Question

The governmental funds of the City of Westchester report $603,500 in assets and $201,000 in liabilities. The following are some of the assets reported by this government.

• Prepaid items—$15,200.
• Cash from a bond issuance that must be spent within the school system according to the bond indenture—$117,500.
• Supplies—$6,100.
• Investments given by a citizen that will be sold with the proceeds used to beautify a public park—$44,000.
• Cash that the assistant director of finance has designated for use in upgrading the local roads—$60,500.
• Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$72,250.
• Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium—$66,000.

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

	Fund-balance—nonspendable Fund-balance—restricted Fund-balance—committed Fund-balance—assigned Fund-balance—unassigned Total fund-balance

Answer 1

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Fund-Balance—Nonspendable
Prepaid Items	$                                 15,200
Supplies	$                                   6,100	$            21,300
Fund-Balance—Restricted
Cash from Bond issuance	$                              117,500
Investments donated by citizen	$                                 44,000
State grant for kindergarten teachers	$                                 72,250	$         233,750
Fund-Balance—Committed
Cash to be used for renovation		$            66,000
Fund-Balance—Assigned
Cash to upgrade roads		$            60,500
Fund-Balance—Unassigned (Working Note)		$            20,950
Total Fund-Balance		$         402,500
Working Note
Assets		$         603,500
Less: Liabilities		$       (201,000)
Less:
Fund-Balance—Nonspendable		$         (21,300)
Fund-Balance—Restricted		$       (233,750)
Fund-Balance—Committed		$         (66,000)
Fund-Balance—Assigned		$         (60,500)
		$            20,950