The following information is available for the preparation of the government-wide financial statements for...

70.2K

Verified Solution

Question

Accounting

The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020:

Cash and cash equivalents, governmental activities $ 480,000
Cash and cash equivalents, business-type activities 1,010,000
Receivables, governmental activities 570,000
Receivables, business-type activities 1,683,000
Inventories, business-type activities 660,000
Capital assets, net, governmental activities 17,133,000
Capital assets, net, business-type activities 9,010,000
Accounts payable, governmental activities 823,000
Accounts payable, business-type activities 709,000
General obligation bonds, governmental activities 9,893,000
Revenue bonds, business-type activities 4,070,000
Long-term liability for compensated absences, governmental activities 456,000

From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020. Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $701,000 for governmental activities and $245,000 for business-type activities. (Negative amounts should be indicated by a minus sign)

image
You skipped this question in the previous attempt. The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities Cash and cash equivalents, business-type activities Receivables, governmental activities Receivables, business-type activities Inventories, business-type activities Capital assets, net, governmental activities Capital assets, net, business-type activities Accounts payable, governmental activities Accounts payable, business-type activities General obligation bonds, governmental activities Revenue bonds, business-type activities Long-term liability for compensated absences, governmental activities $ 480,000 1,810,000 570,000 1,683,000 660,000 17,133,000 9,010,000 823,000 709,000 9,893,000 4,070,98 456,000 From the preceding information, prepare a statement of Net Position for the City of Southern Springs as of April 30, 2020 Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $701,000 for governmental activities and $245.000 for business-type activities. (Negative amounts should be indicated by a minus sign) CITY OF SOUTHERN SPRINGS Statement of Net Position As of April 30, 2020 Governmental Activities Business-Type Activities Total Assets: $ 0 0 0 0 0 0 0 Total Assets Next Preu

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students