The State of California Reports an Environmental Resources Special Revenue

Multiple Choice

The State of California reports an environmental resources special revenue fund whose funding comes 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 cash and short-term investments, and total liabilities of $1,500,000. Unspent taxes are $200,000, unspent federal grants are $8,850,000, and unspent contributions from private foundations are $100,000. The fund's balance sheet reports fund balances as follows:

A) Nonspendable, $2,000,000; Restricted, $9,150,000; Committed $50,000.
B) Restricted, $8,950,000; Committed, $200,000; Unassigned, $(150,000) .
C) Restricted, $8,850,000; Committed, $300,000; Unassigned, $(150,000) .
D) Restricted, $9,000,000.