Problem 8 - Fund Balance Calculations
The City of Armona had the following assets and liabilities at June 30, 20X3, the end of its fiscal year (all amounts are in thousands):
$\begin{array}{lr}\text { Assets }\\\text { Cash } & 5,250 \\\text { Investments } & 250 \\\text { Taxes Receivable } & 1,300 \\\text { Allowance for Uncollectible Taxes } & (200) \\\text { Due from Special Revenue Fund } & 150 \\\text { Inventory } & 200 \\\text { Advance to Enterprise Fund } & 150\\\text { Total Assets }&7,100\\\text { Liabilities }\\\text { Vouchers Payable } & 750 \\\text { Short-Term Note Payable } & 1,000 \\\text { Accrued Wages Payable } & 200 \\\text { Due to Internal Service Fund } & 50\\\text { Total Liabilities }&2,000\end{array}$ Additional information:
1. The city received a state grant of $300 stipulating that it could be spent at any time on equipment. To date, none of the money has been spent.
"2. The city council, in a formal vote, adopted a binding resolution to set aside another $500 for equipment purchases.
Requirement: Calculate the five components of Fund Balance."

Question

Problem 8 - Fund Balance Calculations
The City of Armona had the following assets and liabilities at June 30, 20X3, the end of its fiscal year (all amounts are in thousands):

\begin{array}{lr}\text { Assets }\\\text { Cash } & 5,250 \\\text { Investments } & 250 \\\text { Taxes Receivable } & 1,300 \\\text { Allowance for Uncollectible Taxes } & (200) \\\text { Due from Special Revenue Fund } & 150 \\\text { Inventory } & 200 \\\text { Advance to Enterprise Fund } & 150\\\text { Total Assets }&7,100\\\text { Liabilities }\\\text { Vouchers Payable } & 750 \\\text { Short-Term Note Payable } & 1,000 \\\text { Accrued Wages Payable } & 200 \\\text { Due to Internal Service Fund } & 50\\\text { Total Liabilities }&2,000\end{array}

Additional information:
1. The city received a state grant of $300 stipulating that it could be spent at any time on equipment. To date, none of the money has been spent.
"2. The city council, in a formal vote, adopted a binding resolution to set aside another $500 for equipment purchases.
Requirement: Calculate the five components of Fund Balance."

Quizplus · Accepted Answer

The Answer of Problem 8 - Fund Balance Calculations The City of Armona had the following assets and liabilities at June 30, 20X3, the end of its fiscal year (all amounts are in thousands): $\begin{array}{lr}\text { Assets }\ \text { Cash } & 5,250 \ \text { Investments } & 250 \ \text { Taxes Receivable } & 1,300 \ \text { Allowance for Uncollectible Taxes } & (200) \ \text { Due from Special Revenue Fund } & 150 \ \text { Inventory } & 200 \ \text { Advance to Enterprise Fund } & 150\\text { Total Assets }&7,100\ \text { Liabilities }\\text { Vouchers Payable } & 750 \ \text { Short-Term Note Payable } & 1,000 \ \text { Accrued Wages Payable } & 200 \ \text { Due to Internal Service Fund } & 50\\text { Total Liabilities }&2,000 \end{array}$ Additional information: 1. The city received a state grant of $300 stipulating that it could be spent at any time on equipment. To date, none of the money has been spent. "2. The city council, in a formal vote, adopted a binding resolution to set aside another $500 for equipment purchases. Requirement: Calculate the five components of Fund Balance."

Problem 8 - Fund Balance Calculations the City of Armona

Problem 8 - Fund Balance Calculations
the City of Armona