The governmental funds of the City of Westchester report $592,500 in assets and

Question

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 reported by this government. 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 with the proceeds used to beautify a public park-$41,000 Cash that the assistant director of finance has 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 authority in the government) has voted to use to renovate a school gymnasium $65,000. 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 0

Explanation / Answer

Explanation :

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Fund balance - nonspendable $13,700 Fund balance - restricted $225,250 Fund balance - committed $65,000 Fund balance - assigned $46,500 Fund balance - unassigned $27,050 Total fund - balance $377,500

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