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?

Fund-balance—nonspendable
Fund-balance—restricted
Fund-balance—committed
Fund-balance—assigned
Fund-balance—unassigned
Total fund-balance

Answer rating: 100% (QA)

To determine the fund balance amounts reported by the City of Westchester on a balance sheet for the governmental funds we need to analyze the nature ... View the full answer