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, 2024 Special General Fund Revenue Fund Total 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 $ 116,300 5,900 $ 12,200 $128,500 5,900 91,200 91,200 $ 213,400 8,100 $ 20,300 8,100 $ 233,700 73,200 3,200 8,100 76,400 8,100 Total liabilities 81,300 3,200 84,500 Fund balance Nonspendable (inventories) 5,900 5,900 Restricted for other purposes 17,100 17,100 Unassigned 126,200 126,200

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, 2024 Special General Fund Revenue Fund Total 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 $ 116,300 5,900 $ 12,200 $128,500 5,900 91,200 91,200 $ 213,400 8,100 $ 20,300 8,100 $ 233,700 73,200 3,200 8,100 76,400 8,100 Total liabilities 81,300 3,200 84,500 Fund balance Nonspendable (inventories) 5,900 5,900 Restricted for other purposes 17,100 17,100 Unassigned 126,200 126,200

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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ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare…
! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Required A Required B Complete this question by entering your answers in the tabs below. Required C VILLAGE OF SEASIDE PINES ENTERPRISE FUND Statement of Net Position December 31, 2024 Net Position: Net Investment in Capital Assets Unrestricted Total Net Position Debits Required: a.…
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