K The governmental funds of the City of Westchester report $576,500 in assets and $219,000 in liabilities. The following are some of the assets that the government reports. • Prepaid items-$8,200 Cash from a bond issuance that must be spent within the school system according to the bond indenture-$111,000 .Supplies-$5,200 • Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park-$36,000 Cash that the assistant director of finance designated for use in upgrading the local roads-$49,750 Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$62,750 Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium-$67,250 Required: On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report? Fund balance-nonspendable ht Fund balance-restricted ences Fund balance-committed Fund balance assigned Fund balance-unassigned Total fund balance 0

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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K
The governmental funds of the City of Westchester report $576,500 in assets and $219,000 in liabilities. The following are some of the
assets that the government reports.
•
Prepaid items-$8,200
Cash from a bond issuance that must be spent within the school system according to the bond indenture-$111,000
.Supplies-$5,200
• Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park-$36,000
Cash that the assistant director of finance designated for use in upgrading the local roads-$49,750
Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$62,750
Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school
gymnasium-$67,250
Required:
On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report?
Fund balance-nonspendable
ht
Fund balance-restricted
ences
Fund balance-committed
Fund balance assigned
Fund balance-unassigned
Total fund balance
0
Transcribed Image Text:K The governmental funds of the City of Westchester report $576,500 in assets and $219,000 in liabilities. The following are some of the assets that the government reports. • Prepaid items-$8,200 Cash from a bond issuance that must be spent within the school system according to the bond indenture-$111,000 .Supplies-$5,200 • Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park-$36,000 Cash that the assistant director of finance designated for use in upgrading the local roads-$49,750 Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$62,750 Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium-$67,250 Required: On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report? Fund balance-nonspendable ht Fund balance-restricted ences Fund balance-committed Fund balance assigned Fund balance-unassigned Total fund balance 0
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