Question: The Following Is Selected Information For The General Fund Of The Village Of Hampton For 2021: Fund Balance, December 31, 2021, Reported On


The following is selected information for the general fund ofthe Village of Hampton for 2021: Fund balance, December 31, 2021,reported on the general fund statement of revenues, expenditures,and changes in fund balance: $151,600; Total assets at December 31,2021, reported on the general fund balance sheet: $252,000(included in the total for assets was $7,000 for office suppliesand $15,000 for an advance to the water utility enterprise fundthat is due in 2025); Total liabilities at December 31, 2021,reported on the general fund balance sheet: $82,000; Total deferredinflows of resources at December 31, 2021, reported on the generalfund balance sheet: $18,400. Additional information as of December31, 2021: The Village received a cash grant of $76,000 from theDepartment of Homeland Security during 2021. The purpose of thegrant was to train the Village’s police force to combat terrorism.The grant has no time restrictions. The Village spent $58,000 ofthe grant during 2021. The Village received a reimbursement-drivengrant from the State for $40,000. During 2021, the Village expended$36,000 of the grant, all of which was reimbursed by the State. TheVillage expects to spend an additional $4,000 to complete the grantproject in 2022. The Village Board passed a resolution to use$14,000 of the Village’s current financial resources to hire asearch firm to find a new village manager in 2022. Based on theauthority granted to the finance director by the Village Board, thefinance director decided that it would be fitting to honor themilitary veterans living in the Village with a bronze memorialmilitary figurine displayed in front of the Village hall. Theestimated cost of the memorial is $10,000, and the finance directorintends to contract the work to a local artist in 2022. Required:Prepare the fund balance section of the general fund balance sheetfor the Village of Hampton at December 31, 2021.

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