I have completed everything except for the unrestricted amounts. I can't seem to figure those out. Can someone please help? Problem: 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 $ 420,000 Cash and cash equivalents, business-type activities 884,000 Receivables, governmental activities 498,000 Receivables, business-type activities 1,471,000 Inventories, business-type activities 576,000 Capital assets, net, governmental activities 14,953,000 Capital assets, net, business-type activities 7,864,000 Accounts payable, governmental activities 719,000 Accounts payable, business-type activities 619,000 General obligation bonds, governmental activities 8,637,000 Revenue bonds, business-type activities 3,554,000 Long-term liability for compensated absences, governmental activities 398,000 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 $613,000 for governmental activities and $210,000 for business-type activities. (Negative amounts should be indicated by a minus sign)

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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I have completed everything except for the unrestricted amounts. I can't seem to figure those out.

Can someone please help?

Problem:

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	$	420,000
Cash and cash equivalents, business-type activities		884,000
Receivables, governmental activities		498,000
Receivables, business-type activities		1,471,000
Inventories, business-type activities		576,000
Capital assets, net, governmental activities		14,953,000
Capital assets, net, business-type activities		7,864,000
Accounts payable, governmental activities		719,000
Accounts payable, business-type activities		619,000
General obligation bonds, governmental activities		8,637,000
Revenue bonds, business-type activities		3,554,000
Long-term liability for compensated absences, governmental activities		398,000

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 $613,000 for governmental activities and $210,000 for business-type activities. (Negative amounts should be indicated by a minus sign)

CITY OF SOUTHERN SPRINGS
Statement of Net Position
As of April 30, 2020
Governmental
Activities
Business-Type
Activities
Total
Assets:
Cash and Cash Equivalents
Inventories
Receivables
Capital Assets, Net
420,000 $
884,000 $ 1,304,000
576,000
576,000
498,000
1,471,000
1,969,000
14,953,000
7,864,000
22,817,000
Total Assets
15,871,000
10,795,000
26,666,000
Liabilities:
Accounts Payable
Bonds Payable
Compensated Absences Payable
719,000
619,000
1,338,000
8,637,000
398,000
3,554,000
12,191,000
398,000
Total Liabilities
9,754,000
4,173,000
13,927,000
Net Position:
Net Investment in Capital Assets
Restricted
Unrestricted
6,316,000
4,310,000
10,626,000
613,000
210,000
823,000
Total Net Position
6,929,000
$4
4,520,000 $ 11,449,000

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