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The governmental funds of the City of Westchester report $601,500 in assets and $214,000 in liabilities. The following are some of the assets that
The governmental funds of the City of Westchester report $601,500 in assets and $214,000 in liabilities. The following are some of the assets that the government reports. Prepaid items-$16,900. Cash from a bond issuance that must be spent within the school system according to the bond indenture-$120,000. Supplies-$5,750. Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park-$34,500. . Cash that the assistant director of finance designated for use in upgrading the local roads-$43,750. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$59,000. Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium-$80,750. On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report? Answer is complete but not entirely correct. Fund balance-nonspendable Fund balance-restricted Fund balance-committed Fund balance-assigned Fund balance-unassigned Total fund balance $ 22,650 213,500 80,750 43,750 219,450 > $ 580,100
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