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$ 10,712,000Public safety22,500,000Public works11,290,000Health and sanitation6,010,000Culture and recreation4,198,000Interest on long-term debt, governmental type450,000Water and sewer system10,710,000Parking system412,000Revenues: Charges for services, general government1,206,000Charges for services, public safety210,000Operating grant, public safety800,000Charges for services, health, and sanitation2,580,000Operating grant, health, and sanitation1,210,000Charges for services, culture, and recreation1,998,000Charges for services, water, and sewer11,588,000Charges for services, parking system388,000Property taxes27,900,000Sales taxes17,600,000Investment earnings, business-type325,000Special item—gain on sale of unused land, governmental type870,000Transfer from business-type activities to governmental activities700,000Net position, July 1, 2023, governmental activities5,750,000Net position, July 1, 2023, business-type activities4,600,000Required:From the previous information, prepare a Statement of Activities for the City of Northern Pines for the year ended June 30, 2024. Northern Pines has no component units.

The revenue and expenses of a nonprofit entity for a reporting period are quantified in a statement…

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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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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 sale of unused land, governmental type	870,000
Transfer from business-type activities to governmental activities	700,000
Net position, July 1, 2023, governmental activities	5,750,000
Net position, July 1, 2023, business-type activities	4,600,000

Required:

From the previous information, prepare a Statement of Activities for the City of Northern Pines for the year ended June 30, 2024. Northern Pines has no component units.

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