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The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of

The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of

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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The City of Sunnyville’s General Fund has the following net resources at year end:

  • $55,000 for LT Advance to an internal service fund
  • $375,000 approved by the City Council with specific conditions for its use
  • $2,500 of supplies  inventory
  • $60,000 state grant for snow removal
  • $150,000 City Council resolution approved for funds to renovate city hall
  • $400,000 to be used to fund government operations in the future
  • Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures

What would be the total “Assigned” fund balance?


 

Select one:
a.

 

$105,000


 

b.

 

$455,000


 

c.
$67,500

 

d.
$80,000
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