Question: Fund balance, both nonspendable and unassigned, can be computed from a limited amount of information. The schedule that follows reports the beginning balances and activity
Fund balance, both nonspendable and unassigned, can be computed from a limited amount of information. The schedule that follows reports the beginning balances and activity during the year in a town's supplies fund (a governmental fund). The government accounts for supplies on a consumption basis (in thousands). Fund balance (unassigned), January 1 $400 Fund balance, assigned (encumbered), January 1 240 Fund balance, nonspendable (inventory), January 1 170 Total fund balance, January 1 $810 Appropriations (for purchases of supplies) $3,400 Estimated revenues 3,200 Actual revenues 3,300 Supplies ordered 3,160 Supplies received 3,360 Supplies paidfor 2,800 Supplies used 3,280 Compute the following (and show your computations): Fund balance, nonspendable (inventory), December 31 Fund balance, assigned (encumbered), December 31 Fund balance (unassigned), December 31
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