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 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 General obligation bonds, governmental activities Revenue bonds, business-type activities Long-term liability for compensated absences, governmental activities $ 410,000 863,000 486,000 1,436,000 562,000 14,590,000 7,673,000 702,000 604,000 8,428,000 3,468,000 388,000 From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020. Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $598,000 for governmental activities and $205,000 for business-type activities. (Negative amounts should be indicated by a minus sign) CITY OF SOUTHERN SPRINGS Statement of Net Position As of April 30, 2020 Governmental Activities Business-Type Activities Total Assets: Cash and Cash Equivalents Receivables Inventories Capital Assets, Net $ 410,000 $ 486,000 562,000 14,590,000 7,673,000 863,000 $ 1,273,000 1,436,000 1,922,000 562,000 22,263,000 0 15,486,000 10,534,000 26.020,000 Total Assets Liabilities: Accounts Payable 702,000 604,000 Bonds Payable 8,428,000 1,300,000 8,428,000 0 388,000 Total Liabilities 9,518,000 604,000 388,000 10,122,000 Net Position: 0 Restricted Unrestricted 598,000 205,000 803,000 0 0 Total Net Position S 598,000 $ 205,000 S 803,000
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 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 General obligation bonds, governmental activities Revenue bonds, business-type activities Long-term liability for compensated absences, governmental activities $ 410,000 863,000 486,000 1,436,000 562,000 14,590,000 7,673,000 702,000 604,000 8,428,000 3,468,000 388,000 From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020. Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $598,000 for governmental activities and $205,000 for business-type activities. (Negative amounts should be indicated by a minus sign) CITY OF SOUTHERN SPRINGS Statement of Net Position As of April 30, 2020 Governmental Activities Business-Type Activities Total Assets: Cash and Cash Equivalents Receivables Inventories Capital Assets, Net $ 410,000 $ 486,000 562,000 14,590,000 7,673,000 863,000 $ 1,273,000 1,436,000 1,922,000 562,000 22,263,000 0 15,486,000 10,534,000 26.020,000 Total Assets Liabilities: Accounts Payable 702,000 604,000 Bonds Payable 8,428,000 1,300,000 8,428,000 0 388,000 Total Liabilities 9,518,000 604,000 388,000 10,122,000 Net Position: 0 Restricted Unrestricted 598,000 205,000 803,000 0 0 Total Net Position S 598,000 $ 205,000 S 803,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
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
General obligation bonds, governmental activities
Revenue bonds, business-type activities
Long-term liability for compensated absences, governmental activities
$
410,000
863,000
486,000
1,436,000
562,000
14,590,000
7,673,000
702,000
604,000
8,428,000
3,468,000
388,000
From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020. Assume that
outstanding bonds were issued to acquire capital assets and restricted assets total $598,000 for governmental activities and
$205,000 for business-type activities. (Negative amounts should be indicated by a minus sign)
CITY OF SOUTHERN SPRINGS
Statement of Net Position
As of April 30, 2020
Governmental
Activities
Business-Type
Activities
Total
Assets:
Cash and Cash Equivalents
Receivables
Inventories
Capital Assets, Net
$
410,000 $
486,000
562,000
14,590,000
7,673,000
863,000 $ 1,273,000
1,436,000
1,922,000
562,000
22,263,000
0
15,486,000
10,534,000
26.020,000
Total Assets
Liabilities:
Accounts Payable
702,000
604,000
Bonds Payable
8,428,000
1,300,000
8,428,000
0
388,000
Total Liabilities
9,518,000
604,000
388,000
10,122,000
Net Position:
0
Restricted
Unrestricted
598,000
205,000
803,000
0
0
Total Net Position
S
598,000
$
205,000 S
803,000
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