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Business, 17.06.2020 22:57 katlynnschmolke

The following information was taken from the post-closing trial balance of the General Fund for the Borough of Northumberland as of December 31, 2017. There were no outstanding encumbrances at year-end. $50,000 of the Fund Balance must be used for infrastructure improvements due to a constraint imposed by the State Government. From the information given, prepare a balance sheet for the General Fund. Cash$270,000
Supplies2,500
Taxes Receivable49,000
Due from Federal Government25,000
Prepaid Expenses1,000
Accounts Payable250,000
Due to Water Utility Fund40,000

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