Center City's General Fund has the following net resources at December 31,2014:
•Total assets of $846,000 and liabilities of $137,500.
•$400,000 rainy day fund approved by the township governing board
•$3,600 of supplies inventory
•$15,000 state grant for snow removal
•$120,000 contractual obligations for capital projects
•$66,000 of outstanding encumbrances representing purchase orders which will be paid from the General Fund
Required:
Prepare the fund balance section of the Balance Sheet

Question

Center City's General Fund has the following net resources at December 31,2014:
•Total assets of $846,000 and liabilities of $137,500.
•$400,000 rainy day fund approved by the township governing board
•$3,600 of supplies inventory
•$15,000 state grant for snow removal
•$120,000 contractual obligations for capital projects
•$66,000 of outstanding encumbrances representing purchase orders which will be paid from the General Fund
Required:
 Prepare the fund balance section of the Balance Sheet

Quizplus · Accepted Answer

The Answer of Center City's General Fund has the following net resources at December 31,2014:
•Total assets of $846,000 and liabilities of $137,500.
•$400,000 rainy day fund approved by the township governing board
•$3,600 of supplies inventory
•$15,000 state grant for snow removal
•$120,000 contractual obligations for capital projects
•$66,000 of outstanding encumbrances representing purchase orders which will be paid from the General Fund
Required:
 Prepare the fund balance section of the Balance Sheet

Center City's General Fund Has the Following Net Resources at December