5 1 • points • eBook • • • The City of Oxbow General Fund has the following net resources at year-end: $271,000 unexpended proceeds of a state grant required by law to be used for health education. $31,000 of prepaid insurance. $620,000 rainy day fund approved by city council for use under specified circumstances. $221,000 budget stabilization fund to be used in the event of revenue shortfall. $296,000 provided for contractual obligations for capital projects. $63,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. $1,658,000 total fund balance. Print 0 References Required: Prepare the fund balance section of the Balance Sheet. CITY OF OXBOW Partial Balance Sheet - General Fund As of December 31, 2020 Fund Balances Nonspendable Restricted Committed Assigned Unassigned Total Fund Balance 0
5 1 • points • eBook • • • The City of Oxbow General Fund has the following net resources at year-end: $271,000 unexpended proceeds of a state grant required by law to be used for health education. $31,000 of prepaid insurance. $620,000 rainy day fund approved by city council for use under specified circumstances. $221,000 budget stabilization fund to be used in the event of revenue shortfall. $296,000 provided for contractual obligations for capital projects. $63,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. $1,658,000 total fund balance. Print 0 References Required: Prepare the fund balance section of the Balance Sheet. CITY OF OXBOW Partial Balance Sheet - General Fund As of December 31, 2020 Fund Balances Nonspendable Restricted Committed Assigned Unassigned Total Fund Balance 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The City of Oxbow General Fund has the following net resources at year-end:
$271,000 unexpended proceeds of a state grant required by law to be used for health education.
$31,000 of prepaid insurance.
$620,000 rainy day fund approved by city council for use under specified circumstances.
$221,000 budget stabilization fund to be used in the event of revenue shortfall.
$296,000 provided for contractual obligations for capital projects.
$63,000 unexpended proceeds of a tax required by law to be used for emergency 911 services.
$1,658,000 total fund balance.
Print
0
References
Required:
Prepare the fund balance section of the Balance Sheet.
CITY OF OXBOW
Partial Balance Sheet - General Fund
As of December 31, 2020
Fund Balances
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total Fund Balance
0
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