+1(805) 568 7317

the general fund of dilligan county virginia has total fund balance of 17 000 000 at 4244717

The General Fund of Dilligan County, Virginia, has total fund balance of $17,000,000 at June 30, 20X0, the end of its fiscal year. Additional information is provided below.1. The county has restricted General Fund assets that have been provided by local donors for the upkeep and improvement of the Professor Lake and Skipper Recreation Area in Lakatos Island Village, the largest community in the county. The net balance of these donated resources at June 30 was $300,000, including $20,000 of materials purchased for the restricted purposes.2. Additional General Fund inventory of $65,000 on hand at June 30 is available for any General Fund purpose.3. Encumbrances outstanding at year end were as follows:• Related to restricted resources—$32,000• Related to committed resources—$70,000• Related to assigned resources—$600,000• Related to resources not restricted, committed, or assigned—$1,000,0004. Prepaid insurance in the General Fund was $18,000.5. A long-term advance made from unassigned resources of the Dilligan County General Fund to its Desert Isle Golf Course Enterprise Fund of $150,000 was outstanding at June 30.6. Assignment authority was delegated by the commissioners to County Chief Financial Officer Rich Howell. Mr. Howell has assigned a total of $3,200,000 to three specific purposes—$1,000,000 for prisoner rehabilitation programs, $800,000 for adult literacy programs in the community, and $1,400,000 for the future replacement of the county’s computer information system.7. Long-term investments of unassigned resources at June 30 were $400,000.8. The county commissioners took formal action to commit $750,000 for a major economic development campaign. $100,000 of accounts payable were related to the economic development efforts as of June 30, 20X0.RequiredPrepare the fund balance section of the General Fund balance sheet of Dilligan County as of June 30, 20X0.View Solution:
The General Fund of Dilligan County Virginia has total fund

"Order a similar paper and get 15% discount on your first order with us
Use the following coupon

Order Now