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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

Accounting

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

Fund-balance-assigned

Fund-balance-unassigned

Total fund-balance

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