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?

Prepare a complete balance sheet for fund balances: Therefore, the total fund balance is $305,000.…

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 $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?

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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