Question: Presented below is the Governmental Funds Balance
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 Position in the format presented in Illustration 9-1.
Additional information:
a. Capital assets (net of accumulated depreciation) amounted to $325,000 at year-end.
b. The liability for long-term compensated absences is estimated to be $85,000 at year-end.
c. Long-term notes payable amounted to $222,000 at year-end.
Data from Illustration 9-1:
Transcribed Image Text:
WARRENTON LIBRARY DISTRICT Governmental Funds Balance Sheet As of December 31, 2017 Special Assets General Fund Revenue Fund Total Cash and cash equivalents $125,000 $12,000 $137,000 Inventorles 6,000 6,000 Recelvables (net) Taxes recelvable 95,000 95,000 Due from General Fund 7,500 7,500 $245,500 Total assets $226,000 $19,500 Llablitles Accounts payable Due to special revenue fund 85,000 3,500 88,500 7,500 7,500 Total llabilites 92,500 3,500 96,000 Fund balance Nonspendable (Inventories) Restricted for other purposes Unassigned 6,000 6,000 16,000 16,000 127,500 127,500 Total fund balance 133,500 16,000 149,500 Total llabilities and fund balance $226,000 $19,500 $245,500 ILLUSTRATION 9-1 Governmental Funds Balance Sheet/Statement of Net Position (Special-Purpose Entity Engaged in a Single Governmental Activity) SALEM FIRE PROTECTION DISTRICT Governmental Funds Balance Sheet/Statement of Net Position As of December 31, 2017 Adjustments Special General Rovenue to Government- Statement of Assets Fund Fund Total wide Net Position Cash and cash equivalents $156,101 $140,821 $15,280 $156,101 5,784 Inventories 5,784 5,784 Recovables (no) Taxes receivable 195,860 85,184 195,860 91,773 23,747 195,860 91,773 Due from other governments 6,589 23,747 Due from other funds (23,747) 238,379 Capital assets 238,379 Total assets $427,649 $45,616 $473,265 $214,632 $687,897 Llabilitles Accounts payable Due to other funds Notes due In more than one year 185,378 43,458 228,836 228,836 23,747 23,747 (23,747) 161,000 161,000 389,836 Total labilittes 209,125 43,458 252,583 137,253 Fund balance Nonspendable (nventorles) Assigned for other purposes Unassigned 5,785 5,785 2,158 212,739 2,158 212,739 Total fund balance 218,524 2,158 220,682 Total labilities and fund balance $427,649 $45,616 $473,265 Not position Net investment in capital assets Unrestricted 77,379 220,682 Total Net Position $298,061
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