The City of Maysville's General Fund balance sheet for its December 31, 2013 year end shows inventory of $28,000 and prepaid rent of $10,000 . The city also had $60,000 of outstanding encumbrances in its General Fund at year-end
In December 2013, a grantor provided the City with $42,000 that must be used to pay musicians who perform in the city's series of summer concerts in the park during 2014 . How much should the city report as nonspendable fund balance in its General Fund on December 31, 2013?
a. $10,000
b. $28,000
c. $38,000
d. $42,000
e. $60,000
c
Business
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