d $15,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 fund
balance sheet (included in the total for assets is $7,000 for office
supplies and $15,000 for an advance to the water utility enterprise
fund that is due in its entirety in 2025);
v Total liabilities at December 31, 2021, reported on the general
$252,000
fund balance sheet
82,000
v Total deferred inflows of resources at December 31, 2021,
reported on the general fund balance sheet
v Fund balance, December 31, 2021, reported on the general
fund statement of revenues, expenditures, and changes in
18,400
fund balance
151,600
Additional information as of December 31, 2021:
* The Village received a cash grant of $76,000 from the Department of Homeland Security
during 2021. The purpose of the grant was to train the Village's police force to combat
terrorism. The grant has no time restrictions. The Village spent $68,000 of the grant during
2021.
* The Village Board passed an ordinance to use $24,000 of the Village's current financial
resources at December 31, 2021, to hire an engineering firm to do a study of the cost to
repair the Village's roads and bridges;
* Based on the authority granted to the finance director by the Village Board, the finance
director decided that it would be fitting to honor the military veterans living in the Village
with a bronze memorial military figurine displayed in front of the Village hall. The estimated
cost of the memorial is $11,000, and the finance director intends to contract the work to a
local artist in 2022. Current financial resources at December 31, 2021, will be used to fund
the project.
Required:
Prepare the fund balance section of the general fund balance sheet for the Village of Hampton at
December 31, 2021.
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