[The following information applies to the questions displayed below.] 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 $1,800 of supplies inventory $60,000 state grant for snow removal $150,000 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
[The following information applies to the questions displayed below.] 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 $1,800 of supplies inventory $60,000 state grant for snow removal $150,000 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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[The following information applies to the questions displayed below.]
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
- $1,800 of supplies inventory
- $60,000 state grant for snow removal
- $150,000 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 Committed fund balance?
Multiple Choice
-
$410,000
-
$210,000
-
$560,000
-
$562,500
What would be the total Assigned fund balance?
Multiple Choice-
$129,000
-
$165,000
-
$315,000
-
$105,000
-
Expert Solution
Step 1
The total Committed fund balance represents the amount of money that has been set aside and restricted for specific purposes, while the total Assigned fund balance represents the amount of money that has been designated for a specific purpose but has not yet been restricted.
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