The State of California Reports a Transportation Special Revenue Fund

Multiple Choice

The State of California reports a transportation special revenue fund whose resources come from federal grants, contributions from private foundations, and taxes set aside by the state budget. Its year-end balance sheet reports total assets of $10,500,000, consisting of $8,500,000 in cash and $2,000,000 in receivables, and total liabilities of $1,300,000. Unspent taxes are $50,000, unspent federal grants are $9,000,000, and unspent contributions from private foundations are $150,000. The fund's balance sheet reports fund balances as follows:

A) Nonspendable, $2,000,000; Restricted, $9,150,000; Committed $50,000.
B) Restricted, $9,000,000; Committed, $200,000.
C) Restricted, $9,150,000; Committed, $50,000.
D) Restricted, $9,000,000; Committed, $150,000, Assigned, $50,000.