The following is from the governmental funds balance sheet section

The following is from the governmental funds balance sheet section of the Town of Libertyville's Comprehensive Annual Financial Report.
The following is from the governmental funds balance sheet section

1. What is the most likely reason that there are no unassigned balances in any of the funds other than the general fund?
2. Of the balance in the debt service fund, a portion is classified as "restricted," and a portion is classified as "assigned." What parties or entities likely "restricted" and "assigned" the resources, respectively?
3. Of the balance in the capital projects fund, a portion is classified as "restricted," and a portion is classified as "committed." What parties or entities likely "restricted" and "committed" the resources, respectively?
4. Why is inventory classified as "non-spendable?"
5. If Libertyville were to establish a Permanent Fund, how would the town classify most of its fund balance?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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