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Prepare the fund balance section of the balance sheet

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Reference no: EM132833001

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

  1. $199,000 unexpended proceeds of a state grant required by law to be used for health education.
  2. $7,000 of prepaid insurance.
  3. $600,000 rainy day fund approved by city council for use under specified circumstances.
  4. $200,000 budget stabilization fund to be used in the event of revenue shortfall.
  5. $275,000 provided for contractual obligations for capital projects.
  6. $26,000 unexpended proceeds of a tax required by law to be used for emergency 911 services.
  7. $1,559,000 total fund balance.

Required:

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

Reference no: EM132833001

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