Question
In: Accounting
The following information is available for the preparation of the government-wide financial statements for the City...
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 | $ | 490,000 | |
| Cash and cash equivalents, business-type activities | 1,031,000 | ||
| Receivables, governmental activities | 582,000 | ||
| Receivables, business-type activities | 1,718,000 | ||
| Inventories, business-type activities | 674,000 | ||
| Capital assets, net, governmental activities | 17,496,000 | ||
| Capital assets, net, business-type activities | 9,201,000 | ||
| Accounts payable, governmental activities | 840,000 | ||
| Accounts payable, business-type activities | 724,000 | ||
| General obligation bonds, governmental activities | 10,102,000 | ||
| Revenue bonds, business-type activities | 4,156,000 | ||
| Long-term liability for compensated absences, governmental activities | 466,000 | ||
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 $716,000 for governmental activities and
$255,000 for business-type activities. (Negative amounts
should be indicated by a minus sign)
Solutions
Expert Solution
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ekkarill92 answered 7 months agoRelated Solutions
The following information is available for the preparation of the government-wide financial statements for the City...
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
$
580,000
Cash and cash equivalents, business-type activities
1,220,000
Receivables, governmental activities
690,000
Receivables, business-type activities
2,033,000
Inventories, business-type activities
800,000
Capital assets, net, governmental activities
20,763,000
Capital assets, net, business-type activities
10,920,000
Accounts payable, governmental activities
993,000
Accounts payable, business-type activities
859,000
General obligation bonds, governmental activities
11,983,000
Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
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
$
470,000
Cash and cash equivalents, business-type activities
989,000
Receivables, governmental activities
558,000
Receivables, business-type activities
1,648,000
Inventories, business-type activities
646,000
Capital assets, net, governmental activities
16,770,000
Capital assets, net, business-type activities
8,819,000
Accounts payable, governmental activities
806,000
Accounts payable, business-type activities
694,000
General obligation bonds, governmental activities
9,684,000
Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
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
$
520,000
Cash and cash equivalents, business-type activities
1,094,000
Receivables, governmental activities
618,000
Receivables, business-type activities
1,823,000
Inventories, business-type activities
716,000
Capital assets, net, governmental activities
18,585,000
Capital assets, net, business-type activities
9,774,000
Accounts payable, governmental activities
891,000
Accounts payable, business-type activities
769,000
General obligation bonds, governmental activities
10,729,000
Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
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 $ 380,000 Cash and cash equivalents,
business-type activities 800,000 Receivables, governmental
activities 450,000 Receivables, business-type activities 1,330,000
Inventories, business-type activities 520,000 Capital assets, net,
governmental activities 13,500,000 Capital assets, net,
business-type activities 7,100,000 Accounts payable, governmental
activities 650,000 Accounts payable, business-type activities
559,000 General obligation bonds, governmental activities 7,800,000
Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
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
$
380,000
Cash and cash equivalents,
business-type activities
800,000
Receivables, governmental
activities
450,000
Receivables, business-type
activities
1,330,000
Inventories, business-type
activities
520,000
Capital assets, net,
governmental activities
13,500,000
Capital assets, net,
business-type activities
7,100,000
Accounts payable, governmental
activities
650,000
Accounts payable, business-type
activities
559,000
General obligation bonds,
governmental activities
7,800,000
Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
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
$
450,000
Cash and cash equivalents, business-type activities
947,000
Receivables, governmental activities
534,000
Receivables, business-type activities
1,577,000
Inventories, business-type activities
618,000
Capital assets, net, governmental activities
16,043,000
Capital assets, net, business-type activities
8,437,000
Accounts payable, governmental activities
771,000
Accounts payable, business-type activities
664,000
General obligation bonds, governmental activities
9,265,000
Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of
the government-wide financial statements for the City of Northern
Pines for the year ended June 30, 2017:
Expenses:
General Government
$12,060,000
Public Safety
25,118,000
Public Works
11,866,000
Health and Sanitation
6,316,000
Culture and Recreation
4,621,000
Interest on long-term debt, governmental type
757,000
Water and Sewer System
11,244,000
Parking System
428,000
Revenues:
Charges for services, general government
1,372,000
Charges for services, public...
The following information is available for the preparation of the government-wide financial statements for the City...
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
$410,000
Cash and cash equivalents, business-type activities
863,000
Receivables, governmental activities
486,000
Receivables, business-type activities
1,436,000
Inventories, business-type activities
562,000
Capital assets, net, governmental activities
14,590,000
Capital assets, net, business-type activities
7,673,000
Accounts payable, governmental activities
702,000
Accounts payable, business-type activities
604,000
General obligation bonds, governmental activities
8,428,000
Revenue bonds,...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of
the government-wide financial statements for the City of Northern
Pines for the year ended June 30, 2017:
Expenses:
General government
$
9,950,000
Public safety
23,592,000
Public works
12,503,000
Health and sanitation
6,369,000
Culture and recreation
4,306,000
Interest on long-term debt, governmental type
1,047,000
Water and sewer system
11,845,000
Parking system
430,000
Revenues:
Charges for services, general government
1,139,000
Charges for services, public safety
1,242,000
Operating grant, public safety
716,000
Charges for...
... Reconciliations required to yield government-wide financial statements from fund financial statements and preparation of financial...
... Reconciliations required to yield government-wide
financial statements from fund financial statements and preparation
of financial
statements
The City of Jackson Hole is preparing its government-wide financial
statements for the year. Its accountant must prepare a number of
journal entries to recognize assets and liabilities previously
omitted from the fund financial statements and to recognize
revenues and expenses for the year under accrual accounting that
were not recognized under the current financial resources
measurement focus and the modified accrual...
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