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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Presented below is the governmental funds balance sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity. Prepare a combined Governmental Funds Balance Sheet/Statement of Net Assets in the format presented in Illustration 9–2.
WARRENTON LIBRARY DISTRICT
Governmental Funds Balance Sheet As of December 31, 2012
Assets General Fund Revenue Fund Total
|
Special |
|||
|
Cash and cash equivalents |
$125,000 |
$12,000 |
$137,000 |
|
Inventories Receivables (net) Taxes receivable |
6,000 Â 95,000 |
 |
6,000 Â 95,000 |
|
Due from General Fund |
 |
7,500 |
7,500 |
|
Total assets |
226,000 |
19,500 |
245,500 |
Liabilities
|
Accounts payable |
85,000 |
3,500 |
88,500 |
|
Due to Special Revenue Fund |
7,500 |
 |
7,500 |
|
Total liabilities |
92,500 |
3,500 |
96,000 |
Fund balance
|
Nonspendable (inventories) |
6,000 |
 |
6,000 |
|
Restricted for other purposes |
 |
16,000 |
16,000 |
|
Unassigned |
127,500 |
 |
127,500 |
|
Total fund balance |
133,500 |
16,000 |
149,500 |
|
Total liabilities and fund balance |
 $226,000 |
 $19,500 |
 $245,500 |
Additional information:
Capital assets (net of accumulated depreciation) amounted to $300,000 at year-end.
The liability for long-term compensated absences is estimated to be
$86,000 at year-end.
Long-term notes payable amounted to $250,000 at year-end.
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