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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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 Cash and cash equivalents, business-type activities Receivables, governmental activities Receivables, business-type activities Inventories, business-type activities Capital assets, net, governmental activities Capital assets, net, business-type activities Accounts payable, governmental activities Accounts payable, business-type activities Noncurrent liabilities, governmental activities Noncurrent liabilities, business-type activities Net position, net investment in capital assets, governmental activities Net position, net investment in capital assets, business-type activities Net position, restricted for debt service, governmental activities Net position, restricted for debt service, business-type activities $3,630,000 814,000 605,000 1,226,000 487,000 9,803,000 10,488,000 606,000…
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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…
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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…
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…
The following information has been provided for the City of Elizabeth for its fiscal year ended June 30. The information provided relates to financial information reported on the city's statement of net position and its total governmental funds balance. Deferred inflows of resources due to unavailability of resources to pay current expenditures Capital assets Accumulated depreciation on capital assets Accrued interest on bonds and long-term notes payable Bonds and long-term notes payable Unamortized premium on bonds payable Compensated absences Total governmental fund balances Total net position of governmental activities Required 5364,608 641,600 356,000 2,908 177,608 2,400 16,708 162,808 612,600 Prepare reconciliation of the governmental fund balances to the net position of governmental activities. (Decreases should be indicated with a minus sign.) CITY OF ELIZABETH Reconciliation of the Balance Sheet-Governmental Funds to the Statement of Net Position Total fund balances…
The following information is extracted from a City’s government-wide statement of net position at December 31, 2015: Capital assets $4,500,000 Accumulated depreciation, capital assets $2,400,000 Bonds payable -0- The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2015. Expenditures - capital outlay (General Fund) $ 60,000 Expenditures - capital outlay (Capital Projects Fund) $900,000 Depreciation on old and new assets during the year was $546,000. Prepare journal entries so…
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How Do You Put the information in on the box? And what do i do? 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$480,000 Cash and cash equivalents, business-type activities 1,010,000 Receivables, governmental activities 570,000 Receivables, business-type activities 1,683,000 Inventories, business-type activities 660,000 Capital assets, net, governmental activities 17,133,000 Capital assets, net, business-type activities 9,010,000 Accounts payable, governmental activities 823,000 Accounts payable, business-type activities 709,000 General obligation bonds, governmental activities 9,893,000 Revenue bonds, business-type activities 4,070,000 Long-term liability for compensated absences, governmental activities 456,000. From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April…
3. The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2024: Expenses: General government $ 10,712,000 Public safety 22,500,000 Public works 11,290,000 Health and sanitation 6,010,000 Culture and recreation 4,198,000 Interest on long-term debt, governmental type 450,000 Water and sewer system 10,710,000 Parking system 412,000 Revenues: Charges for services, general government 1,206,000 Charges for services, public safety 210,000 Operating grant, public safety 800,000 Charges for services, health, and sanitation 2,580,000 Operating grant, health, and sanitation 1,210,000 Charges for services, culture, and recreation 1,998,000 Charges for services, water, and sewer 11,588,000 Charges for services, parking system 388,000 Property taxes 27,900,000 Sales taxes 17,600,000 Investment earnings, business-type 325,000 Special item—gain on…
From the above information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020.

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