[The following information applies to the questions displayed below.] 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 $1,800 of supplies inventory $60,000 state grant for snow removal $150,000 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   $70,800   $150,000   $69,000   $410,500   What would be the total Restricted fund balance?   Multiple Choice   $60,000   $150,000   $479,000   $410,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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[The following information applies to the questions displayed below.]

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
  • $1,800 of supplies inventory
  • $60,000 state grant for snow removal
  • $150,000 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
  •  

    $70,800

  •  

    $150,000

  •  

    $69,000

  •  

    $410,500

     

    What would be the total Restricted fund balance?

     

    Multiple Choice
    •  

      $60,000

    •  

      $150,000

    •  

      $479,000

    •  

      $410,000

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