Need experts solution only, Don't use AI. The following information is available for the preparation of the government-wide financial statements for the City ofSouthern Springs as of April 30, 2017:Cash and cash equivalents, governmental activitiesCash and cash equivalents, business-type activitiesReceivables, governmental activities$ 400,000842,000474,000Receivables, business-type activitiesInventories, business-type activitiesCapital assets, net, governmental activitiesCapital assets, net, business-type activities1,401,000548,00014,227,0007,482,000Accounts payable, governmental activities685,000Accounts payable, business-type activities589,000General obligation bonds, governmental activities8,219,000Revenue bonds, business-type activities3,382,000Long-term liability for compensated absences, governmental activities378,000Required:From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2017.Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $583,000 forgovernmental activities and $200,000 for business-type activities. (Negative amounts should be indicated by a minussign.)

City of Southern SpringsStatement of Net PositionAs of April 30, 2017DescriptionGovernmental…

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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 $3,630,000 814,000 605,000 1,226,000 487,000 9,803,000 10,488,000 606,000…
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2017: Cash and cash equivalents, governmental activities Cash and cash equivalents, business-type activities $ 3,840,000 878,000 649,000 Receivables, governmental activities Receivables, business-type activities Inventories, business-type activities 1,328,000 519,000 Capital assets, net, governmental activities 10,580,000 Capital assets, net, business-type activities Accounts payable, governmental activities Accounts payable, business-type activities Noncurrent liabilities, governmental activities Noncurrent liabilities, business-type activities 11,329,000 649,000 658,000 5,442,000 3,205,000 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…
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The following information is available for the preperation of the Government- wide financial statements for the City of Southren Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $480,000; Cash and cash equivalents, business- type activities $700,000; Receivables, Governemntal activities $450,000; Receivables, business-type activites $1,330,000; Inventories, business - type activities $520,000; Capitol assets, net governmental activities $12,500,000; Capitol Assets, net, business-type activities $7,200,000; Accounts payable, Governmental activites $650,000; Accounts payable, business - type activities $559,000; General obligation bonds, governmental activities $7,800,00; Revenue binds, business -type activities$3,210,000 Long term liability for compensated absences, governmental activities $359,000 From the preceeding information, prepare (in good form) a statement of Net Position for the City of Southern Springs as of April 30,2020. Assume that…
2. 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 $ 440,000 Cash and cash equivalents, business-type activities 926,000 Receivables, governmental activities 522,000 Receivables, business-type activities 1,542,000 Inventories, business-type activities 604,000 Capital assets, net, governmental activities 15,680,000 Capital assets, net, business-type activities 8,246,000 Accounts payable, governmental activities 754,000 Accounts payable, business-type activities 649,000 General obligation bonds, governmental activities 6,080,000 Revenue bonds, business-type activities 3,726,000 Long-term liability for compensated absences, governmental activities 417,000 Required: From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2024. Assume that…
The following information has been provided for the City of Elizabeth for its fiscal year ended June 30. The information provided relates to financial information reported on the city's statement of net position and its total governmental funds balance. Deferred inflows of resources due to unavailability of resources to pay current expenditures Capital assets Accumulated depreciation on capital assets Accrued interest on bonds and long-term notes payable Bonds and long-term notes payable Unamortized premium on bonds payable Compensated absences Total governmental fund balances Total net position of governmental activities Required 5364,608 641,600 356,000 2,908 177,608 2,400 16,708 162,808 612,600 Prepare reconciliation of the governmental fund balances to the net position of governmental activities. (Decreases should be indicated with a minus sign.) CITY OF ELIZABETH Reconciliation of the Balance Sheet-Governmental Funds to the Statement of Net Position Total fund balances…
Just need Net Position corrected 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 $ 440,000 Cash and cash equivalents, business-type activities 926,000 Receivables, governmental activities 522,000 Receivables, business-type activities 1,542,000 Inventories, business-type activities 604,000 Capital assets, net, governmental activities 15,680,000 Capital assets, net, business-type activities 8,246,000 Accounts payable, governmental activities 754,000 Accounts payable, business-type activities 649,000 General obligation bonds, governmental activities 6,080,000 Revenue bonds, business-type activities 3,726,000 Long-term liability for compensated absences, governmental activities 417,000 Required: From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of…
From the above information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020.
The following information has been provided by the City of Edward for its most recent December 31 fiscal year-end. The information provided relates to financial information needed to reconcile the net change in governmental fund balances to the change in net position of governmental activities. Principal payment on long-term debt Net change in total governmental fund balances Change in net position of governmental activities Capital outlay reported as expenditures Depreciation expense $ 333,791 1,062,777 638,576 111,000 Accrued expenses that do not require use of current financial resources Revenues that do not provide current financial resources 49,059 5,650 34,119 Required Prepare reconciliation of the net change in governmental fund balances to the change in net position of governmental activities for the City of Edward. (Decreases should be indicated with a minus sign.) CITY OF EDWARD Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund…
Preparation of government-wide statement of activities
The following information is extracted from a City’s government-wide statement of net position at December 31, 2015: Capital assets $4,500,000 Accumulated depreciation, capital assets $2,400,000 Bonds payable -0- The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2015. Expenditures - capital outlay (General Fund) $ 60,000 Expenditures - capital outlay (Capital Projects Fund) $900,000 Depreciation on old and new assets during the year was $546,000. Prepare journal entries so…

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