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Make the fund balance section of the balance sheet

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Reference no: EM132699131

The Village of Lake George's General Fund has the following net resources at December 31, 2018.

  • $9,600 of prepaid insurance
  • $ 25,000 of property taxes receivable - currently due and expected to be collected within 60 days
  • $325,000 rainy day fund approved by the township governing board
  • $82,500 of supplies inventory
  • $33,000 government grant for city park maintenance
  • $10,000 contractual obligations for the purchase of park fixtures
  • $200,000 to be used to fund government operations in the future

Required:

Problem 1: Prepare the fund balance section of the Balance Sheet.

Reference no: EM132699131

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