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The governmental funds of the City of Westchester report $592,500 in assets and $215,000 in liabilities. The following are some of the assets that
The governmental funds of the City of Westchester report $592,500 in assets and $215,000 in liabilities. The following are some of the assets that the government reports. Prepaid items-$7,500. Cash from a bond issuance that must be spent within the school system according to the bond indenture-$107,000. Supplies-$6,200. Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park-$41,000. Cash that the assistant director of finance designated for use in upgrading the local roads-$46,500. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$77,250. Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium-$65,000. On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report? Fund balance-nonspendable Fund balance-restricted Fund balance-committed Fund balance-assigned Fund balance-unassigned Total fund balance
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