Question: The Village of Lake Augusta's general fund has the following net resources at the year's end:
$85,000 of prepaid insurance;
a $500,000 rainy-day fund to be used for weather-related emergencies approved by the township governing board;
$2,500 of supplies inventory;
$25,000 that the village manager has decided should be used for employee training;
a $50,000 government grant for park maintenance;
$100,000 contractual obligations for the purchase of park fixtures; and
$200,000 to be used to fund government operations in the future.
Required: Prepare the fund balance section of the balance sheet.