Question

The Township of Thomasville's General Fund has the following net resources at year end: $69,000 of prepaid insurance $410,000 rainy day fund approved by the township governing board with specific conditions for its use $2,500 of supplies inventory $49,000 state grant for snow removal $190,000 contractual obligations for the purchase of equipment Outstanding encumbrance of $105.000 for the purchase of furniture & fixtures (assume no contractual obligation) . Total Fund Balance is $1,010,500 What would be the total Nonspendable fund balance? Multiple Choice $69,000 $190,000 $410 000

Answer 1

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Answer is highlighted in yellow: Solution: Answer: $ 71,500 Explanation: $ 69,000 $ 2,500 $ 71,500 Prepaid Insurance Supplies Inventory Total nonspendable fund balance