The Township of Thomasville's General Fund has the following net resources at year end:
•$77,000 of prepaid insurance
•$375,000 rainy day fund approved by the township governing board with specific conditions for its use
•$2,500 of supplies inventory
•$61,000 state grant for snow removal
•$150,000 contractual obligations for the purchase of equipment
•$200,000 to be used to fund government operations in the future
•Outstanding encumbrance of $80,000 for the purchase of furniture & fixtures (assume no contractual obligation)
-What would be the total Committed fund balance?
A) $375,000
B) $290,000
C) $525,000
D) $455,000
Correct Answer:
Verified
Q72: The Township of Thomasville's General Fund has
Q73: According to GASB Statement No.54 which of
Q74: The Township of Thomasville's General Fund has
Q75: The general ledger journal entry in the
Q78: Property Taxes,special assessments,and fines and forfeits are
Q80: The Township of Thomasville's General Fund has
Q81: The Police Department of a given city
Q87: Sales taxes, income taxes, and motor fuel
Q89: The general ledger journal entry in the
Q97: Governmental Funds Fund Balance is displayed in
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents