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Category > Accounting Posted 23 Apr 2017 My Price 15.00

WARRENTON LIBRARY DISTRICT

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

 

95,000

  

6,000

 

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:

  1. Capital assets (net of accumulated depreciation) amounted to $300,000 at year-end.

  2. The liability for long-term compensated absences is estimated to be

$86,000 at year-end.

 

  1. Long-term notes payable amounted to $250,000 at year-end.

Answers

Alpha Geek
(8)
Status NEW Posted 23 Apr 2017 10:04 AM My Price 15.00

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