Question

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, 2020
(000s omitted)
	Debits				Credits
Cash	$	3,639
Investments		7,299
Taxes Receivable—Delinquent		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 Depreciation—Buildings						8,021
Infrastructure		85,768
Accumulated Depreciation—Infrastructure						45,603
Machinery & Equipment		28,720
Accumulated Depreciation—Machinery & 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 Position—Net Investment in Capital Assets						45,259
Net Position—Restricted for Debt Service						2,123
Net Position—Unrestricted						6,598
Program Revenues—General Government—Charges for Services						4,411
Program Revenues—Public Safety—Charges for Services						996
Program Revenues—Culture & Recreation—Charges for Services						359
Program Revenues—General Government—Operating Grants & Contributions						307
Program Revenues—Public Works—Capital Grants & Contributions						1,680
General Revenues—Property Taxes						13,665
General Revenues—Interest & Penalties						746
General Revenues—Interest Income						345
Expenses—General Government		2,468
Expenses—Public Safety		11,577
Expenses—Public Works		5,311
Expenses—Culture & Recreation		1,817
Expenses—Interest on Long-term Debt		749
	$	194,524			$	194,524

The restricted net position for debt service increased $87 for FY 2020. The net position accounts do not reflect FY 2020 depreciation of $1,080 that was allocated to the functions of government, or the town’s 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.)

Answer is complete but not entirely correct.

TOWN OF FREAZ Statement of Net Position As of June 30, 2020 Assets Current Assets: Cash not attempted $3,639selected answer correct Investments not attempted 7,299selected answer correct Taxes Receivable (Net) not attempted 5,739selected answer correct Due from Other Governments not attempted 6,343selected answer correct not attempted not attempted Total Current Assets 23,020 Capital Assets: Land $8,720selected answer correct Other Capital Assets (Net of Depreciation) Buildings (Net) 17,659selected answer correct Machinery and Equipment (Net) 14,935selected answer correct Infrastucture (Net) 40,165selected answer correct not attempted Total Capital Asstes 81,479 Total Assets 104,499 Liabilities Current Liabilities: Accounts Payable 7,764selected answer correct Accrued Liabilities 4,765selected answer correct Due to Other Funds (Net) 103selected answer correct Current Portion of Long-Term Debt    8,600selected answer correct not attempted Total Current Liabilities 21,232 Long-Term Liabilities: Bonds Payable 28,700selected answer correct not attempted Total Liabilities 49,932 Net Position Net Investment in Capital Assets 44,179selected answer correct Restricted—Debt Service 2,210selected answer correct Unrestricted: Designated—Street Repair 647selected answer incorrect Undesignated 6,598selected answer incorrect Total Net Position

Need the answer of last two

Designated—Street Repair		647 answer incorrect
Undesignated		6,598 answer incorrect

Answer 1