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3 months ago
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):

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

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.


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Using: Governmental and Nonprofit Accounting: Theory and Practice, 11e (Freeman)
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2 months ago
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