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

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Finance

The following information is available for the preparation ofthe government-wide financial statements for the City of SouthernSprings as of April 30, 2017:
Cash and cash equivalents, governmental activities $ 450,000
Cash and cash equivalents, business-type activities 947,000
Receivables, governmental activities 534,000
Receivables, business-type activities 1,577,000
Inventories, business-type activities 618,000
Capital assets, net, governmental activities 16,043,000
Capital assets, net, business-type activities 8,437,000
Accounts payable, governmental activities 771,000
Accounts payable, business-type activities 664,000
General obligation bonds, governmental activities 9,265,000
Revenue bonds, business-type activities 3,812,000
Long-term liability for compensated absences, governmentalactivities 427,000

Required:
From the preceding information, prepare a Statement of Net Positionfor the City of Southern Springs as of April 30, 2017. Assume thatoutstanding bonds were issued to acquire capital assets andrestricted assets total $657,000 for governmental activities and$225,000 for business-type activities. (Negative amountsshould be indicated by a minus sign.)

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SolutionGiven That The acquire capital assets and restricted assets657000Governmental activities See Answer

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The following information is available for the preparation ofthe government-wide financial statements for the City of SouthernSprings as of April 30, 2017:Cash and cash equivalents, governmental activities$450,000Cash and cash equivalents, business-type activities947,000Receivables, governmental activities534,000Receivables, business-type activities1,577,000Inventories, business-type activities618,000Capital assets, net, governmental activities16,043,000Capital assets, net, business-type activities8,437,000Accounts payable, governmental activities771,000Accounts payable, business-type activities664,000General obligation bonds, governmental activities9,265,000Revenue bonds, business-type activities3,812,000Long-term liability for compensated absences, governmentalactivities427,000Required:From the preceding information, prepare a Statement of Net Positionfor the City of Southern Springs as of April 30, 2017. Assume thatoutstanding bonds were issued to acquire capital assets andrestricted assets total $657,000 for governmental activities and$225,000 for business-type activities. (Negative amountsshould be indicated by a minus sign.)


Cash and cash equivalents, governmental activities	$	450,000
Cash and cash equivalents, business-type activities		947,000
Receivables, governmental activities		534,000
Receivables, business-type activities		1,577,000
Inventories, business-type activities		618,000
Capital assets, net, governmental activities		16,043,000
Capital assets, net, business-type activities		8,437,000
Accounts payable, governmental activities		771,000
Accounts payable, business-type activities		664,000
General obligation bonds, governmental activities		9,265,000
Revenue bonds, business-type activities		3,812,000
Long-term liability for compensated absences, governmentalactivities		427,000