Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 35

The General Fund of a city reports assets of $300,000 and liabilities of $200,000 in the fund financial statements.Explain what is meant by each of the following balances: fund balance-nonspendable of $40,000, fund balance-restricted of $28,000, fund balance-committed of $ 17,000, fund balance- -assigned of $4,000, and fund balance-unassigned of $ 11,000.