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Homework answers / question archive / The governmental funds of the City of Westchester report $560,500 in assets and $148,000 in liabilities
The governmental funds of the City of Westchester report $560,500 in assets and $148,000 in liabilities. The following are some of the assets reported by this government.
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Prepaid items—$15,500. |
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Cash from a bond issuance that must be spent within the school system according to the bond indenture—$91,000. |
| • | Supplies—$5,300. |
| • |
Investments given by a citizen that will be sold with the proceeds used to beautify a public park—$42,250. |
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Cash that the assistant director of finance has designated for use in upgrading the local roads—$56,250. |
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Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$71,250. |
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Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium—$84,000. |
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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 |
Solution:
Fund-balance-nonspendable $20,800
Fund-balance- restricted $204,500
Fund-balance-committed $84,000
Fund-balance-assigned $56,250
Fund-balance-unassigned $46,950
Total fund-balance $412,500
Working:
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Fund balance—nonspendable |
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Prepaid items |
15,500 |
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Supplies |
5,300 |
20,800 |
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Fund balance—restricted |
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Cash from bond issuance |
91,000 |
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Investments donated by citizen |
42,250 |
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State grant for kindergarten |
71,250 |
204,500 |
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Fund balance—committed |
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Cash to be used for renovation |
84,000 |
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Fund balance—assigned |
|||
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Cash to upgrade roads |
56,250 |
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|
Fund balance—unassigned |
46,950 |
(Balance) |
|
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Total fund balance |
412,500 |
(560,500-148,000) |
