The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2017:Cash and cash equivalents, governmental activitiesCash and cash equivalents, business-type activities$ 3,840,000878,000649,000Receivables, governmental activitiesReceivables, business-type activitiesInventories, business-type activities1,328,000519,000Capital assets, net, governmental activities10,580,000Capital assets, net, business-type activitiesAccounts payable, governmental activitiesAccounts payable, business-type activitiesNoncurrent liabilities, governmental activitiesNoncurrent liabilities, business-type activities11,329,000649,000658,0005,442,0003,205,000Net position, net investment in capital assets, governmental activitiesNet position, net investment in capital assets, business-type activitiesNet position, restricted for debt service, governmental activitiesNet position, restricted for debt service, business-type activities5,138,0008,124,000753,000223,000From the above information, prepare a Statement of Net Position for the Cityof Southern Springs as of April 30, 2017.

.CITY OF SOUTHERN SPRINGStatement of Net Position As of April 30, 2017 GovernmentalBuisness -Type…

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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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2. 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…
The following information is available for the preperation of the Government- wide financial statements for the City of Southren Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $480,000; Cash and cash equivalents, business- type activities $700,000; Receivables, Governemntal activities $450,000; Receivables, business-type activites $1,330,000; Inventories, business - type activities $520,000; Capitol assets, net governmental activities $12,500,000; Capitol Assets, net, business-type activities $7,200,000; Accounts payable, Governmental activites $650,000; Accounts payable, business - type activities $559,000; General obligation bonds, governmental activities $7,800,00; Revenue binds, business -type activities$3,210,000 Long term liability for compensated absences, governmental activities $359,000 From the preceeding information, prepare (in good form) a statement of Net Position for the City of Southern Springs as of April 30,2020. Assume that…
The following information has been provided by the City of Edward for its most recent December 31 fiscal year-end. The information provided relates to financial information needed to reconcile the net change in governmental fund balances to the change in net position of governmental activities. Principal payment on long-term debt Net change in total governmental fund balances Change in net position of governmental activities Capital outlay reported as expenditures Depreciation expense $ 333,791 1,062,777 638,576 111,000 Accrued expenses that do not require use of current financial resources Revenues that do not provide current financial resources 49,059 5,650 34,119 Required Prepare reconciliation of the net change in governmental fund balances to the change in net position of governmental activities for the City of Edward. (Decreases should be indicated with a minus sign.) CITY OF EDWARD Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund…
City A has the following financial data. What is the Net Asset Per Capita? Cash: $ 4,650; Cash Equivalents: $12,350; Market Securities: $3,462; Receivables: $ 12,409; Current Liabilities: $45,690; Net Assets: $139,450; Total Assets: $2,458,360; Total Revenues: $1,367,809; Total Expenditures: $1,450,098; Population: 1,670.
City A has the following financial data. What is the Net Asset Ratio? Cash: $ 4,650; Cash Equivalents: $12,350; Market Securities: $3,462; Receivables: $ 12,409; Current Liabilities: $45,690; Net Assets: $139,450; Total Assets: $2,458,360; Total Revenues: $1,367,809; Total Expenditures: $1,450,098; Population: 1,670.
From the above information, prepare a Statement of Activities for the City of Northern Pines for the year ended June 30, 2020. Northern Pines has no component units. (Negative entries should be entered with a minus sign and will appear in parenthesis.)
Which of the following is true regarding Management's Discussion and Analysis (MD&A)? MD&A should provide an objective analysis of the financial activities based on currently known facts, d MD&A should disclose total assets and liabilities for all substantial component units. O Management should provide a cash flow projection for at least three consecutive fiscal years in MD&A. MD&A is optional for city governments. O MD&A is the final element of the introductory section of the comprehensive annual financial report (CAFR Question 15 MacBook Air
Effect of different measurement focuses and bases of accounting Following are some of Vista Village’s events during calendar year 2021. For each event, state (a) the amount the Village would report as expenditures if the event occurred in a governmental-type fund and (b) the amount it would report as expenses if the eventoccurred in an Enterprise Fund.1. The amount owed to employees for vacation and sick leave increased from $720,000to $765,000 during the year. Employees are permitted to receive payment for unusedvacation and sick leave days when they retire; at year-end, however, none of the employees had retired.2. At December 31, 2021 interest accrued on outstanding long-term debt amounted to $63,000. The interest was due to be paid on May 1, 2022.
The following were the selected transactions of a National Government Agency during the period of FY 2022:· Received Notice of Cash Allocation (NCA) amounting to P10,000,000.· Earned total revenue of P2,500,000 from billings and collections of unbilled income.· Incurred total expenses of P8,000,000.· Remitted total taxes withheld of P1,500,000 to the BIR through Tax Remittance Advice (TRA).· The unused NCA balance is P1,000,000 at the end of the period.How much is the net surplus/(deficit) for the period in the statement of financial performance?
The following information pertains to Hempstead City which has a December 31st year-end. Fiscal year 2020 governmental fund property tax revenues that are measurable and available equaled $12,000,000. Sales taxes collected by merchants in 2020 but not remitted to Hempstead City until January 2021 equaled $4,000,000. For the year ended December 31, 2020, Hempstead City should recognize revenues in its governmental fund financial statements of: A. $18,000,000. B. $16,000,000. C. $14,000,000. D. $12,000,000.
In recording its property tax assessment for the year, a county government estimates the amount of uncollectible taxes. How is this estimate reflected in the financial statements: An expenditure under General Government Operations. A credit to Taxes Receivable. A reduction in Property Tax Revenue. A debit to Estimated Uncollectible Taxes.

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