Review the General Fund column of the Balance Sheet for governmental funds. What are the major assets? Liabilities? What categories of Fund Balances are reported?

Please see attached picture:

 

Transcribed Image Text:

BALANCE SHEET - GOVERNMENTAL FUNDS June 30, 2019 (amounts expressed in thousands) General Assets Cash and cash equivalents 154,560 Investments 165,064 Receivables, net of allowances Accounts receivable 125,668 Contracts receivable Property taxes receivable Sales taxes receivable Mixed beverage taxes receivable 28,544 119,710 4,751 Franchise taxes receivable 16,296 Special assessments receivable 7,991 Due from other funds 44,213 Due from other governments 1,642 Inventory Prepaid items Notes receivable Total assets 17,808 2,579 688,826 Liabilities and fund balance Liabilities Accounts payable Accrued payroll liabilities 84,874 61,877 22,138 4,257 Due to other funds Due to other governments Advances and deposits Claims and judgments Compensated absences 4,160 2,061 7,054 Unearned revenue Total liabilities 186,421 Deferred inflows of resources Deferred inflow of resources 113,808 113,808 Total deferred inflows of resources Fund balance Non-Spendable Prepaids 2,579 17,808 Inventory Notes receivable Committed 17,942 Restricted 1,092 Assigned Unassigned 349,176 388,597 Total fund balance Total liabilities and fund balance 688,826 BALANCE SHEET - GOVERNMENTAL FUNDS June 30, 2019 (amounts expressed in thousands) General Assets Cash and cash equivalents 154,560 Investments 165,064 Receivables, net of allowances Accounts receivable 125,668 Contracts receivable Property taxes receivable Sales taxes receivable Mixed beverage taxes receivable 28,544 119,710 4,751 Franchise taxes receivable 16,296 Special assessments receivable 7,991 Due from other funds 44,213 Due from other governments 1,642 Inventory Prepaid items Notes receivable Total assets 17,808 2,579 688,826 Liabilities and fund balance Liabilities Accounts payable Accrued payroll liabilities 84,874 61,877 22,138 4,257 Due to other funds Due to other governments Advances and deposits Claims and judgments Compensated absences 4,160 2,061 7,054 Unearned revenue Total liabilities 186,421 Deferred inflows of resources Deferred inflow of resources 113,808 113,808 Total deferred inflows of resources Fund balance Non-Spendable Prepaids 2,579 17,808 Inventory Notes receivable Committed 17,942 Restricted 1,092 Assigned Unassigned 349,176 388,597 Total fund balance Total liabilities and fund balance 688,826

Answer rating: 100% (QA)

Major Assets 1Cash cash equivalent 2 Account receivable 3 Prop... View the full answer