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Following is the governmental activities preclosing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (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 Preclosing Trial Balance As of June 30, 2023 (des anitted) Cash Investments Taxes Receivable-Delinquent Allowance for uncollectible Delinquent Taxes Due From Other Funds Debits $ 3,654 7,314 5,003 660 Credits

Following is the governmental activities preclosing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (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 Preclosing Trial Balance As of June 30, 2023 (des anitted) Cash Investments Taxes Receivable-Delinquent Allowance for uncollectible Delinquent Taxes Due From Other Funds Debits $ 3,654 7,314 5,003 660 Credits

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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Following is the governmental activities preclosing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (.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. Cesh Investments Taxes Receivable-Delinquent Allowance for uncollectible Delinquent Taxes Due From Other Funds Due from Other Governments Lend Buildings Accumulated Depreciation Buildings Infrastructure Accumulated Depreciation Infrastructure Hechinery & Equipment Accumulated Depreciation Machinery & Equipment Accounts Payable Accrued Liabilities Due to Other Funds Current Portion of Long-term Deat Bends Payable Net Position-Net Investment in Capital Assets Net Position-Restricted for Debt Service Net Position-Unrestricted Program Revenues General Government-Charges for Services Progran Revenues-Public Safety-Charges for services Program Revenues-Culture & Recreation-Charges for Services Program Revenues-General Government-Operating Grants & Contributions Program Revenues-Public Works-Capital Grants & Contributions General Revenues-Property Taxes General Revenues-Interest & Penalties General Revenues Interest Income Expenses-General Government Expenses-Public Safety Expenses-Public Works Expenses-Culture & Recreation Expenses Interest on Leng-tern Dent Current Assets Cash Investments Taxes Receivable (Net) Due from Other Governments Total Current Assets Capital Assets Land Other Capital Assets (Net of Depreciation) Buildings (Net) Infrastucture (Net) Machinery and Equipment (Net) Total Assets Total Capital Asstes Current Liabilities: TOWN OF FREAZ Preclosing Trial Balance As of June 30, 2023 (Bees omitted) Assets Accounts Payable Accrued Liabilities Answer is complete but not entirely correct. TOWN OF FREAZ Statement of Net Position As of June 30, 2023 (000s Omitted) Due to Other Funds (Net) Current Portion of Long-Term Debt Long-Term Liabilities: Bonds Payable Total Liabilities Liabilities Total Current Liabilities The restricted net position for debt service increased $117 for FY 2023. The net position accounts do not reflect FY 2023 depreciation of $1,540 that was allocated to the functions of government. (All 000s omitted.) Unrestricted Required Using the trial balance provided by the town, prepare a government-wide statement of net position. (Enter your answers in thousands.) Total Net Position Net Position Net Investment in Capital Assets Restricted-Debt Service 3333 ✔ ✔ ✔ 3336 ✔ ✔ ✔ 0000 ✔ ✔ • $ 8.795 17,794✔ 40,165✔ 15.010 7,004 4,840✔ 118 8,750 20,712 29,450 54,682 X S 3,654 7,314 5,739 6,373 23,080 81,764 104,844 104,844 Debits $ 3,654 7,314 5,003 45,104 2,198 6,628 X 660 6,373 5,795 25,830 S 53,930 85,798 20,870 2,498 11,622 5,326 1,562 764 $195,169 Credits $ 64 8,036 45,633 13,86 7,004 4,840 778 8,750 29,450 45,304 2,198 6,628 4,426 1,056 374 322 1,710 13,740 776 420 $195,169
Transcribed Image Text:Following is the governmental activities preclosing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (.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. Cesh Investments Taxes Receivable-Delinquent Allowance for uncollectible Delinquent Taxes Due From Other Funds Due from Other Governments Lend Buildings Accumulated Depreciation Buildings Infrastructure Accumulated Depreciation Infrastructure Hechinery & Equipment Accumulated Depreciation Machinery & Equipment Accounts Payable Accrued Liabilities Due to Other Funds Current Portion of Long-term Deat Bends Payable Net Position-Net Investment in Capital Assets Net Position-Restricted for Debt Service Net Position-Unrestricted Program Revenues General Government-Charges for Services Progran Revenues-Public Safety-Charges for services Program Revenues-Culture & Recreation-Charges for Services Program Revenues-General Government-Operating Grants & Contributions Program Revenues-Public Works-Capital Grants & Contributions General Revenues-Property Taxes General Revenues-Interest & Penalties General Revenues Interest Income Expenses-General Government Expenses-Public Safety Expenses-Public Works Expenses-Culture & Recreation Expenses Interest on Leng-tern Dent Current Assets Cash Investments Taxes Receivable (Net) Due from Other Governments Total Current Assets Capital Assets Land Other Capital Assets (Net of Depreciation) Buildings (Net) Infrastucture (Net) Machinery and Equipment (Net) Total Assets Total Capital Asstes Current Liabilities: TOWN OF FREAZ Preclosing Trial Balance As of June 30, 2023 (Bees omitted) Assets Accounts Payable Accrued Liabilities Answer is complete but not entirely correct. TOWN OF FREAZ Statement of Net Position As of June 30, 2023 (000s Omitted) Due to Other Funds (Net) Current Portion of Long-Term Debt Long-Term Liabilities: Bonds Payable Total Liabilities Liabilities Total Current Liabilities The restricted net position for debt service increased $117 for FY 2023. The net position accounts do not reflect FY 2023 depreciation of $1,540 that was allocated to the functions of government. (All 000s omitted.) Unrestricted Required Using the trial balance provided by the town, prepare a government-wide statement of net position. (Enter your answers in thousands.) Total Net Position Net Position Net Investment in Capital Assets Restricted-Debt Service 3333 ✔ ✔ ✔ 3336 ✔ ✔ ✔ 0000 ✔ ✔ • $ 8.795 17,794✔ 40,165✔ 15.010 7,004 4,840✔ 118 8,750 20,712 29,450 54,682 X S 3,654 7,314 5,739 6,373 23,080 81,764 104,844 104,844 Debits $ 3,654 7,314 5,003 45,104 2,198 6,628 X 660 6,373 5,795 25,830 S 53,930 85,798 20,870 2,498 11,622 5,326 1,562 764 $195,169 Credits $ 64 8,036 45,633 13,86 7,004 4,840 778 8,750 29,450 45,304 2,198 6,628 4,426 1,056 374 322 1,710 13,740 776 420 $195,169
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