Question

The governmental funds of the City of Westchester report $527,000 in assets and $145,000 in liabilities. The following are some of the assets reported by this government. Prepaid items—$9,600. Cash from a bond issuance that must be spent within the school system according to the bond indenture—$116,000. Supplies—$9,950. Investments given by a citizen that will be sold with the proceeds used to beautify a public park—$37,500. Cash that the assistant director of finance has designated for use in upgrading the local roads—$49,000. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$54,500. Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium—$67,000. On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester?

Answer 1

	Assets			$       5,27,000
	Less: Other than Cash & Cash Equivalents
	Prepaid Items			$             9,600
	Supplies			$             9,950
	Investments			$           37,500
	Net Liquid Assets			$       4,69,950
	Less: Liabilities			$       1,45,000
	Fund Balance			$       3,24,950