Problem 3 The Town of Portsmouth has at the beginning of the year a $213,000 Net Asset balance, and a $52,000 Fund Balance. The following information relates to the activities within the Town of Portsmouth for the year of 20X3.

Compensated absences are legally owed to general government workers.

Required: Prepare a Balance Sheet for the year ended December 31, 20X3.

Receipts: Property Taxes Franchise Taxes Charges for Public Safety Charges for Sanitation $400,000 100,000 7,000 5,000 S 54,000 43,000 36,000 15,000 12,000 3,500 Payments: Salaries General Government Public Safety Sanitation Rent General Government Public Safety Sanitation Maintenance General Government Public Safety Sanitation Insurance General Government Public Safety Sanitation Final Payment on Debt Principal Payment for Interest on Debt 4,000 2,000 1,500 1,000 2,500 4,500 5,000 15,000 $95,000 Receivables at the end of the year: Property Taxes (80% estimated to be collectible) Payables at year-end: Salaries General Government Public Safety Sanitation $ 4,000 3,000 4,400 Other items at year-end: Cash Building Equipment Supplies Inventory Investments Compensated absences balance, expected to be paid in 12 months S130,900 95,000 80,000 9,500 160,000 9,000