Hi, please help with solving the attached question. From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020. Assume thatoutstanding bonds were issued to acquire capital assets and restricted assets total $701,000 for governmental activities and $245,000for business-type activities. (Negative amounts should be indicated by a minus sign)Assets:Total AssetsLiabilities:Total LiabilitiesNet Position:Total Net PositionCITY OF SOUTHERN SPRINGSStatement of Net PositionAs of April 30, 2020GovernmentalActivities$0Business-TypeActivities0 $00$$Total0000000000000000 The following information is available for the preparation of the government-wide financial statements for the City of Southern Springsas of April 30, 2020:Cash and cash equivalents, governmental activitiesCash and cash equivalents, business-type activitiesReceivables, governmental activitiesReceivables, business-type activitiesInventories, business-type activitiesCapital assets, net, governmental activitiesCapital assets, net, business-type activitiesAccounts payable, governmental activitiesAccounts payable, business-type activitiesGeneral obligation bonds, governmental activitiesRevenue bonds, business-type activitiesLong-term liability for compensated absences, governmental activities$480,0001,010,000570,0001,683,000660,00017,133,0009,010,000823,000709,0009,893,0004,070,000456,000From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020. Assume thatoutstanding bonds were issued to acquire capital assets and restricted assets total $701,000 for governmental activities and $245,000for business-type activities. (Negative amounts should be indicated by a minus sign)

Introduction: Usually cash and Cash Equivalents found as a line item on the top of the balance sheet in asset side that are those sets of assets that are short-term and highly liquid investments that can be readily convertible into cash and are subject to low risk of price change. Examples of cash and cash equivalents includes Cash and Paper Money, US Treasury bills, undeposited receipts, Money Market funds, etc.. Cash equivalents should maturity within 3months or less.Explanation: City of southern springs Statment of net position As of april 30,2020 ($) Particulars Government activities Business type activites Total Assets : Cash and cash equilents 480000 1010000 1490000 Receivables 570000 1683000 2253000 Inventories 0 660000 660000 Capital assets 17133000 9010000 26143000 Total(A) 18183000 12363000 30546000 Liabilities: Account payable 823000 709000 1532000 General obligation bonds 9893000 0 9893000 Revenue bonds 0 4070000 4070000 Long term liability for compensated absence 456000 0 456000 Total(B) 11172000 4779000 15951000 Net position (A-B) 7011000 7584000 14595000 Outstanding bonds were isuued 701000 245000 946000 Total Net position 6310000 7339000 13649000Conclusion: Since there is information for government activities and business activities so based on the that statement is bifurcated.

Business

Accounting

From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 3 outstanding bonds were issued to acquire capital assets and restricted assets total $701,000 for governmental ac for business-type activities. (Negative amounts should be indicated by a minus sign) Assets: CITY OF SOUTHERN SPRINGS Statement of Net Position As of April 30, 2020 Governmental Activities Business-Type Activities $ Total 0