Presented below is the Governmental Funds Balance Sheet for the Warrenton Librar
ID: 2579036 • Letter: P
Question
Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity.
Additional information:
Capital assets (net of accumulated depreciation) amounted to $329,500 at year-end.
The liability for long-term compensated absences is estimated to be $91,225 at year-end.
Long-term notes payable amounted to $225,750 at year-end.
Prepare a combined Governmental Funds Balance Sheet/Statement of Net Position. (Amounts to be deducted should be indicated by a minus sign.)
Revenue Fund Total Assets Cash and cash equivalents $ 128,000 $ 13,500 $ 141,500 Inventories 6,450 6,450 Receivables (net) Taxes receivable 99,500 99,500 Due from general fund 8,100 8,100 Total assets $ 233,950 $ 21,600 $ 255,550 Liabilities Accounts payable 89,725 5,000 94,725 Due to special revenue fund 8,100 8,100 Total liabilities 97,825 5,000 102,825 Fund balance Nonspendable (inventories) 6,375 6,375 Restricted for other purposes 16,600 16,600 Unassigned 129,750 129,750 Total fund balance 136,125 16,600 152,725 Total liabilities and fund balance $ 233,950 $ 21,600 $ 255,550
Explanation / Answer
WARRENTON LIBRARY DISTRICT
GOVERNMENTAL FUNDS BALANCE SHEET / STATEMENT OF NET ASSETS
As of December 31, 2017
General Fund Special Revenue Total Adjustments to Statement of
Fund Govt wide Net Assets
ASSETS
Cash and cash equivalents 128000 13500 141500 141500
Inventories 6450 6450 6450
Receivables (net)
Taxes Receivables 99500 99500 99500
Due from general fund 8100 8100 -8100 -
Capital Assets 329500 329500
Total Assets 233950 21600 255550 321400 576950
LIABILITIES
Accounts payable 89725 5000 94725 94725
Due to special revenue fund 8100 8100 -8100 -
Liability for long-term
compensated absences 91225 91225
Long-term notes payable 225750 225750
Total Liabilities 97825 5000 102825 308875 411700
Fund balance
Nonspendable (inventories) 6375 6375
Restricted for other purposes 16600 16600
Unassigned 129750 129750
Total fund balance 136125 16600 152725
Total liabilities and fund balance 233950 21600 255550 308875 411700
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.