The governmental funds of the City of Westchester report $603,500 in assets and $201,000 in liabilities. The
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The governmental funds of the City of Westchester report $603,500 in assets and $201,000 in liabilities. The following are some of the assets reported by this government.
- Prepaid items—$15,200.
- Cash from a bond issuance that must be spent within the school system according to the bond indenture—$117,500.
- Supplies—$6,100.
- Investments given by a citizen that will be sold with the proceeds used to beautify a public park—$44,000.
- Cash that the assistant director of finance has designated for use in upgrading the local roads—$60,500.
- Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$72,250.
- Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium—$66,000.
On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester?
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Related Book For
Fundamentals of Advanced Accounting
ISBN: 978-0077862237
6th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
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