The City of Oxbow General Fund has the following net resources at year-end: $250,000 unexpended proceeds

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

• $250,000 unexpended proceeds of a state grant required by law to be used for health education.

• $10,000 of prepaid insurance.

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority 77

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

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

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

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

• $1,622,000 total fund balance.

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

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City of Oxbow Partial Balance Sheet General Fund As of December 31 2017 FUND BALANCES N...View the full answer

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Related Book For book-img-for-question

Essentials of Accounting for Governmental and Not for Profit Organizations

ISBN: 978-1259741012

13th edition

Authors: Paul A. Copley

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Question Posted: Apr 18, 2017 12:19 PM

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The City of Oxbow General Fund has the following net resources at year-end: $250,000 unexpended proceeds

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City of Oxbow Partial Balance Sheet General Fund As of December 31 2017 FUND BALANCES N...View the full answer

Essentials of Accounting for Governmental and Not for Profit Organizations

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