Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged
Question:
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.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For
Essentials of Accounting for Governmental and Not for Profit Organizations
ISBN: 978-1259741012
13th edition
Authors: Paul A. Copley
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