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.

Additional information:

a. Capital assets (net of accumulated depreciation) amounted to $335,000 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:

WARRENTON LIBRARY DISTRICT Governmental Funds Balance Sheet As of December 31, 2020 Special Assets General Fund Revenue Fund Total $142,000 6,000 Cash and cash equivalents $130,000 $12,000 Inventories 6,000 Receivables (net) Taxes receivable 90,000 7,500 90,000 Due from General Fund 7,500 $226,000 $19,500 $245,500 Total assets Liabilities 85,000 3,500 88,500 Accounts payable Due to special revenue fund 7,500 7,500 92,500 3,500 96,000 Total liabilities Fund balance 6.000 Nonspendable (inventories) Restricted for other purposes 6,000 16,000 16,000 127,500 127,500 Unassigned Total fund balance 133,500 16,000 149,500 $226,000 $19,500 $245,500 Total llabilities and fund balance