Question

Below you will find a postclosing trial balance for the City of Springfield's
General Fund (for the year ended December 31, 2016). 000s have been omitted.
Fund Equity		77,789
Taxes Payable		5,386
Cash	72,375
Short-term Investments	5,003
Accrued wages		1,579
Accounts receivable	2,315
Accounts payable		375
Prepaid rent	3,000
Other short-term assets	5,000
Notes payable		4,200
Petty cash	1,636
Total	89,329	89,329
Requirements:
1. Prepare a Balance Sheet for the City of Springfield's General Fund for the
year ended 12/31/16.

Answer 1

  BALANCE SHEET OF ' CITY OF SPRINGFIELD's GENERAL FUND

AS ON 31 DEC., 2016

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ASSETS

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• Cash 72,375
• Acconts Receivable 2,315
• Prepaid rent 3,000
• Petty cash 1,636
• Short term investments 5,003
• Other Short term assets 5,000

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TOTAL  ASSETS 89,329  

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LIABILITIES AND FUND EQUITY

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LIABILITIES:

• Accrued Wages 1,579
• Notes payable 4,200
• Accounts payable 375
• Taxes payable 5,386

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​​​​​​​ TOTAL LIABILITIES 11,540

FUND EQUITY:

• Fund balance 77,789

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   TOTAL LIABILITIES AND FUND EQUITY    89,329

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