80.2K

Verified Solution

Link Copied!

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	$	490,000
Cash and cash equivalents, business-type activities		1,031,000
Receivables, governmental activities		582,000
Receivables, business-type activities		1,718,000
Inventories, business-type activities		674,000
Capital assets, net, governmental activities		17,496,000
Capital assets, net, business-type activities		9,201,000
Accounts payable, governmental activities		840,000
Accounts payable, business-type activities		724,000
General obligation bonds, governmental activities		10,102,000
Revenue bonds, business-type activities		4,156,000
Long-term liability for compensated absences, governmental activities		466,000

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 $716,000 for governmental activities and $255,000 for business-type activities. (Negative amounts should be indicated by a minus sign)

Answer & Explanation Solved by verified expert

See Answer