Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity. Prepare a combined Governmental Funds Balance Sheet/Statement of Net Position in the format presented in Illustration 9-1.
WARRENTON LIBRARY DISTRICT
Governmental Funds Balance Sheet
As of December 31, 2017

Additional information:
a. Capital assets (net of accumulated depreciation) amounted to $325,000 at year-end.
b. The liability for long-term compensated absences is estimated to be $85,000 at year-end.
c. Long-term notes payable amounted to $222,000 at year-end.

Transcribed Image Text:

Special Revenue Fund Assets General Fund Total S12.000 Cash and cash equivalents Inventories Receivables (net) $125,000 6,000 $137.000 6,000 95.000 Taxes receivable Due from General Fund 7,500 S19,500 95,000 7,500 $245,500 Total assets $226.000 Liabilities 85.000 7,500 92,500 3,500 Accounts payable Due to special revenue fund 88,500 7,500 96,000 Total liabilities 3,500 Fund balance 6,000 Nonspendable (inventories) Restricted for other purposes Unassigned 6,000 16,000 127,500 149,500 $245,500 16,000 Total fund balance Total liabilities and fund balance 127,500 133,500 $226,000 16,000 S19,500