The Village of Lake George's General Fund Has the Following

Essay

The Village of Lake George's General Fund has the following net resources at December 31,2015
• $5,000 of prepaid insurance
• $ 25,000 of property taxes receivable - currently due and expected to be collected within 60 days
• $300,000 rainy day fund approved by the township governing board
• $82,500 of supplies inventory
• $33,000 government grant for city park maintenance
• $10,000 contractual obligations for the purchase of park fixtures
• $200,000 to be used to fund government operations in the future
Required:
Prepare the fund balance section of the Balance Sheet