The town of Baker reported the following items on the June 30, 20X9 balance sheet of its general fund :
Cash $50,000
Property Taxes Receivable – Delinquent 24,000
Inventory Supplies 10,000
Vouchers Payable 34,000
Due to Internal Service Fund 4,000
Fund Balance – Assigned for Encumbrances 6,000
Fund Balance – Nonspendable ?
Fund Balance – Unassigned ?
At June 30, 20X9, what amount should be reported for the Fund Balance – Unassigned?
amount should be reported for the Fund Balance – Unassigned = $ 30,000
Working notes for the above answer is as under
Assets
Cash
50,000
Property Taxes Receivable – Delinquent
24000
Inventory Supplies
10000
Total
84,000
Liability
Vouchers Payable
34000
Due to Internal Service Fund
4000
Fund Balance – Assigned for Encumbrances
6000
44,000
Fund Balance – No spendable
10,000
Fund Balance – Unassigned
?
84000
So Fund Balance – Unassigned will come as balancing Figure i.e
=84,000 – 34000 – 4000 -6,000 – 10,000
=30,000
