Business, 16.06.2020 18:57 majakvcvc77
Following is the governmental activities pre-closing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (i. e., it uses no proprietary funds). There are no component units. To complete the financial statements for its annual report, the town must prepare a government-wide statement of net position and a statement of activities.
TOWN OF FREAZ
Pre-closing Trial Balance
As of June 30, 2017
(000s omitted)
Debits Credits
Cash $ 3,639
Investments 7,299
Taxes ReceivableâDelinquent 5,788
Allowance for Uncollectible Delinquent Taxes $ 49
Due from Other Funds 645
Due from Other Governments 6,343
Land 8,720
Buildings 25,680
Accumulated DepreciationâBuildings 8,021
Infrastructure 85,768
Accumulated DepreciationâInfrastructure 45,603
Machinery & Equipment 28,720
Accumulated DepreciationâMachinery & Equipment 13,785
Accounts Payable 7,764
Accrued Liabilities 4,765
Due to Other Funds 748
Current Portion of Long-term Debt 8,600
Bonds Payable 28,700
Net PositionâNet Investment in Capital Assets 45,259
Net PositionâRestricted for Debt Service 2,123
Net PositionâUnrestricted 6,598
Program RevenuesâGeneral Government Charges for Services 4,411
Program RevenuesâPublic Safetyâ Charges for Services 996
Program RevenuesâCulture & Recreationâ Charges for Services 359
Program RevenuesâGeneral Governmentâ Operating Grants & Contributions 307
Program RevenuesâPublic Worksâ Capital Grants & Contributions 1,680
General RevenuesâProperty Taxes 13,665
General RevenuesâInterest & Penalties 746
General RevenuesâInterest Income 345
ExpensesâGeneral Government 2,468
ExpensesâPublic Safety 11,577
ExpensesâPublic Works 5,311
ExpensesâCulture & Recreation 1,817
ExpensesâInterest on Long-term Debt 749
$ 194,524 $ 194,524
The restricted net position for debt service increased $87 for FY 2017. The net position accounts do not reflect FY 2017 depreciation of $1,080 that was allocated to the functions of government, or the townâs decision to designate $900 for street repair. (All 000s omitted.)
Required
Using the trial balance provided by the town, prepare a government-wide statement of net position. (Enter your answers in thousands.)
Using the trial balance provided by the town, prepare a government-wide statement of activities. (Enter your answers in thousands. Negative amounts should be indicated by a minus sign.)
Answers: 3
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