The governmental funds of the City of Westchester report $541,000 in assets and $156,000 in liabilities. The following are some of the assets that the government reports. Prepaid items—$10,900. Cash from a bond issuance that must be spent within the school system according to the bond indenture—$89,500. Supplies—$8,800. Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park—$36,750. Cash that the ass
The governmental funds of the City of Westchester report $541,000 in assets and $156,000 in liabilities. The following are some of the assets that the government reports. Prepaid items—$10,900. Cash from a bond issuance that must be spent within the school system according to the bond indenture—$89,500. Supplies—$8,800. Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park—$36,750. Cash that the ass
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 32GI: What is a fund? Distinguish between a fund and an appropriation of retained earnings.
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The governmental funds of the City of Westchester report $541,000 in assets and $156,000 in liabilities. The following are some of the assets that the government reports.
- Prepaid items—$10,900.
- Cash from a bond issuance that must be spent within the school system according to the bond indenture—$89,500.
- Supplies—$8,800.
- Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park—$36,750.
- Cash that the assistant director of finance designated for use in upgrading the local roads—$60,750.
- Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$55,750.
- Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium—$86,000.
On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report?
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