Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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?

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:

BALANCE SHEET - GOVERNMENTAL FUND June 30, 2019 (amounts expressed in thousands) General Assets Ss 154,560 165,064 125,668 C



 


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

Step by Step Solution

3.42 Rating (158 Votes )

There are 3 Steps involved in it

Step: 1

Major Assets 1Cash cash equivalent 2 Account receivable 3 Prop... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Financial Accounting Information The Alternative to Debits and Credits

Authors: Gary A. Porter, Curtis L. Norton

7th Edition

978-0-538-4527, 0-538-45274-9, 978-1133161646

More Books

Students also viewed these Accounting questions

Question

How is a stereotype different from a prototype?

Answered: 1 week ago

Question

What are the key characteristics of a work package?

Answered: 1 week ago