The City of Galena General Fund has the following net resources at year-end: $1,658,000 total fund balance. $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 the city council for use under specified circumstances. $221,000 budget stabilization fund to be used in the event of a 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. Required: Prepare the fund balance section of the Balance Sheet as of December 31, 2024.

The City of Galena General Fund has the following net resources at year-end: $1,658,000 total fund balance. $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 the city council for use under specified circumstances. $221,000 budget stabilization fund to be used in the event of a 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. Required: Prepare the fund balance section of the Balance Sheet as of December 31, 2024.

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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