[Solved] Problem 8 - Fund Balance Calculations The City of Armona had the following assets and liabilities at June 30, 20X3, the end of its fiscal year (all amounts are in thousands): \(\begin{array}{lr}\text { Assets }\\ \text { Cash } & 5,250 \\ \text { Investments } & 250 \\ \text { Taxes Receivable } & 1,300 \\ \text { Allowance for Uncollectible Taxes } & (200) \\ \text { Due from Special Revenue Fund } & 150 \\ \text { Inventory } & 200 \\ \text { Advance to Enterprise Fund } & 150\\\text { Total Assets }&7,100\\ \text { Liabilities }\\\text { Vouchers Payable } & 750 \\ \text { Short-Term Note Payable } & 1,000 \\ \text { Accrued Wages Payable } & 200 \\ \text { Due to Internal Service Fund } & 50\\\text { Total Liabilities }&2,000 \end{array}\) <u>Additional information:</u> 1. The city received a state grant of $300 stipulating that it could be spent at any time on equipment. To date, none of the money has been spent. "2. The city council, in a formal vote, adopted a binding resolution to set aside another $500 for equipment purchases. Requirement: Calculate the five components of Fund Balance." Materials: Physical substances or components from which something is made or can be made. Transmittal: The process or act of sending or conveying something from one place, person, or thing to another. Memo: A short written document, typically used within an organization, to communicate a message, directive, or policy among employees or departments. Format: The arrangement, design, or layout of text, data, or material, determined by specific guidelines or preferences.