Prepare the fund balance section of the balance sheet

Assignment Help Cost Accounting

Reference no: EM13215134

1. Center City's General Fund has the following net resources at year end:
• $658,800 total fund balance
• $100,000 rainy day fund approved by the township governing board
• $2,500 of supplies inventory
• $75,000 state grant for snow removal
• $150,000 contractual obligations for capital projects
• $80,000 of outstanding encumbrances representing purchase orders which will be paid from the General Fund

Can someone please demonstrate how to prepare the fund balance section of the balance sheet with the given information?

Reference no: EM13215134

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