Problem

The postclosing trial balance for the Village of Alantown general fund at June 30, 2014, s...

The postclosing trial balance for the Village of Alantown general fund at June 30, 2014, 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

 

Allowances for uncollectible taxes—delinquent

$10,000

Vouchers payable

140,000

Revenue collected in advance

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 collected in advance 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 position that will appear on the government-wide statement of net position.

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Solutions For Problems in Chapter 20