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, 2017
General Fund Special Revenue Fund Total
Assets
Cash and cash equivalents $ 125,000 $ 12,000 $ 137,000
Inventories 6,000 6,000
Receivables (net)
Taxes receivable 95,000 95,000
Due from general fund 7,500 7,500
Total assets $ 226,000 $ 19,500 $ 245,500
Liabilities
Accounts payable 85,000 3,500 88,500
Due to special revenue fund 7,500 7,500
Total liabilities 92,500 3,500 96,000
Fund balance
Nonspendable (inventories) 6,000 6,000
Restricted for other purposes 16,000 16,000
Unassigned 127,500 127,500
Total fund balance 133,500 16,000 149,500
Total liabilities and fund balance $ 226,000 $ 19,500 $ 245,500
Additional information:
Capital assets (net of accumulated depreciation) amounted to $325,000 at year-end.
The liability for long-term compensated absences is estimated to be $85,000 at year-end.
Long-term notes payable amounted to $222,000 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.)