The Town of Baker reported the following items on the June 30,20X9,balance sheet of its general fund:

At June 30,20X9,what amount should be reported for Fund Balance-Unassigned?
A)$46,000
B)$40,000
C)$30,000
D)$16,000

Question

The Town of Baker reported the following items on the June 30,20X9,balance sheet of its general fund:

At June 30,20X9,what amount should be reported for Fund Balance-Unassigned?
A)$46,000 
B)$40,000 
C)$30,000 
D)$16,000

Quizplus · Accepted Answer

To determine the Fund Balance-Unassigned, we must take the total assets ($240,000) and subtract the total liabilities ($90,000), and the total Fund Balance-Nonspendable ($40,000) and Fund Balance-Restricted ($80,000). Therefore, Fund Balance-Unassigned is $30,000 ($240,000 - $90,000 - $40,000 - $80,000 = $30,000).

The Town of Baker Reported the Following Items on the June