Question

Required:  Prepare a combined Governmental Funds Balance Sheet/Statement of Net Position in the format presented in Illustration 9-1 from your textbook.

Additional information:

• Capital assets net of accumulated depreciation amounted to $475,000 at year-end.
• The liability for long-term compensated absences is estimated to be $73,000 at year-end.
• Long-term notes payable amounted to $423,000 at year-end.

Sunbury Fire District
Governmental Funds Balance Sheet
December 31, 2017
	General Fund	Special Revenue Fund	Total
Assets
Cash & cash equivalents	$ 78,000	$ 10,000	$ 88,000
Inventories	4,500		4,500
Receivables (net)
Taxes receivable	77,000		77,000
Due from general fund		6,700	6,700
Total Assets	159,500	16,700	176,200
Liabilities
Accounts payable	67,000	4,500	71,500
Due to special revenue fund	6,700		6,700
Total Liabilities	73,700	4,500	78,200
Fund Balance
Nonspendable	4,500		4,500
Restricted		12,200	12,200
Unassigned	81,300		81,300
Total Fund Balance	85,800	12,200	98,000
Total Liabilities & Fund Balance	$ 159,500	$ 16,700	$ 176,200

Answer 1

	General Fund	Special Revenue Fund	Total	Adjustments to Govt. wide	Statement of Net Position
Assets:
Cash & Cash Equivalents	78,000	10,000	88,000		88,000
Inventories	4,500		4,500		4,500
Receivables (net)
Tax Receivable	77,000		77,000		77,000
Due From General Fund		6,700	6,700	-6,700
Capital Assets				475,000	475,000
Total Assets(A)	159,500	16,700	176,200	468,300	644,500
Liabilities:
Account Payable	67,000	4,500	71,500		71,500
Due to Special Revenue Fund	6,700		6,700	- 6,700
Long term Compensated Absences				73,000	73,000
Note Due in more than one year				423,000	423,000
Total Liabilities(B)	73,700	4,500	78,200	489,300	567,500
Fund Balance:
Non Spendable Inventories	4,500		4,500
Reserved for Other Purposes		12,200	12,200
Unassigned	81,300		81,300
Total Fund Balance (C)	85,800	12,200	98,000
Total Liabilities and Fund Balance (B+C)	159,500	16,700	176,200
Net Position:
Net Investment in Capital Assets(475,000-423,000)					52,000
Unrestricted					98,000
Total Net Position					150,000