Galena General Fund has the following net resources at year-end: $1,775,000 total fund balance. . . Basis and GAAP clearly explained? $4,000 of prepaid insurance. . $500,000 rainy day fund approved by the city council for use under specified circumstances. $200,000 budget stabilization fund to be used in the event of a revenue shortfall. $275,000 provided for contractual obligations for capital projects. $34,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. Required: Prepare the fund balance section of the Balance Sheet. . . $212,000 unexpended proceeds of a state grant required by law to be used for health education. Page 76

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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