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What fund balance amounts will be reported

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Question - 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 to renovate a school gymnasium - $67,250.

On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester?

Reference no: EM132840806

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