Hello my question is how the Township of Thomasville’s General Fund has the following net resources at year end:$69,000 of prepaid insurance$410,000 rainy day fund approved by the township governing board with specific conditions for its use$2,500 of supplies inventory$49,000 state grant for snow removal$190,000 contractual obligations for the purchase of equipmentOutstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation)Total Fund Balance is $1,010,500What would be the total Unassigned fund balance?

General fund is that fund which can be used for any purpose. Some part of general fund may be…

Answered: Hello my question is how the Township…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Hello my question is how the Township of Thomasville’s General Fund has the following net resources at year end:

$69,000 of prepaid insurance
$410,000 rainy day fund approved by the township governing board with specific conditions for its use
$2,500 of supplies inventory
$49,000 state grant for snow removal
$190,000 contractual obligations for the purchase of equipment
Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation)
Total Fund Balance is $1,010,500

What would be the total Unassigned fund balance?

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions