Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the governmental funds of the city of westchester

The governmental funds of the City of Westchester report $579,000 in assets and $169,000 In...

80.2K

Verified Solution

Question

Accounting

image

The governmental funds of the City of Westchester report $579,000 in assets and $169,000 In liabilities. The following are some of the assets reported by this government. points Prepaid items-$13,500. Cash from a bond issuance that must be spent within the school system according to the bond Indenture-$115,000. Supplies-$7,400. Investments given by a citizen that will be sold with the proceeds used to beautify a public park-$52,750. Cash that the assistant director of finance has designated for use in upgrading the local roads-$43,250. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers$64,250. Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium, $81,000. 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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students