Assets Cash and cash equivalents Inventories Receivables (net) Taxes receivable (net) Due from General Fund Total assets Liabilities Accounts payable Due to Special Revenue Fund Total liabilities General Fund Revenue Fund $ 126,000 6,150 96,500 $ 12,500 7,700 Total $ 138,500 6,150 96,500 7,700 $ 228,650 $ 20,200 $ 248,850 86,550 4,000 7,700 90,550 7,700 94,250 4,000 98,250 6,150 6,150 16,200 16,200 128,250 128,250 134,400 16,200 150,600 Total liabilities and fund balance $ 228,650 $ 20,200 $ 248,850 Fund balance Nonspendable (inventories) Restricted for other purposes Unassigned Total fund balance Additional Information: a. Capital assets (net 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 used to acquire equipment amounted to $223,250 at year-end. Requried: Prepare a combined Governmental Funds Balance Sheet or Statement of Net Position. Note: Amounts to be deducted should be indicated by a minus sign. WARRENTON LIBRARY DISTRICT Governmental Funds Balance Sheet or Statement of Net Position As of December 31, 2024 Assets Cash and Cash Equivalents Inventories Taxes Receivable (Net) Due from General Fund Capital Assets (Net) Total Assets Liabilities, Deferred Inflows, and Fund Balances Liabilities Accounts Payable Due to Special Revenue Fund Obligation for Compensated Absences Long-Term Notes Payable Total Liabilities General Fund Special Revenue Fund Total Adjustments to Statement of Net Government-wide Position $ 126,000 $ 6,150 96,500 12,500 S 138,500 6,150 96,500 7,700 7,700 $ 228,650 $ 20,200 $ 248,850 88,550 4,000 7,700 90,550 7,700 94,250 4,000 98,250 Fund Balances Nonspendable-Inventory Capital Projects Unassigned Total Fund Balances 6,150 6,150 16,200 16,200 128,250 128,250 134,400 16,200 150,600 Total Liabilities and Fund Balance $ 228,650 $ 20,200 $ 248,850 Net Position Net Investment in Capital Assets Unrestricted Total Net Position
Assets Cash and cash equivalents Inventories Receivables (net) Taxes receivable (net) Due from General Fund Total assets Liabilities Accounts payable Due to Special Revenue Fund Total liabilities General Fund Revenue Fund $ 126,000 6,150 96,500 $ 12,500 7,700 Total $ 138,500 6,150 96,500 7,700 $ 228,650 $ 20,200 $ 248,850 86,550 4,000 7,700 90,550 7,700 94,250 4,000 98,250 6,150 6,150 16,200 16,200 128,250 128,250 134,400 16,200 150,600 Total liabilities and fund balance $ 228,650 $ 20,200 $ 248,850 Fund balance Nonspendable (inventories) Restricted for other purposes Unassigned Total fund balance Additional Information: a. Capital assets (net 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 used to acquire equipment amounted to $223,250 at year-end. Requried: Prepare a combined Governmental Funds Balance Sheet or Statement of Net Position. Note: Amounts to be deducted should be indicated by a minus sign. WARRENTON LIBRARY DISTRICT Governmental Funds Balance Sheet or Statement of Net Position As of December 31, 2024 Assets Cash and Cash Equivalents Inventories Taxes Receivable (Net) Due from General Fund Capital Assets (Net) Total Assets Liabilities, Deferred Inflows, and Fund Balances Liabilities Accounts Payable Due to Special Revenue Fund Obligation for Compensated Absences Long-Term Notes Payable Total Liabilities General Fund Special Revenue Fund Total Adjustments to Statement of Net Government-wide Position $ 126,000 $ 6,150 96,500 12,500 S 138,500 6,150 96,500 7,700 7,700 $ 228,650 $ 20,200 $ 248,850 88,550 4,000 7,700 90,550 7,700 94,250 4,000 98,250 Fund Balances Nonspendable-Inventory Capital Projects Unassigned Total Fund Balances 6,150 6,150 16,200 16,200 128,250 128,250 134,400 16,200 150,600 Total Liabilities and Fund Balance $ 228,650 $ 20,200 $ 248,850 Net Position Net Investment in Capital Assets Unrestricted Total Net Position
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Assets
Cash and cash equivalents
Inventories
Receivables (net)
Taxes receivable (net)
Due from General Fund
Total assets
Liabilities
Accounts payable
Due to Special Revenue Fund
Total liabilities
General Fund Revenue Fund
$ 126,000
6,150
96,500
$ 12,500
7,700
Total
$ 138,500
6,150
96,500
7,700
$ 228,650
$ 20,200
$ 248,850
86,550
4,000
7,700
90,550
7,700
94,250
4,000
98,250
6,150
6,150
16,200
16,200
128,250
128,250
134,400
16,200
150,600
Total liabilities and fund balance
$ 228,650
$ 20,200
$ 248,850
Fund balance
Nonspendable (inventories)
Restricted for other purposes
Unassigned
Total fund balance
Additional Information:
a. Capital assets (net 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 used to acquire equipment amounted to $223,250 at year-end.
Requried:
Prepare a combined Governmental Funds Balance Sheet or Statement of Net Position.
Note: Amounts to be deducted should be indicated by a minus sign.
WARRENTON LIBRARY DISTRICT
Governmental Funds Balance Sheet or Statement of Net Position
As of December 31, 2024
Assets
Cash and Cash Equivalents
Inventories
Taxes Receivable (Net)
Due from General Fund
Capital Assets (Net)
Total Assets
Liabilities, Deferred Inflows, and Fund Balances
Liabilities
Accounts Payable
Due to Special Revenue Fund
Obligation for Compensated Absences
Long-Term Notes Payable
Total Liabilities
General Fund
Special Revenue
Fund
Total
Adjustments to Statement of Net
Government-wide Position
$ 126,000 $
6,150
96,500
12,500 S 138,500
6,150
96,500
7,700
7,700
$
228,650 $
20,200 $
248,850
88,550
4,000
7,700
90,550
7,700
94,250
4,000
98,250
Fund Balances
Nonspendable-Inventory
Capital Projects
Unassigned
Total Fund Balances
6,150
6,150
16,200
16,200
128,250
128,250
134,400
16,200
150,600
Total Liabilities and Fund Balance
$ 228,650 $
20,200 $
248,850
Net Position
Net Investment in Capital Assets
Unrestricted
Total Net Position
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 1 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education