The following balance sheet was adapted from the financial statements of the Williamsburg Regional Sewage Treatment Authority (dates have been changed).
Fund Types
The transactions of the authority are accounted for in the following governmental fund types:
€¢ General fund-To account for all revenues and expenditures not required to be accounted for in other funds.
€¢ Capital projects fund-To account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays. Such resources are derived principally from other municipal utility districts to which the Williamsburg Regional Sewage Treatment Authority provides certain services.
1. Recast the balance sheets of the two funds into a single consolidated balance sheet (statement of net position). Show separately, however, the restricted and the unrestricted portions of the consolidated net position (not each individual asset and liability). Be sure to eliminate inter fund payables and receivables.
2. Which presentation, the unconsolidated or the consolidated, provides more complete information? Explain. Which presentation might be seen as misleading? Why? What, if any, advantages do you see in this presentation even though it might be less complete and more misleading?

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Williamsburg Regional Sewage Treatment Authority Balance Sheet October 31, 2017 General Capital Projects Assets $ 751 9,499 66,475 5,021 16,398 Cash Time deposits Due on insurance claim Due from general fund Due from participants 9,000 4,414 $34.833 Total assets Liabilities and fund equity $17,725 9,000 $26,725 50,000 Accounts payable Due to capital projects fund 34.833 $34.833 Fund balance Total liabilities and fund equity