Journalizing and posting closing entries must be completed before financial statements can be prepared.
a. True
b. False
Indicate whether the statement is true or false
Question 2
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
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