The general fund of a city reports assets of $300,000 and liabilities of $200,000 in the fund financial statements. Explain what is meant by each of the following balances: fund balance—nonspendable of $40,000, fund balance—restricted of $28,000, fund balance—committed of $17,000, fund balance—assigned of $4,000, and fund balance—unassigned of $11,000.
The general fund of a city reports assets of $300,000 and liabilities of $200,000 in the fund financial statements. Explain what is meant by each of the following balances: fund balance—nonspendable of $40,000, fund balance—restricted of $28,000, fund balance—committed of $17,000, fund balance—assigned of $4,000, and fund balance—unassigned of $11,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The general fund of a city reports assets of $300,000 and liabilities of $200,000 in the fund financial
statements. Explain what is meant by each of the following balances: fund balance—nonspendable of $40,000, fund balance—restricted of $28,000, fund balance—committed of $17,000, fund balance—assigned of $4,000, and fund balance—unassigned of $11,000.
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