Question

The Village of Lake George's General Fund has the following net resources at December 31, 2017

• $9,600 of prepaid insurance

• $ 25,000 of property taxes receivable - currently due and expected to be collected within 60 days

• $325,000 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

Answer 1

Answer-:

In simple words, fund balance is the difference between assets and liabilities in governmental funds.

Thankyou..........