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The City of Galena General Fund nas the following net resources at year-ena: • $1,775,000 total fund balance. • $212,000 unexpended proceeds of a state grant required by law to be used for health education. • $4,000 of prepaid insurance. $500,000 rainy day fund approved by the city council for use under specified circumstances. • $200,000 budget stabilization fund to be used in the event of a revenue shortfall. • $275,000 provided for contractual obligations for capital projects. • $34,000 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. Fund Balances Nonspendable CITY OF GALENA Partial Balance Sheet- General Fund As of December 31, 2024 Prepaid Insurance Restricted Intergovernmental Grants Emergency Services Committed Rainy Day Fund Capital Projects Assigned I Inassinned $ 4,000 212,000 34,000 500,000 275,000 1,025,000

The City of Galena General Fund nas the following net resources at year-ena: • $1,775,000 total fund balance. • $212,000 unexpended proceeds of a state grant required by law to be used for health education. • $4,000 of prepaid insurance. $500,000 rainy day fund approved by the city council for use under specified circumstances. • $200,000 budget stabilization fund to be used in the event of a revenue shortfall. • $275,000 provided for contractual obligations for capital projects. • $34,000 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. Fund Balances Nonspendable CITY OF GALENA Partial Balance Sheet- General Fund As of December 31, 2024 Prepaid Insurance Restricted Intergovernmental Grants Emergency Services Committed Rainy Day Fund Capital Projects Assigned I Inassinned $ 4,000 212,000 34,000 500,000 275,000 1,025,000

FINANCIAL ACCOUNTING
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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ine City of Galena General Fund nas the following net resources at year-ena: ● $1,775,000 total fund balance. . • $212,000 unexpended proceeds of a state grant required by law to be used for health education. $4,000 of prepaid insurance. ● • $500,000 rainy day fund approved by the city council for use under specified circumstances. ● $200,000 budget stabilization fund to be used in the event of a revenue shortfall. • $275,000 provided for contractual obligations for capital projects. $34,000 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. Fund Balances Nonspendable CITY OF GALENA Partial Balance Sheet - General Fund As of December 31, 2024 Prepaid Insurance Restricted Intergovernmental Grants Emergency Services Committed Rainy Day Fund Capital Projects Assigned I Inassigned $ 4,000 212,000 34,000 500,000 275,000 1,025,000
Transcribed Image Text:ine City of Galena General Fund nas the following net resources at year-ena: ● $1,775,000 total fund balance. . • $212,000 unexpended proceeds of a state grant required by law to be used for health education. $4,000 of prepaid insurance. ● • $500,000 rainy day fund approved by the city council for use under specified circumstances. ● $200,000 budget stabilization fund to be used in the event of a revenue shortfall. • $275,000 provided for contractual obligations for capital projects. $34,000 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. Fund Balances Nonspendable CITY OF GALENA Partial Balance Sheet - General Fund As of December 31, 2024 Prepaid Insurance Restricted Intergovernmental Grants Emergency Services Committed Rainy Day Fund Capital Projects Assigned I Inassigned $ 4,000 212,000 34,000 500,000 275,000 1,025,000
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