Governmental fund reconciliation to total net assets
The postclosing trial balance for the Village of Alantown general fund at June 30, 2011, shows the following ledger account balances:
|
Debits |
|
|
Cash |
$410,000 |
|
Investments |
300,000 |
|
Tax receivable—delinquent |
150,000 |
|
Accounts receivable |
30,000 |
|
Supplies inventory |
60,000 |
|
Total debits |
$950,000 |
|
Credits |
$ 10,000 |
|
Allowances for uncollectible taxes—delinquent |
|
|
Vouchers payable |
140,000 |
|
Deferred revenue |
40,000 |
|
Note payable (short term) |
150,000 |
|
Fund balance—committed |
90,000 |
|
Fund balance—unassigned |
520,000 |
|
Total credits |
$950,000 |
ADDITIONAL INFORMATION
1. The village owns general fixed assets with a historical cost of $100,000 and accumulated depreciation totaling $65,000.
2. General long term debt recorded in the internal debt records is $100,000. This was recorded as an other financing source in the general fund.
3. A capital lease payable in the amount of $75,000 is noted in the internal debt records. This was recorded as an other financing source in the general fund.
4. Revenues reported as deferred on the fund balance sheet using the 60 day criteria are recognized as revenue in the government wide statement.
REQUIRED: Determine the village’s general fund net assets that will appear on the government wide statement of net assets.