The postclosing trial balance for the Village of Alantown general fund at June 30, 2011, shows the following ledger account balances:DebitsCash……………………. $410,000Investments………………… 300,000Tax receivable—delinquent…………. 150,000Accounts receivable……………. 30,000Supplies inventory……………… 60,000Total debits…………………………………………… $950,000CreditsAllowances for uncollectible taxes—delinquent……. $ 10,000Vouchers payable………………. 140,000Deferred revenue……………….. 40,000Note payable (short-term)……………. 150,000Fund balance—committed…………… 90,000Fund balance—unassigned…………….. 520,000Total credits…………………. $950,000ADDITIONAL INFORMATION1. 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.View Solution:
The postclosing trial balance for the Village of Alantown genera



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