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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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 $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?
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