Reference no: EM132825526
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 reported by this government.
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 with the proceeds used to beautify a public park-$36,000.
Cash that the assistant director of finance has 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 authority in the government) has voted to use torenovate a school gymnasium-$67,250.
Problem 1: On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester?
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