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.) 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, 2020:**Expenses:**- General government: $10,440,000- Public safety: $24,000,000- Public works: $12,890,000- Health and sanitation: $6,310,000- Culture and recreation: $4,307,000- Interest on long-term debt, governmental type: $1,031,000- Water and sewer system: $12,550,000- Parking system: $428,000**Revenues:**- Charges for services, general government: $1,181,000- Charges for services, public safety: $1,510,000- Operating grant, public safety: $708,000- Charges for services, health and sanitation: $2,455,000- Operating grant, health and sanitation: $1,310,000- Charges for services, culture and recreation: $2,241,000- Charges for services, water and sewer: $13,778,000- Charges for services, parking system: $300,000- Property taxes: $28,212,000- Sales taxes: $21,698,000- Investment earnings, business-type: $320,000- Special item—gain on sale of unused land, governmental type: $1,315,000- Transfer from governmental activities to business-type activities: $873,000**Net Positions:**- Net position, July 1, 2019, governmental activities: $13,222,000- Net position, July 1, 2019, business-type activities: $23,333,000This information provides a detailed breakdown of the financial activities for the city, including major expenses and sources of revenue. The net position reflects the financial standing at the beginning of the fiscal year for both governmental and business-type activities. **City of Northern Pines****Statement of Activities** **For the Year Ended June 30, 2020**---This statement provides a detailed overview of the activities and financial transactions of the City of Northern Pines for the specified fiscal year. The layout includes:### Functions/Programs#### Governmental Activities:- A list of various governmental activities with corresponding columns for: - **Expenses**: The costs associated with each activity. - **Program Revenues**: - **Charges for Services**: Revenue earned from services rendered. - **Operating Grants**: Financial aid received for operating purposes. - **Net (Expense) Revenue and Change in Net Position**: - **Governmental Activities**: The net financial outcome of governmental operations.#### Total Governmental Activities:- The cumulative data for all governmental activities.#### Business-Type Activities:- A list of various business-type activities with corresponding columns similar to governmental activities, indicating: - **Expenses** - **Charges for Services** - **Operating Grants** - **Net (Expense) Revenue and Change in Net Position**: - **Business-Type Activities**: The net financial outcome of business operations.#### Total Business-Type Activities:- The cumulative data for all business-type activities.#### Total – Primary Government- This line consolidates all governmental and business-type activities, providing a total for the primary government.### General Revenues:- Lists different sources of general revenue, contributing toward the change in net position.#### Total General Revenues, Special Items, and Transfers- The sum of all general revenues and any special items or transfers affecting the financial statement.### Change in Net Position- Reflects the difference in net position from the beginning to the end of the year.### Net Position: - **Beginning of Year**: The net assets available at the start of the fiscal period.- **End of Year**: The net assets available at the end of the fiscal period.This structured table provides clarity on financial operations, helping stakeholders understand the fiscal health and operational efficiency of the city government for the year ended June 30, 2020.

Statement of Activities: It is a statement prepared for the non-profit organization for the required…

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, 2020: Expenses: General government Public safety Public works $10,440,000 24,000,000 12,890,000 6,310,000 4,307,000 1,031,000 12,550,000 428,000 Health and sanitation Culture and recreation Interest on long-term debt, governmental type Water and sewer system Parking system Revenues: Charges for services, general government Charges for services, public safety Operating grant, public safety Charges for services, health and sanitation Operating grant, health and sanitation Charges for services, culture and recreation Charges for services, water and sewer Charges for services, parking system 1,181,000 1,510,000 708,000 2,455,000 1,310,000 2,241,000 13,778,000 300,000 28,212,000 21,698,000 320,000 1,315,000 873,000 13,222,000 23,333,000 Property taxes Sales taxes Investment earnings, business-type Special item-gain on sale of unused land, governmental type Transfer from governmental activities to business-type activities Net position, July 1, 2019, governmental activities Net position, July 1, 2019, business-type activities

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, 2020: Expenses: General government Public safety Public works $10,440,000 24,000,000 12,890,000 6,310,000 4,307,000 1,031,000 12,550,000 428,000 Health and sanitation Culture and recreation Interest on long-term debt, governmental type Water and sewer system Parking system Revenues: Charges for services, general government Charges for services, public safety Operating grant, public safety Charges for services, health and sanitation Operating grant, health and sanitation Charges for services, culture and recreation Charges for services, water and sewer Charges for services, parking system 1,181,000 1,510,000 708,000 2,455,000 1,310,000 2,241,000 13,778,000 300,000 28,212,000 21,698,000 320,000 1,315,000 873,000 13,222,000 23,333,000 Property taxes Sales taxes Investment earnings, business-type Special item-gain on sale of unused land, governmental type Transfer from governmental activities to business-type activities Net position, July 1, 2019, governmental activities Net position, July 1, 2019, business-type activities

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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