The following information is relevant for questions 14 through 18. The Township

Question

The following information is relevant for questions 14 through 18. The Township of Thomasville's General Fund has the following net resources at year-end: $66,000 of prepaid insurance -$375,000 rainy day fund approved by the township governing board with specific conditions for its use .$2,500 of supplies inventory $61,000 state grant for snow removal $150,000 contractual obligations for the purchase of equipment $200,000 to be used to fund government operations in the future Outstanding encumbrance of $80,000 for the purchase of furniture & fixtures . 14. What would be the total Non-spendable fund balance? A) $ 2,500 B) 66,000 C) $ 68,500 D) $148,500 15. What would be the total Restricted Fund balance? A) $291,000 B) $211,000 C) $150,000 D) $ 61,000 16. What would be the total committed fund balance? A) $375,000 B) $290,000 c) $525,000 D) $455,000 17. What would be the total Assigned fund balance? A) $105,000 B) $455,000 C) S 67,500 D) $ 80,000 18. What would be the total unassigned fund balance? A) S200.000 ?) s280,000 c) S 80,000 D) $377,500

Explanation / Answer

1) What would be the total Nonspendable fund balance?

Solution: $68,500

Working: $66,000 + $2500 = $68,500

2) What would be the total Restricted fund balance?

Solution: $61,000

Working: State grant for snow removal = $61,000

3) What would be the total Committed fund balance?

Solution: $525,000

Working: $375,000 + $150,000 = $525,000

4) What would be the total Assigned fund balance?

Solution: 80,000

Working: Outstanding encumbrance of $80,000

5) What would be the total Unassigned fund balance?

Solution: $200,000

Working:$200,000 to be used to fund the future government operations

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