The following information pertains to Park Township’s general fund at December 31, 2005:
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|
Total assets, including $200,000 of cash |
$1,000,000 |
|
Total liabilities |
600,000 |
|
Fund balance—Reserved for encumbrances |
100,000 |
Appropriations do not lapse at year-end. At December 31, 2005, what amount should Park report as unreserved fund balance in its general fund balance sheet?
- $200,000
- $300,000
- $400,000
- $500,000