Prepare the fund balance portion of the Balance Sheet for the General Fund using appropriate fund balance classifications.

The General Fund at the Town of Rainbows has the following net resources at year end:

• $69,000 of prepaid insurance

• $2,000 of unspent donations to purchase new library books

• $110,000 rainy day fund approved by the Town Council with specific conditions for its use

• $5,200 of supplies inventory • $60,000 of unspent state grant proceeds to reduce homelessness

• $150,000 contractual obligations for the purchase of park playground equipment

• Total Fund Balance is $918,000

Answer rating: 100% (QA)

Solution Answer Step 1 Financial Statements Financial statements are consid... View the full answer