The City of Oxbow General Fund has the following net resources at year-end:

l       $199,000 unexpended proceeds of a state grant required by law to be used for health education.

l       $7,000 of prepaid insurance.

l       $600,000 rainy day fund approved by city council for use under specified circumstances.

l       $200,000 budget stabilization fund to be used in the event of revenue shortfall.

l       $275,000 provided for contractual obligations for capital projects.

l       $26,000 unexpended proceeds of a tax required by law to be used for emergency 911 services.

l       $1,559,000 total fund balance.

Required: Prepare the fund balance section of the Balance Sheet.

Answer rating: 100% (QA)

The fund balance section of the Balance Sheet for the City of Ox... View the full answer