A Capital Projects Fund has outstanding encumbrances of $75,000 as of the end of the fiscal...
A Capital Projects Fund has outstanding encumbrances of $75,000 as of the end of the fiscal year. Assume that all resources in the Capital Projects Fund are considered to be restricted. Which fund balance classification increases because of these encumbrances?
A. Restricted fund balance.
B. Committed fund balance.
C. Assigned fund balance.
D.No fund balance category is increased.
Homework Answers
Option D
No fund balance category is increased
Assuming all resources in capital projects are considered to be restricted.
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Use Excel to prepare in good form a
balance sheet for the General Fund as of December 31, 2017. Follow
the format shown in Illustration 4-3 of Reck and Lowensohn,
Accounting for Governmental & Nonprofit Entities, 17th
edition textbook (hereafter referred to as “the
textbook.”)
City of Smithville
General Fund
Post-closing Trial Balance
For year 2017
Debits
Credits
Cash
$
268,302
Taxes Receivable-Delinquent
193,371
Allowance for Uncollectible Delinquent Taxes
$
109,730
Interest and Penalties Receivable on Taxes
16,840
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