The governmental funds of the City of Westchester report $601,500 in assets and $214,000 in liabilities. The following are some of the assets that the government reports. • Prepaid items-$16,900. • Cash from a bond issuance that must be spent within the school system according to the bond indenture-$120,000. • Supplies-$5,750. • Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park-$34,500. • Cash that the assistant director of finance designated for use in upgrading the local roads-$43,750. • Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$59,000. • Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium-$80,750. On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report? Answer is complete but not entirely correct. Fund balance-nonspendable Fund balance-restricted Fund balance-committed Fund balance-assigned Fund balance-unassigned Total fund balance $22,650 213,500 80,750 43,750 219,450 $ 580,100

The governmental funds of the City of Westchester report $601,500 in assets and $214,000 in liabilities. The following are some of the assets that the government reports. • Prepaid items-$16,900. • Cash from a bond issuance that must be spent within the school system according to the bond indenture-$120,000. • Supplies-$5,750. • Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park-$34,500. • Cash that the assistant director of finance designated for use in upgrading the local roads-$43,750. • Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$59,000. • Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium-$80,750. On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report? Answer is complete but not entirely correct. Fund balance-nonspendable Fund balance-restricted Fund balance-committed Fund balance-assigned Fund balance-unassigned Total fund balance $22,650 213,500 80,750 43,750 219,450 $ 580,100

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 the following information: Prepaid items Cash from a bond issuance that must be spent within the school system according to the bond indenture Supplies Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park Cash that the assistant director of finance designated for use in upgrading the local roads Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers Cash that the city council voted to use in renovating a school gymnasium Total assets (includes balances other than those listed above) Liabilities $8,700 106,000 7,000 38,250 52,250 69,750 61,000 568,500 213,000 The city council has the highest level of decision-making authority for the City of Westchester Required: Note: Use the cells A2 to 812 from the above information to complete this question. On a balance sheet for the government funds, what fund balance amounts should the city of…
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