The governmental funds of the City of Westchester report $552.000 in assets and $182,000 in...
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The governmental funds of the City of Westchester report $552.000 in assets and $182,000 in liabilities. The following are some of the assets that the government reports. Prepaid items$13.000. Cash from a bond issuance that must be spent within the school system according to the bond indenture-$106,500. Supplies$8,950. Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park-$35,500. Cash that the assistant director of finance designated for use in upgrading the local roads-$59,500. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers,$55,500. Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium-$70,250. On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report? Fund balance-nonspendable Fund balance-restricted Fund balance committed Fund balance assigned Fund balanceunassigned Total fund balance
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