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The Township of Thomasvilles General Fund has the following net resources at year end: ...

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Accounting

The Township of Thomasvilles General Fund has the following net resources at year end:

  • $69,000 of prepaid insurance
  • $410,000 rainy day fund approved by the township governing board with specific conditions for its use
  • $1,800 of supplies inventory
  • $60,000 state grant for snow removal
  • $150,000 contractual obligations for the purchase of equipment
  • Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation)
  • Total Fund Balance is $1,010,500

What would be the total Nonspendable fund balance?

Multiple Choice

A $70,800

B $69,000

C $410,500

D $150,000

Answer & Explanation Solved by verified expert
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