Prepare the fund balance section of the balance sheet

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Reference no: EM131525539

Question: The City of Oxbow General Fund has the following net resources at yearend:

• $100,000 unexpended proceeds of a state grant required by law to be used for health education.

• $15,000 of prepaid insurance.

• $500,000 rainy day fund approved by city council for use under specified circumstances.

• $25,000 of contractual obligations for capital projects.

• $50,000 unexpended proceeds of a tax required by law to be used for emergency 911 services.

• $550,000 to be used to fund government operations in the future.

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

Reference no: EM131525539

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