The governmental funds of the City of Westchester report $541,000 in assets and $156,000 in liabilities. The following are some of the assets that the government reports. Prepaid items—$10,900.Cash from a bond issuance that must be spent within the school system according to the bond indenture—$89,500.Supplies—$8,800.Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park—$36,750.Cash that the assistant director of finance designated for use in upgrading the local roads—$60,750.Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$55,750.Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium—$86,000. On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report? Fund balance-nonspendableFund balance-restrictedFund balance-committedFund balance-assignedFund balance-unassignedTotal fund balance

Therefore, the total fund balance is $385,000. ($541000 - $156000)

Answered: The governmental funds of the City of…

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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The governmental funds of the City of Westchester report $541,000 in assets and $156,000 in liabilities. The following are some of the assets that the government reports.

Prepaid items—$10,900.
Cash from a bond issuance that must be spent within the school system according to the bond indenture—$89,500.
Supplies—$8,800.
Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park—$36,750.
Cash that the assistant director of finance designated for use in upgrading the local roads—$60,750.
Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$55,750.
Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium—$86,000.

On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report?

Fund balance-nonspendable
Fund balance-restricted
Fund balance-committed
Fund balance-assigned
Fund balance-unassigned
Total fund balance

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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