The balance in the government-wide governmental activities net position is equal to:
Accounting
The following information is available for Phelan City for the year ended December 31, 2022:
Total governmental fund balance was $3,000,000
The City had $1,000,000 of capital assets in place at the beginning of the year.
The City acquired $800,000 in capital assets during the current year.
The City sold capital assets with a book value of $240,000 for $250,000.
The City issued, during the current year, $3,000,000 in general obligation bonds and the bonds are to be used for a construction project. No other bonds were issued in previous periods.
At the end of the year accrued interest payable was $180,000, not legally due.
Revenue accrued but not available for current period use totaled $160,000.
The balance in the government-wide governmental activities net position is equal to:
Group of answer choices
$1,160,000.
$1,310,000.
$1, 320,000.
$1,330,000.
Step by step
Solved in 2 steps
