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Calculate the increase (decrease) in net position displayed in the go activities for governmental activities. SHOW WORK FOR PARTIAL CREDIT.

Calculate the increase (decrease) in net position displayed in the go activities for governmental activities. SHOW WORK FOR PARTIAL CREDIT.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For Year 1, Crescent City displayed an increase in proprietary fund net position of $380,000 and excess of revenues and other financing sources over expenditures and other financing uses for all governmental funds of $450,000. The government also maintained an internal service fund whose purpose was to provide maintenance services to general government buildings. The internal service fund had an increase in net position of $15,000. During the year, the governmental funds had the following: Capital outlays.. $500,000 Proceeds from long-term debt (LTD) issue. ..350,000 Principal payments on LTD.. 45,000 Interest expenditures on LTD. 14,000 Depreciation expense on governmental assets. .75,000 Proceeds from the sale of land (net book value $150,000). .190,000 Calculate the increase (decrease) in net position displayed in the government-wide statement of activities for governmental activities. SHOW WORK FOR PARTIAL CREDIT.
Transcribed Image Text:For Year 1, Crescent City displayed an increase in proprietary fund net position of $380,000 and excess of revenues and other financing sources over expenditures and other financing uses for all governmental funds of $450,000. The government also maintained an internal service fund whose purpose was to provide maintenance services to general government buildings. The internal service fund had an increase in net position of $15,000. During the year, the governmental funds had the following: Capital outlays.. $500,000 Proceeds from long-term debt (LTD) issue. ..350,000 Principal payments on LTD.. 45,000 Interest expenditures on LTD. 14,000 Depreciation expense on governmental assets. .75,000 Proceeds from the sale of land (net book value $150,000). .190,000 Calculate the increase (decrease) in net position displayed in the government-wide statement of activities for governmental activities. SHOW WORK FOR PARTIAL CREDIT.
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