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The governmental funds of the City of Westchester report $632,500 in assets and $235,000 in liabilities. The following are some of the assets that the
The governmental funds of the City of Westchester report $632,500 in assets and $235,000 in liabilities. The following are some of the assets that the government reports. - Prepaid items- $10,000. - Cash from a bond issuance that must be spent within the school system according to the bond indenture- $110,000. - Supplies- $8,150. - Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park-\$50,250. - Cash that the assistant director of finance designated for use in upgrading the local roads- $47,750. - Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers- $61,000. - Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium- $83,750. On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report
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