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Please provide help with the Fund balance-Unassigned that is in red. Clearly is NOT $425,000 The governmental funds of the City of Westchester report $642,000
Please provide help with the Fund balance-Unassigned that is in red. Clearly is NOT $425,000
The governmental funds of the City of Westchester report $642,000 in assets and $217,000 in liabilities. The following are some of the assets that the government reports. - Prepaid items- $14,400. - Cash from a bond issuance that must be spent within the school system according to the bond indenture- $101,500. - Supplies-\$7,500. - Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park $57,750. - Cash that the assistant director of finance designated for use in upgrading the local roads- $63,750. - Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers $75,750. - Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium- $74,500. On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report? Answer is complete but not entirely correctStep by Step Solution
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