Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity. WARRENTON LIBRARY DISTRICT Governmental Funds Balance Sheet As of December 31, 2020 General Fund SpecialRevenue Fund Total Assets Cash and cash equivalents $ 133,800 $ 11,300 $ 145,100 Inventories 5,600 5,600 Receivables (net) Taxes receivable 91,200 91,200 Due from general fund 8,100 8,100 Total assets $ 230,600 $ 19,400 $ 250,000 Liabilities Accounts payable 83,000 4,700 87,700 Due to special revenue fund 8,100 8,100 Total liabilities 91,100 4,700 95,800 Fund balance Nonspendable (inventories) 5,600 5,600 Restricted for other purposes 14,700 14,700 Unassigned 133,900 133,900 Total fund balance 139,500 14,700 154,200 Total liabilities and fund balance $ 230,600 $ 19,400 $ 250,000 Additional information: Capital assets mounted to $351,000 at year-end. The liability for long-term compensated absences is estimated to be $91,800 at year-end. Long-term notes payable amounted to $233,100 at year-end. Prepare a combined Governmental Funds Balance Sheet/Statement of Net Position.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity.

WARRENTON LIBRARY DISTRICT
Governmental Funds Balance Sheet
As of December 31, 2020
	General Fund		Special Revenue Fund	Total
Assets
Cash and cash equivalents		$	133,800		$	11,300	$	145,100
Inventories			5,600					5,600
Receivables (net)
Taxes receivable			91,200					91,200
Due from general fund						8,100		8,100
Total assets		$	230,600		$	19,400	$	250,000
Liabilities
Accounts payable			83,000			4,700		87,700
Due to special revenue fund			8,100					8,100
Total liabilities			91,100			4,700		95,800
Fund balance
Nonspendable (inventories)			5,600					5,600
Restricted for other purposes						14,700		14,700
Unassigned			133,900					133,900
Total fund balance			139,500			14,700		154,200
Total liabilities and fund balance		$	230,600		$	19,400	$	250,000

Additional information:

Capital assets mounted to $351,000 at year-end.
The liability for long-term compensated absences is estimated to be $91,800 at year-end.
Long-term notes payable amounted to $233,100 at year-end.

Prepare a combined Governmental Funds Balance Sheet/Statement of Net Position.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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