On a Financial Balance Sheet, Debts (Negative Numbers) Are Denoted

question 60

Short Answer

On a financial balance sheet, debts (negative numbers) are denoted within parentheses. Assets (positive numbers) are written without parentheses. What is the 1,989 fund balance for the school whose financial records are shown in the table below? $$\begin{array} { | l | l | } \hline \text { Fund balances } & \mathbf { \$ } \\\hline \begin{array} { l } \text { Classroom } \\\text { supplies }\end{array} & 408 \\\hline \begin{array} { l } \text { Emergency } \\\text { needs }\end{array} & 1,537 \\\hline \text { Holiday program } & ( 220 ) \\\hline \text { Insurance } & 3,746 \\\hline \text { Janitorial } & ( 4,372 ) \\\hline \text { Licensing } & 4,010 \\\hline \text { Maintenance } & ( 564 ) \\\hline\end{array}$$
Fund balance = $__________

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Definitions:

Fraud

A deliberate deception practiced to secure unfair or unlawful gain.

Article 9

A provision under the Uniform Commercial Code (UCC) dealing with secured transactions in personal property, where a creditor has a security interest in the debtor's property.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, intended to standardize regulations across the states.

Consideration

A concept in contract law that involves something of value exchanged between parties as part of an agreement.