The governmental funds of the City of Westchester report $560,500 in assets and $148,000 in liabilities. The following

Question

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. • Prepaid items—$15,500. • 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. • Cash that the assistant director of finance has designated for use in upgrading the local roads—$56,250. • Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$71,250. • Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium—$84,000. 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

Help In Homework · Accepted Answer

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: Fund balance—nonspendable Prepaid items 15,500 Supplies 5,300 20,800 Fund balance—restricted Cash from bond issuance 91,000 Investments donated by citizen 42,250 State grant for kindergarten 71,250 204,500 Fund balance—committed Cash to be used for renovation 84,000 Fund balance—assigned Cash to upgrade roads 56,250 Fund balance—unassigned 46,950 (Balance) Total fund balance 412,500 (560,500-148,000)

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The governmental funds of the City of Westchester report $560,500 in assets and $148,000 in liabilities

Expert Solution

Archived Solution

•	Prepaid items—$15,500.
•	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.
•	Cash that the assistant director of finance has designated for use in upgrading the local roads—$56,250.
•	Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$71,250.
•	Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium—$84,000.

Fund balance—nonspendable
Prepaid items	15,500
Supplies	5,300	20,800

Fund balance—restricted
Cash from bond issuance	91,000
Investments donated by citizen	42,250
State grant for kindergarten	71,250	204,500

Fund balance—committed
Cash to be used for renovation		84,000

Fund balance—assigned
Cash to upgrade roads		56,250

Fund balance—unassigned		46,950	(Balance)
Total fund balance		412,500	(560,500-148,000)