The governmental funds of the City of Westchester report $445,000 in assets and $140,000 in liabilities. The following are some of the assets reported by this government. Prepaid items-$7,000. Cash from a bond issuance that must be spent within the school system according to the bond indenture-$80,000. Supplies-$5,000. Investments given by a citizen that will be sold with the proceeds used to beautify a public park-$33,000. Cash that the assistant director of finance has designated for use in upgrading the local roads-$40,000. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$53,000. • Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium- $62,000. On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester?

The governmental funds of the City of Westchester report $445,000 in assets and $140,000 in liabilities. The following are some of the assets reported by this government. Prepaid items-$7,000. Cash from a bond issuance that must be spent within the school system according to the bond indenture-$80,000. Supplies-$5,000. Investments given by a citizen that will be sold with the proceeds used to beautify a public park-$33,000. Cash that the assistant director of finance has designated for use in upgrading the local roads-$40,000. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$53,000. • Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium- $62,000. On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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