The City of Oxbow General Fund has the following net resources at year-end: $260,000 unexpended proceeds of a state grant required by law to be used for health education. $20,000 of prepaid insurance. $609,000 rainy day fund approved by city council for use under specified circumstances. $210,000 budget stabilization fund to be used in the event of revenue shortfall. $285,000 provided for contractual obligations for capital projects. $41,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. $1,636,000 total fund balance. Required: Prepare the fund balance section of the Balance Sheet. City of Oxbow Partial Balance sheet-General Fund Fund Balances Nonspendable $ Restricted $ $ Committed $ $ Assigned Unassigned Total Fund Balance
The City of Oxbow General Fund has the following net resources at year-end: $260,000 unexpended proceeds of a state grant required by law to be used for health education. $20,000 of prepaid insurance. $609,000 rainy day fund approved by city council for use under specified circumstances. $210,000 budget stabilization fund to be used in the event of revenue shortfall. $285,000 provided for contractual obligations for capital projects. $41,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. $1,636,000 total fund balance. Required: Prepare the fund balance section of the Balance Sheet. City of Oxbow Partial Balance sheet-General Fund Fund Balances Nonspendable $ Restricted $ $ Committed $ $ Assigned Unassigned Total Fund Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The City of Oxbow General Fund has the following net resources at year-end:
- $260,000 unexpended proceeds of a state grant required by law to be used for health education.
- $20,000 of prepaid insurance.
- $609,000 rainy day fund approved by city council for use under specified circumstances.
- $210,000 budget stabilization fund to be used in the event of revenue shortfall.
- $285,000 provided for contractual obligations for capital projects.
- $41,000 unexpended proceeds of a tax required by law to be used for emergency 911 services.
- $1,636,000 total fund balance.
Required:
Prepare the fund balance section of the
City of Oxbow
Partial Balance sheet-General Fund
| Fund Balances | |
| Nonspendable | |
| $ | |
| Restricted | |
| $ | |
| $ | |
| Committed | |
| $ | |
| $ | |
| Assigned | |
| Unassigned | |
| Total Fund Balance |
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