The following is selected information for the general fund of the Village of Hampton for 2021:Total assets at December 31, 2021, reported on the general fundbalance sheet (included in the total for assets is $7,000 for officesupplies and $15,000 for an advance to the water utility enterprisefund that is due in its entirety in 2025);v Total liabilities at December 31, 2021, reported on the general$252,000fund balance sheet82,000v Total deferred inflows of resources at December 31, 2021,reported on the general fund balance sheetv Fund balance, December 31, 2021, reported on the generalfund statement of revenues, expenditures, and changes in18,400fund balance151,600Additional information as of December 31, 2021:* The Village received a cash grant of $76,000 from the Department of Homeland Securityduring 2021. The purpose of the grant was to train the Village's police force to combatterrorism. The grant has no time restrictions. The Village spent $68,000 of the grant during2021.* The Village Board passed an ordinance to use $24,000 of the Village's current financialresources at December 31, 2021, to hire an engineering firm to do a study of the cost torepair the Village's roads and bridges;* Based on the authority granted to the finance director by the Village Board, the financedirector decided that it would be fitting to honor the military veterans living in the Villagewith a bronze memorial military figurine displayed in front of the Village hall. The estimatedcost of the memorial is $11,000, and the finance director intends to contract the work to alocal artist in 2022. Current financial resources at December 31, 2021, will be used to fundthe project.Required:Prepare the fund balance section of the general fund balance sheet for the Village of Hampton atDecember 31, 2021.

Note 1. There will not be any treatment to use $24,000of village current financial resources as that…

Answered: d $15,000

Business

Accounting

d $15,000

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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