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 Public safety Public works 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 Property taxes Sales taxes Investment earnings, business-type Unusual or infrequent items: fire loss governmental activities Transfer from governmental activities to business-type activities Net position, July 1, 2023, governmental activities Net position, July 1, 2023, business-type activities $ 10,100,000 23,000,000 11,890,000 6,210,000 4,198,000 1,021,000 11,450,000 419,000 1,010,000 1,410,000 698,000 2,355,000 1,210,000 2,198,000 12,678,000 298,000 27,112,000 20,698,000 319,000 200,000 888,000 12,222,000 22,333,000 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. Note: 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, 2024: Expenses: General government Public safety Public works 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 Property taxes Sales taxes Investment earnings, business-type Unusual or infrequent items: fire loss governmental activities Transfer from governmental activities to business-type activities Net position, July 1, 2023, governmental activities Net position, July 1, 2023, business-type activities $ 10,100,000 23,000,000 11,890,000 6,210,000 4,198,000 1,021,000 11,450,000 419,000 1,010,000 1,410,000 698,000 2,355,000 1,210,000 2,198,000 12,678,000 298,000 27,112,000 20,698,000 319,000 200,000 888,000 12,222,000 22,333,000 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. Note: Negative entries should be entered with a minus sign and will appear in parenthesis.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1
Transcribed Image Text: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
Public safety
Public works
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
Property taxes
Sales taxes
Investment earnings, business-type
Unusual or infrequent items: fire loss governmental activities
Transfer from governmental activities to business-type activities
Net position, July 1, 2023, governmental activities
Net position, July 1, 2023, business-type activities
$ 10,100,000
23,000,000
11,890,000
6,210,000
4,198,000
1,021,000
11,450,000
419,000
1,010,000
1,410,000
698,000
2,355,000
1,210,000
2,198,000
12,678,000
298,000
27,112,000
20,698,000
319,000
200,000
888,000
12,222,000
22,333,000
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.
Note: Negative entries should be entered with a minus sign and will appear in parenthesis.
Transcribed Image Text:Functions or Programs
Governmental Activities:
General Government
Public Safety
Public Works
Health and Sanitation
Culture and Recreation
Interest on Long-Term Debt
Total Governmental Activities
Business-Type Activities:
Water and Sewer System
Parking System
Total Business-Type Activities
Total - Primary Government
General Revenues:
Property Taxes
Sales Taxes
Investment Earnings
Transfers
Total General Revenues, Transfers, and Unusual or Infrequent Items
Change in Net Position
Net Position, Beginning of Year
Net Position, End of Year
› › › › › ›
33
✓
✔
♥
✓
Expenses
$ 56,419,000
Program Revenues
444444
$ 11,869,000
$ 68,288,000
Charges for
Services
$ 10,100,000 $1,010,000 $
1,410,000✔
23,000,000✔
11,890,000✔
6,210,000✔
4,198,000✔
1,021,000✔
0✓
Operating
Grants
0 $
698,000✔
0✔
2,355,000✔ 1,210,000 ✓
2,198,000
0♥
0✓
0✔
$ 6,973,000
$ 1,908,000
$ 11,450,000 $12,678,000 $
419,000✔ 298,000✔
$ 12,976,000 $
$ 19,949,000 $ 1,908,000
Governmental
Activities
0
$ (9,090,000)
(20,892,000)✓
(11,890,000) ✔
(2,645,000)✓
(2,000,000) ✔
(1,021,000) ✔
Net (Expense) Revenue and Change in Net Position
0 $
0♥
$ (47,538,000)
$
$
$
$
0 $
$ (47,538,000) $
Business-
Type Activities
0 $
0✔
0✔
$
47,810,000
I$
27,112,000 $
20,698,000✔
0
$
$
0 $ (9,090,000)
0♥ (20,892,000)
0✔ (11,890,000)
0✔ (2,645,000)
0✔ (2,000,000)
0✔
(1,021,000)
0
1,228,000 $
(121,000) ✔
0✔ $
0♥
0✔
0
$ (47,538,000)
0
Total
1,107,000 $ 1,107,000
1,107,000 $ (46,431,000)
$
$
0
$
1,228,000
(121,000)
0
27,112,000
20,698,000
0
0
0
0
47,810,000
0
0
0
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