A state's general fund reports fund balances totaling $6.7 billion. Additional information for the general fund is as follows:
•Inventories and prepaid expenses total $18 million.
•Long-term receivables total $2.6 million.
•State legislation requires that $1.2 billion of general fund resources be used for specific purposes.
•$27.5 million of general fund resources are limited by the federal government to specific uses.
•Grantors and contributors specify that $43.5 million of general fund resources be used for specific purposes.
Required
Prepare the state's fund balances section of the general fund balance sheet.

Question

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The Answer of A state's general fund reports fund balances totaling $6.7 billion. Additional information for the general fund is as follows:
•Inventories and prepaid expenses total $18 million.
•Long-term receivables total $2.6 million.
•State legislation requires that $1.2 billion of general fund resources be used for specific purposes.
•$27.5 million of general fund resources are limited by the federal government to specific uses.
•Grantors and contributors specify that $43.5 million of general fund resources be used for specific purposes.
Required
Prepare the state's fund balances section of the general fund balance sheet.

A State's General Fund Reports Fund Balances Totaling $6