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The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Restricted” Fund balance? Select one: a. $275,000 b. $210,000 c. $150,000 d. $60,000

The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Restricted” Fund balance? Select one: a. $275,000 b. $210,000 c. $150,000 d. $60,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The City of Sunnyville’s General Fund has the following net resources at year end:

  • $55,000 for LT Advance to an internal service fund
  • $375,000 approved by the City Council with specific conditions for its use
  • $2,500 of supplies  inventory
  • $60,000 state grant for snow removal
  • $150,000 City Council resolution approved for funds to renovate city hall
  • $400,000 to be used to fund government operations in the future
  • Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures

What would be the total “Restricted” Fund balance?


 

Select one:
a.

 

$275,000


 

b.

 

$210,000


 

c.

 

$150,000


 

d.
$60,000
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