The governmental funds of the City of Westchester report $549,000 in assets and
ID: 2526056 • Letter: T
Question
The governmental funds of the City of Westchester report $549,000 in assets and $174,000 in liabilities. The following are some of the assets reported by this government.
Prepaid items—$14,500.
Cash from a bond issuance that must be spent within the school system according to the bond indenture—$85,000.
Supplies—$6,150.
Investments given by a citizen that will be sold with the proceeds used to beautify a public park—$49,000.
Cash that the assistant director of finance has designated for use in upgrading the local roads—$50,000.
Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$55,250.
Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium—$86,500.
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 $549,000 in assets and $174,000 in liabilities. The following are some of the assets reported by this government.
Prepaid items—$14,500.
Cash from a bond issuance that must be spent within the school system according to the bond indenture—$85,000.
Supplies—$6,150.
Investments given by a citizen that will be sold with the proceeds used to beautify a public park—$49,000.
Cash that the assistant director of finance has designated for use in upgrading the local roads—$50,000.
Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$55,250.
Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium—$86,500.
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 $549,000 in assets and $174,000 in liabilities. The following are some of the assets reported by this government.
Prepaid items—$14,500.
Cash from a bond issuance that must be spent within the school system according to the bond indenture—$85,000.
Supplies—$6,150.
Investments given by a citizen that will be sold with the proceeds used to beautify a public park—$49,000.
Cash that the assistant director of finance has designated for use in upgrading the local roads—$50,000.
Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$55,250.
Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium—$86,500.
On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester?
M Ming Press xConnect C Chegg Study | Guided SoxG strategy viability anvalysis x C Secure https://newconnect.mheducation.com/flow/connect html CONNECT P16-35 6 Saved Help Save & Exit Submit Check my work Prepaid items-$14,500 Cash from a bond issuance that must be spent within the school system according to the bond indenture-$85,000 Supplies-$6,150 Investments given by a citizen that will be sold with the proceeds used to beautify a public park-$49,000 Cash that the assistant director of finance has designated for use in upgrading the local roads-$50,000 10 points . Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$55,250 Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium-$86,500 eBook Print On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester? References Fund-balance-nonspendable Fund-balance-restricted Fund-balance committed Fund-balance-assigned Fund-balance-unassigned Total fund-balance Graw Hill Prev1 of 1NextExplanation / Answer
Fund balance- nonspendable - $20,650
Fund balance - restricted - $189,250
Fund balance - committed - $86,500
Fund balance - assigned - $50,000
Fund balance - unassigned - $28,600
Total fund balance - $375,000
Explanation
Fund balance - nonspendable
Prepaid item - $14,500
Supplies - $6,150
$20,650
Fund balance - restricted
Cash from bond issuance- $85,000
Investment given by citizen- $49,000
State grant for kindergarten
teachers - $55,250
$189,250
Fund balance - committed
Cash to be used for renovation - $86,500
Fund balance - assigned
Cash to upgrade roads - $50,000
Fund balance - unassigned - $28,600
Total fund balance - $ 375,000
The Fund-Balance—Unassigned amount ($28,600) was determined by taking the net current financial resources of the governmental funds ($549,000 less $174,000 or $375,000) and then subtracting the fund balance amounts that were nonspendable, restricted, committed, and assigned.
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