Problem 8 - Fund Balance Calculations the City of Armona Additional Information: 1

The Answer is Total Fund Balance = Assets - Liabilities = 7,100 - 2,000 = 5,100 <span class="ql-formula" data-value="\begin{array}{lll}\text { Fund Balance Components }\\\text { Nonspendable: }\\\text { Inventory } & 200 \\\text { Advance to Enterprise Fund } & \underline{150} & 350 \\\text { Restricted (by state) } & & 300 \\\text { Committed (by city council) } & & 500 \\\text { Assigned (could be left out as amount is zero) } & \\\text { Unassigned } && \underline{3,950} \\\text { Total Fund Balance } && 5,100\end{array}"> Fund Balance Components Nonspendable: Inventory 200 Advance to Enterprise Fund 150 ‾ 350 Restricted (by state) 300 Committed (by city council) 500 Assigned (could be left out as amount is zero) Unassigned 3 , 950 ‾ Total Fund Balance 5 , 100 \begin{array}{lll}\text { Fund Balance Components }\\\text { Nonspendable: }\\\text { Inventory } & 200 \\\text { Advance to Enterprise Fund } & \underline{150} & 350 \\\text { Restricted (by state) } & & 300 \\\text { Committed (by city council) } & & 500 \\\text { Assigned (could be left out as amount is zero) } & \\\text { Unassigned } && \underline{3,950} \\\text { Total Fund Balance } && 5,100\end{array} Fund Balance Components Nonspendable: Inventory Advance to Enterprise Fund Restricted (by state) Committed (by city council) Assigned (could be left out as amount is zero) Unassigned Total Fund Balance 200 150 350 300 500 3 , 950 5 , 100

Problem 8 - Fund Balance Calculations the City of Armona Additional Information: 1

The Answer is Total Fund Balance = Assets - Liabilities = 7,100 - 2,000 = 5,100 <span class="ql-formula" data-value="\begin{array}{lll}\text { Fund Balance Components }\\\text { Nonspendable: }\\\text { Inventory } & 200 \\\text { Advance to Enterprise Fund } & \underline{150} & 350 \\\text { Restricted (by state) } & & 300 \\\text { Committed (by city council) } & & 500 \\\text { Assigned (could be left out as amount is zero) } & \\\text { Unassigned } && \underline{3,950} \\\text { Total Fund Balance } && 5,100\end{array}"> Fund Balance Components Nonspendable: Inventory 200 Advance to Enterprise Fund 150 ‾ 350 Restricted (by state) 300 Committed (by city council) 500 Assigned (could be left out as amount is zero) Unassigned 3 , 950 ‾ Total Fund Balance 5 , 100 \begin{array}{lll}\text { Fund Balance Components }\\\text { Nonspendable: }\\\text { Inventory } & 200 \\\text { Advance to Enterprise Fund } & \underline{150} & 350 \\\text { Restricted (by state) } & & 300 \\\text { Committed (by city council) } & & 500 \\\text { Assigned (could be left out as amount is zero) } & \\\text { Unassigned } && \underline{3,950} \\\text { Total Fund Balance } && 5,100\end{array} Fund Balance Components Nonspendable: Inventory Advance to Enterprise Fund Restricted (by state) Committed (by city council) Assigned (could be left out as amount is zero) Unassigned Total Fund Balance 200 150 350 300 500 3 , 950 5 , 100

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Problem 8 - Fund Balance Calculations
the City of Armona

Question 2

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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

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Correct Answer:VerifiedShow Answer

Problem 8 - Fund Balance Calculations
the City of Armona

Correct Answer:
Verified