Just need Net Position corrected The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2024: Cash and cash equivalents, governmental activities $ 440,000 Cash and cash equivalents, business-type activities 926,000 Receivables, governmental activities 522,000 Receivables, business-type activities 1,542,000 Inventories, business-type activities 604,000 Capital assets, net, governmental activities 15,680,000 Capital assets, net, business-type activities 8,246,000 Accounts payable, governmental activities 754,000 Accounts payable, business-type activities 649,000 General obligation bonds, governmental activities 6,080,000 Revenue bonds, business-type activities 3,726,000 Long-term liability for compensated absences, governmental activities 417,000 Required: From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2024. Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $267,000 for governmental activities and $220,000 for business-type activities.
Just need Net Position corrected The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2024: Cash and cash equivalents, governmental activities $ 440,000 Cash and cash equivalents, business-type activities 926,000 Receivables, governmental activities 522,000 Receivables, business-type activities 1,542,000 Inventories, business-type activities 604,000 Capital assets, net, governmental activities 15,680,000 Capital assets, net, business-type activities 8,246,000 Accounts payable, governmental activities 754,000 Accounts payable, business-type activities 649,000 General obligation bonds, governmental activities 6,080,000 Revenue bonds, business-type activities 3,726,000 Long-term liability for compensated absences, governmental activities 417,000 Required: From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2024. Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $267,000 for governmental activities and $220,000 for business-type activities.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Just need Net Position corrected
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2024:
| Cash and cash equivalents, governmental activities | $ 440,000 |
|---|---|
| Cash and cash equivalents, business-type activities | 926,000 |
| Receivables, governmental activities | 522,000 |
| Receivables, business-type activities | 1,542,000 |
| Inventories, business-type activities | 604,000 |
| Capital assets, net, governmental activities | 15,680,000 |
| Capital assets, net, business-type activities | 8,246,000 |
| Accounts payable, governmental activities | 754,000 |
| Accounts payable, business-type activities | 649,000 |
| General obligation bonds, governmental activities | 6,080,000 |
| Revenue bonds, business-type activities | 3,726,000 |
| Long-term liability for compensated absences, governmental activities | 417,000 |
Required:
From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2024. Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $267,000 for governmental activities and $220,000 for business-type activities.
Transcribed Image Text:Assets:
Cash and Cash Equivalents
Receivables (Net)
Capital Assets, (Net of accumulated depreciation)
Total Assets
Liabilities:
Accounts Payable
Bonds Payable
Compensated Absences Payable
Total Liabilities
Net Position:
Net Investment in Capital Assets
Unrestricted
Total Net Position
$
$
Governmental
Activities
440,000 $
522,000
15,680,000
16,642,000
754,000
6,080,000
417,000
7,251,000
Primary Government
Business-Type
Activities
15,680,000 X
(7,556,000)
8,124,000
926,000
1,542,000
8,246,000
10,714,000
649,000
3,726,000
4,375,000
8,246,000 X
(2,523,000)
5,723,000
Primary
Government
$ 1,366,000
2,064,000
23,926,000
0
0
27,356,000
1,403,000
9,806,000
417,000
0
11,626,000
23,926,000
(10,079,000)
0
0
$ 13,847,000
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