Problem

The General Fund of a city reports assets of $300,000 and liabilities of $200,000 in the f...

The General Fund of a city reports assets of $300,000 and liabilities of $200,000 in the fund financial statements. Explain what is meant by each of the following balances: fund balance—nonspendable of $40,000, fund balance—restricted of $28,000, fund balance—committed of $ 17,000, fund balance- -assigned of $4,000, and fund balance—unassigned of $ 11,000.

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