Center City's General Fund Has the Following Net Resources at December

question 100

Essay

Center City's General Fund has the following net resources at December 31,2014:
•Total assets of $846,000 and liabilities of $137,500.
•$400,000 rainy day fund approved by the township governing board
•$3,600 of supplies inventory
•$15,000 state grant for snow removal
•$120,000 contractual obligations for capital projects
•$66,000 of outstanding encumbrances representing purchase orders which will be paid from the General Fund
Required:
Prepare the fund balance section of the Balance Sheet

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Definitions:

John Brown

An American abolitionist leader known for his role in the Bleeding Kansas conflict and his raid on Harpers Ferry, aiming to initiate a slave rebellion.

American Identity

The collective understanding of what it means to be American, characterized by shared values, traditions, and beliefs that define the national character of the United States.

Culturally Unique

Possessing distinctive traits, traditions, or characteristics that set a group or region apart from others in terms of culture.