From the above information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020. The following information is available for the preparation of the government-wide financial statements for the City of Southern Springsas of April 30, 2020:$ 3,510,000802,000593,0001,214,000475,0009,683,00010,368,000594,000603,0004,986,0002,936,0004,697,0007,432,000690,000204,000Cash and cash equivalents, governmental activitiesCash and cash equivalents, business-type activitiesReceivables, governmental activitiesReceivables, business-type activitiesInventories, business-type activitiesCapital assets, net, governmental activitiesCapital assets, net, business-type activitiesAccounts payable, governmental activitiesAccounts payable, business-type activitiesNoncurrent liabilities, governmental activitiesNoncurrent liabilities, business-type activitiesNet 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 activities CITY OF SOUTHERN SPRINGSStatement of Net PositionAs of April 30, 2020GovernmentalBusiness-TypeActivitiesActivitiesTotalAssets:Total AssetsLiabilities:Total LiabilitiesNet position:Total Net Position

The statement of net position summarizes the governmental institution's financial situation as well…

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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 $3,870,000 775,000 650,000 1,130,000 520,000 10,600,000 11,350,000…
Justify the presentation of the required accounting and financial reports to a city, when it uses funds, such as Capital project funds or Debt services funds, including the notes to the reports?
Preparation of journal entries for government-wide financial statements and preparation of government-wide financial statements The following additional information is furnished to complete this part of the problem. Croton has no activities other than governmental activities. The city’s government-wide statement of net position for the year ended December 31, 2018, showed general capital assets of $14,000 and related accumulated depreciation of $6,400. Depreciation expense on Croton’s general capital assets for 2019 (including assets acquired in 2019) was $700, all of which was applicable to public safety. The city’s government-wide statement of net position for the year ended December 31, 2018, showed bonds payable of $5,500. All the debt had been issued to finance capital assets. Analysis of Croton’s debt service requirements showed that $700 of the total bonds payable as of December 31, 2019, should be reported as current because it is due to be paid during 2020. The city’s…
Topic Please research an annual comprehensive financial report of any local municipality of your choice that had a general government capital construction project that was financed. Discuss the project and type of financing that the local government used, and opine on the other various financing options that the government could have used. In your opinion, did the local government use the most effective financing option? Why or why not? Note: Please provide a link to the referenced material used. This can be attached as a website link or a document (PDF/Word). Make sure to reference your source (using APA 7th edition).
Godo
The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. Each of the pool participants had reported its investments at fair value as of the end of 2022. At the date of the creation of the pool, February 15, 2023, the fair value of the investments of each pool participant was as follows: City of Albertville General Fund Albertville Schools Richwood Township Total Investments 12/31/22 900,000 4,220,000 4,090,000 $9,210,000 2/15/23 $ 950,000 4,465,000 4,085,000 $9,500,000
The board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2017, that included revenues of $1,292,500, bond proceeds of $575,000, appropriations of $1,060,000, and operating transfers out of $420,000. a. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? b. If this budget is formally integrated into the accounting records, what later entry is required?
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…

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