Question

Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity. KARRENTON LIBRARY DISTRICT Governmental Funds Balance sheet As of December 31, 2017 General Fund Special Revenue Fund Total $ 126,699 6,150 $ 12,500 $ 138,500 6,150 96,500 7,700 29,209 96,589 7,709 248,859 228,659 $ $ Assets Cash and cash equivalents Inventories Receivables (net) Taxes receivable Due from general fund Total assets Liabilities Accounts payable Due to special revenue fund Total liabilities Fund balance Nonspendable (inventories) Restricted for other purposes Unassiened Total fund balance Total liabilities and fund balance 90,575 86,575 7.709 94,275 7,709 4,000 98,275 6,125 16,299 128, 259 134, 375 228,650 6,125 16,280 128, 250 159,575 248,850 16, 200 $ $ 20,20€ $ Acelilonal Information: a. Capital assets inet of accumulated depreciation) amounted to $326,500 at year-end. b. The liability for long-term compensated absences is estimated to be $87,075 at year-end. c. Long-term notes payable amounted to $223,250 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.

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Answer 1

Answol Page No ③ Gevernmental Lunds balance sheet (sfatement of one perilsien General Special Adjustments to stalement of fund Revenue fund i lokal government wide net position Assets cashę cash equivalents $126000 $12500 $138500 $138600 Inventories $6150 $6150 $6150 Receivables (net) $96500 Tares receivable $96500 $ 96500 due from general fond 67400 - 7400 $7700 Capital assets 326500 $326500 Total assets $228650 $20000 $248850 318,800 $567650 Liabilities Accounts payable $86575 44000 $90575 due to special sevenue $ 4700 $7400 -7700 fund Long term Compensated 87045 $87075 absences 'Notos due in more 2a3950 $23950 ... than I years Tobal liabilities ($94295 $ 4000 $98245 $302625 $ 400900 $96515

Page No @ $6125 $16200 16000 fund balance Non spendable: $6125 - inventaries Reserved for other purposes $128250 un assigned : $128250 Pot al fund balcoase $ 134375 $ 16200 $150,575 Total liabilities € 4228650 $ 20,200 $248,850 fund balance Net position Net investment in - capital assets unrestricted Total net position $103250 $ 63500 $166750 Tobal net position = $ 5567650 - $ 400900 = $166750 Net investment in capital assets = 326500 - 223250 : .= $103250 unrestricted = 166750 - 103250 = $63500