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 Assets in the format presented in Illustration 9€“2.

Additional information:
a. Capital assets (net of accumulated depreciation) amounted to $300,000 at year-end.
b. The liability for long-term compensated absences is estimated to be $86,000 at year-end.
c. Long-term notes payable amounted to $250,000 atyear-end.

Transcribed Image Text:

WARRENTON LIBRARY DISTRIC Governmental Funds Balance Sheet As of December 31, 2012 Special Revenue Fund 12,000 General Fund Total 137,000 Assets $125,000 6,000 Cash and cash equivalents Inventories Receivables (net) Taxes receivable 6,000 95,000 7,500 95,000 Due from General Fund 7,500 Total assets 26,000 9,500 Liabilities Accounts payable Due to Special Revenue Fund 85,000 7,500 92,500 3,500 88,500 7,500 96,000 Total liabilities Fund balance 3,500 Nonspendable nventories) Restricted for other purposes Unassigned Total fund balance Total liabilities and fund 6,000 6,000 16,000 127,500 149,500 16,000 127,500 133,500 16,000 balance $226,000 S19,500 $245,500