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Following is the governmental activities pre-closing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (i. e., it uses no proprietary funds). There are no component units. To complete the financial statements for its annual report, the town must prepare a government-wide statement of net position and a statement of activities.

TOWN OF FREAZ
Pre-closing Trial Balance
As of June 30, 2020
(000s omitted)
	Debits				Credits
Cash	$	3,652
Investments		7,312
Taxes ReceivableDelinquent		5,801
Allowance for Uncollectible Delinquent Taxes					$	62
Due from Other Funds		658
Due from Other Governments		6,369
Land		8,785
Buildings		25,810
Accumulated DepreciationBuildings						8,034
Infrastructure		85,794
Accumulated DepreciationInfrastructure						45,629
Machinery & Equipment		28,850
Accumulated DepreciationMachinery & Equipment						13,850
Accounts Payable						7,104
Accrued Liabilities						4,830
Due to Other Funds						774
Current Portion of Long-term Debt						8,730
Bonds Payable						29,350
Net PositionNet Investment in Capital Assets						45,126
Net PositionRestricted for Debt Service						2,188
Net PositionUnrestricted						6,624
Program RevenuesGeneral GovernmentCharges for Services						4,424
Program RevenuesPublic Safety Charges for Services						1,048
Program RevenuesCulture & Recreation Charges for Services						372
Program RevenuesGeneral Government Operating Grants & Contributions						320
Program RevenuesPublic Works Capital Grants & Contributions						1,706
General RevenuesProperty Taxes						13,730
General RevenuesInterest & Penalties						772
General RevenuesInterest Income						410
ExpensesGeneral Government		2,494
ExpensesPublic Safety		11,616
ExpensesPublic Works		5,324
ExpensesCulture & Recreation		1,856
ExpensesInterest on Long-term Debt		762
	$	195,083			$	195,083

The restricted net position for debt service increased $113 for FY 2020. The net position accounts do not reflect FY 2020 depreciation of $1,480 that was allocated to the functions of government, or the towns decision to designate $1,030 for street repair. (All 000s omitted.)

Required Using the trial balance provided by the town, prepare a government-wide statement of net position. (Enter your answers in thousands.) TOWN OF FREAZ Statement of Net Position As of June 30, 2020 (000s Omitted) Assets Current Assets: Cash 3,652 Investments 7,312 Taxes Receivable (Net) 5,739 Due from Other Governments 6,369 23,072 $ 8,785 Total Current Assets Capital Assets: Land Other Capital Assets (Net of Depreciation) Buildings (Net) Machinery and Equipment (Net) 8,785 31,857 Total Capital Asstes Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Due to Other Funds (Net) Current Portion of Long-Term Debt Total Current Liabilities Long-Term Liabilities: Bonds Payable Total Liabilities Net Position Net Investment in Capital Assets Restricted-Debt Service Unrestricted: DesignatedStreet Repair Undesignated Total Net Position Using the trial balance provided by the town, prepare a government-wide statement of activities. (Enter your answers in thousands. Negative amounts should be indicated by a minus sign.) TOWN OF FREAZ Statement of Activities For the Year Ended June 30, 2020 (000s Omitted) Program Revenues Governmental Activities Capital Grants Functions Expenses Charges for Services Operating Grants and Contributions and Net (Expenses) Revenues and Changes in Net Position Contributions Primary Government: Total Governmental Activities General Revenues: Total General Revenues Increase in Unrestricted Net Position Net Position, July 1, 2019 Net Position, June 30, 2020 Required Using the trial balance provided by the town, prepare a government-wide statement of net position. (Enter your answers in thousands.) TOWN OF FREAZ Statement of Net Position As of June 30, 2020 (000s Omitted) Assets Current Assets: Cash 3,652 Investments 7,312 Taxes Receivable (Net) 5,739 Due from Other Governments 6,369 23,072 $ 8,785 Total Current Assets Capital Assets: Land Other Capital Assets (Net of Depreciation) Buildings (Net) Machinery and Equipment (Net) 8,785 31,857 Total Capital Asstes Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Due to Other Funds (Net) Current Portion of Long-Term Debt Total Current Liabilities Long-Term Liabilities: Bonds Payable Total Liabilities Net Position Net Investment in Capital Assets Restricted-Debt Service Unrestricted: DesignatedStreet Repair Undesignated Total Net Position Using the trial balance provided by the town, prepare a government-wide statement of activities. (Enter your answers in thousands. Negative amounts should be indicated by a minus sign.) TOWN OF FREAZ Statement of Activities For the Year Ended June 30, 2020 (000s Omitted) Program Revenues Governmental Activities Capital Grants Functions Expenses Charges for Services Operating Grants and Contributions and Net (Expenses) Revenues and Changes in Net Position Contributions Primary Government: Total Governmental Activities General Revenues: Total General Revenues Increase in Unrestricted Net Position Net Position, July 1, 2019 Net Position, June 30, 2020

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